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: 1) by fustakrakich on Sunday July 28 2019, @09:59PM (3 children)
Nobody's supposed to know you have it. I mean, it has no use outside the crypto bat-cave, and its club members...
La politica e i criminali sono la stessa cosa..
(Score: 1) by vzlemtinsjdqaeig on Sunday July 28 2019, @10:44PM (1 child)
Bat-caves are cool. Unless they actually have bats in them.
https://www.kentucky.com/news/local/counties/fayette-county/article233186846.html [kentucky.com]
"مردم ایران عالی هستند!" - Scott Adams, Episode 609, Jul 26, 2019
(Score: 2) by The Mighty Buzzard on Sunday July 28 2019, @11:16PM
You have something against people with rabies? The ADA would like a word with you out in the alley.
My rights don't end where your fear begins.
(Score: 2) by epitaxial on Monday July 29 2019, @02:15AM
Bitcoin was never meant to be anonymous.