IRS to summon users who don’t report and pay tax on crypto…


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IRS to summon users who don’t report and pay tax on crypto transactions


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855
732 shares, 855 points
forceworks

41 Comments

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  1. *Laughs in XMR*

    Living in a theoretical 3rd world country that doesn’t even check your trading in Binance feels like a blessing compared to US

  2. If you want the taxes so bad, IRS, go find the transactions yourself instead of making people go through a pain-in the ass process to represent every god damn gwei on an excel sheet.

  3. Who thought the “inflation reduction act” funding the IRS was to go after rich billionaires skipping out on tax bills? Nope, it’s to start hitting crypto.

  4. Why pay tax on CRYPTO transactions? What’s the government’s part in it? They don’t contribute anything to the transaction system

  5. I’m fighting IRS right now with my crypto gains from 2020…no joke they want 30k for 13k in capital gains…hence why im fighting it…IRS agent told me the mix up is they weren’t computing my cost basis…it’s a real shit show…I got the notification July 2022…for the tax year of 2020 n they want 3k of interest n 4k for gross understatement of taxes bc they weren’t computing my cost basis they think I made upwards of 80k in gains off crypto

  6. Several people I know trade crypto and say they aren’t going to claim it. Problem is… they trade on coinbase. I send them articles like this every time I read them.

  7. Heaven fucking forbid the almighty government doesn’t get their piece of the action too. The government will fuck up crypto with their regulations just like they fuck up everything else they touch.

  8. tldr; A US judge has authorized the IRS to issue a “John Doe summons” to New York-based M.Y. Safra Bank to submit information about taxpayers that might have failed to report and pay taxes on their crypto transactions. The IRS believes that even though crypto users are required to report profits and losses, there’s a significant lack of compliance.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*