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posted by Fnord666 on Sunday July 28 2019, @09:56PM   Printer-friendly
from the if-you-can't-beat-it,-tax-it-to-death dept.

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.


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  • (Score: 0) by Anonymous Coward on Monday July 29 2019, @06:02PM

    by Anonymous Coward on Monday July 29 2019, @06:02PM (#872754)

    https://www.youtube.com/watch?v=THP1wlGT2fA [youtube.com]

    Only cowards, idiots and sell-outs pay the income tax. What are you scared of? Are you such a fucking coward you sell out your own offspring so you can keep your fake, toxic luxury? They can't even enforce if you just stop paying them to. You're going to be dead very soon. It just boils down to whether you will die a groveling slave or a free man. Or maybe you're so fucking stupid you think funding the scum at the IRS is patriotic or helps the country? Oh you ignorant bastard... try using the internet to learn some shit about 1913, 1919, and 1933 for starters. Maybe you're just such a whore you'd screw your own offspring to save your own neck?

    Income tax payers are complicit in sedition.