http://fortune.com/2017/05/21/irs-bitcoin-congress/
This is why I use anonymous BTC ATMs myself. Hope the IRS doesn't get its way.
Interesting Article on Coinbase and the IRS. If you don't tumble probably should.
http://fortune.com/2017/05/21/irs-bitcoin-congress/
This is why I use anonymous BTC ATMs myself. Hope the IRS doesn't get its way.
[7 Points] Pelican_VanderBeak:
[3 Points] None:
[deleted]
[3 Points] fu_onion:
tl;dr Well, yes - as some have discovered, if you send coin from coinbase directly to a DNM hotwallet they just might close your account - but I think there's more to this than the opsec issues - this is a huge land grab by the IRS.
Here in Australia, financial institutions require your tax file number (ssn equivalent for north 'merkins) and when you use the tax office online service for your annual tax return, the fuckers pre-fill what they already know you owe them from any earnings on any transactions with those institutions.
Obviously some folks have made money holding btc - and the IRS could automatically calculate capital gain tax due in real time.
Whether and when they also go after all the outliers - ie the top 1000 volumes/transactions or whatever as worth auditing for proceeds of crime taxation, well yes, of course that's another play too, all possible using the automated earnings being reported to the tax office. This will change lots of things over time. I suspect that no matter where you live, this convenience will be coming to your tax return soon.
[3 Points] murderhomelesspeople:
The IRS is interested in people not paying taxes on selling bitcoins.
This doesn't have anything to do with the debate on tumbling.
[2 Points] None:
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[2 Points] None:
I never used coinbase or localbitcoin to sell my coins online. I found a couple good btc buyers on lbc and sold all my coin for cash with a 5% fee. Eventually I had such a solid trusting partnership with one of my btc buyers that he would just give me $50k and allow me to pay it off in a couple days. It worked in my favor when the markets would scam out, my guy would front me more cash to get me rolling again. Especially after EIC scammed, I had quite a bit of coin in escrow that I lost.
[1 Points] Potatos500:
What about buying less than $100 worth of coin? Seems like this is more focused at sellers and the IRS, and not people that use their debit card for small buys.
Dude, wtf does this article say?
Tor + fortune.com with no SSL and javascript required to see anything.
Are you trying to get us hacked & identified by malicious tor exit nodes?
Guess you didn't read this /r/DarkNetMarkets/comments/68vndf/4_weird_tricks_to_get_the_mods_to_love_you/
Here's a yahoo news version of the Forbes article we can read with SSL AND NO JAVASCRIPT!
https://finance.yahoo.com/news/irs-probe-bitcoin-goes-too-210936653.html
I'll copy/paste it anyway.
IRS Probe of Bitcoin Goes Too Far, GOP Warns
*[Fortune] Jeff John Roberts * May 21, 2017
A closely-watched fight between the Internal Revenue Service and a popular bitcoin exchange took a new twist last week, as senior Republicans in Congress sent a sharply-worded letter that suggests the tax agency is overstepping its powers.
The letter concerns an IRS investigation into possible tax evasion by customers who use Coinbase, a San Francisco-based company that many people use to buy digital currencies. As part of the investigation, which began last year, officials demanded that Coinbase turn over information for every one of its accounts.
Coinbase and its customers are currently in court trying to block the demand, saying it’s too broad, and now the letter from the Republicans is likely to give them extra ammunition.
“The summons is estimated to affect 500,000 active Coinbase customers and would result in the production of millions of pages of associated records, many of which contain personally identifiable information … Based on the information before us, this summons seems overly broad, extremely burdensome, and highly intrusive to a large population of individuals,” says the letter, which is signed by Sen. Orrin Hatch (R-Ut), Chairman of the Senate Finance Committee, and by Vern Buchanan and Kevin Brady, who head the House Committee on Ways and Means. (my emphasis)
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The Republicans’ concerns echo those of Coinbase and its customers, who argue the IRS does not need every single Coinbase account to carry out its audit, and that the investigation sweeps in people who have clearly done nothing wrong.
The tax agency, for its part, has pointed out that only 802 Coinbase users filed a tax form related to bitcoin in 2015, which suggests large number of people have failed to declare capital gains related to bitcoin.
The IRS investigation also comes at a time when the price of bitcoin has been on an incredible tear, climbing from $13 in 2013 to a new high of over $2,000 last week. Those who profited from the higher prices—either by selling bitcoin for dollars or exchanging it for merchandise—are required to pay taxes on the gain.
Some Coinbase customers, however, have not sold any bitcoin at all while many others hold only a minimal amount, raising questions of why the IRS demanded information about every account.
One theory, according to a lawyer who spoke with Fortune late last year, is that the IRS’s sweeping demand is a negotiating tactic to make Coinbase more cooperative, and that the two sides will reach an agreement to allow the agency to inspect some, but not all, of the accounts.
The letter from the Republicans, which asks the IRS to explain its strategy for enforcing tax payments on digital currency by June 7, is likely to put pressure on the agency to come to a deal with Coinbase.