Submitted via IRC for AnonymousLuser
IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxes
By the end of August, an estimated 10,000 taxpayers will receive letters from the IRS warning them that they may owe back taxes on unreported cryptocurrency earnings. While it might not be immediately obvious, you must include cryptocurrency earnings when you file federal taxes. As with tax evasion for traditional currency, anyone convicted of evading crypto taxes could face up to five years in prison and a fine of up to $250,000.
In a press release, IRS Commissioner Chuck Rettig said:
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
[...] While cryptocurrency may have once felt cutting edge, getting a letter from the IRS stating that you owe back taxes makes it automatically less cool.
(Score: 0) by Anonymous Coward on Sunday July 28 2019, @09:59PM (7 children)
Unless they know how to trace it with their NSA pals.
(Score: 0) by Anonymous Coward on Sunday July 28 2019, @10:03PM (1 child)
Cryptocurrency untraceable? Haha funny meme.
(Score: 0) by Anonymous Coward on Monday July 29 2019, @10:44PM
Depends on your currency. and your habits.
(Score: 2) by EvilSS on Sunday July 28 2019, @11:41PM (2 children)
(Score: 0) by Anonymous Coward on Monday July 29 2019, @12:35AM (1 child)
Well fuck me. I had converted $19,996 and then decided to convert another $5 to donate to an ophanage on New Years Eve.
(Score: 0, Funny) by Anonymous Coward on Monday July 29 2019, @03:19AM
> Well fuck me.
Trump spotted--yet another claim of a charitable donation that was never made.
(Score: 4, Funny) by darkfeline on Monday July 29 2019, @12:02AM (1 child)
Yeah, it's not like blockchain-based currencies fundamentally involve placing all transaction on a cryptographically verifiable public ledger, haha, that would be stupid.
Join the SDF Public Access UNIX System today!
(Score: 0) by Anonymous Coward on Monday July 29 2019, @05:49PM
ever heard of monero, pivx, zerocoin, etc.?