Welcome to the GoFuckYourself.com - Adult Webmaster Forum forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact us.

Post New Thread Reply

Register GFY Rules Calendar Mark Forums Read
Go Back   GoFuckYourself.com - Adult Webmaster Forum > >
Discuss what's fucking going on, and which programs are best and worst. One-time "program" announcements from "established" webmasters are allowed.

 
Thread Tools
Old 02-21-2018, 12:30 PM   #1
~Ray
visit hardlinks.org
 
~Ray's Avatar
 
Industry Role:
Join Date: Jun 2003
Location: Las Vegas , Nv >>> [email protected] or icq 94994627 anytime
Posts: 18,362
Here's what can happen if you don't pay taxes on bitcoin...

http://www.msn.com/en-us/money/taxes/heres-what-can-happen-if-you-dont-pay-taxes-on-bitcoin/ar-BBJpUTA?li=BBnbfcN

In 2017, bitcoin went from trading at below $1,000 early in the year to a peak of over $19,000 in December, while other virtual currencies also enjoyed gains. For anyone who ignored the common crypto-slang advice to "HODL," to hold on to your investment for dear life, and decided to cash out, those profits are considered income by the IRS. If you sold crypto-coins or used crypto to buy anything in 2017, you probably owe the IRS taxes, says Ryan Losi, a certified public accountant and the executive vice president of Virginia accounting firm PIASCIK. "For Americans there is no free lunch," Losi says. "If you're richer tomorrow than you were today, it is likely you have some tax burden associated with that."

And not paying up can have consequences. If the IRS discovers you under-reported your income when you file your taxes in April, "there is a failure-to-pay penalty of 0.5 percent per month, starting after the month in which it was due," Losi explains. "Then there is a failure-to-pay penalty of 5 percent on top of that." Then, there's interest. To avoid penalties, here's what you need to know about paying taxes on bitcoin. 1. Crypto is on the IRS's radar While the number of people who own virtual currencies isn't certain, leading U.S. cryptocurrency exchange Coinbase had an estimated 11.7 million users at the end of October 2017, according to data compiled by Alistair Milne, a co-founder and chief investment officer of Altana Digital Currency Fund. (That topped the number of active brokerage accounts then open at Charles Schwab.)

But unlike with traditional investments, in which case you're likely to be issued a 1099 form (which is also sent to the IRS) to keep track of your holdings and tax obligations, that isn't necessarily the case with virtual currency. Coinbase will provide 1099 forms to "certain business customers" and "customers that have received at least $20,000 cash for sales of virtual currency related to at least 200 transactions in a calendar year," according to the company's customer support page. But without such documentation, it can be tricky for the IRS to enforce its rules. "[For] now it is difficult for the IRS to really find out on an individual basis whether you reported your virtual currency sales or exchanges," Losi says. Indeed, it appears barely anyone is paying taxes on their crypto-gains. For example, in 2015, only 802 Coinbase users told the IRS about bitcoin gains, despite the exchange having 2.9 million users in December of that year, according to Milne's data.

Recently however, the IRS has taken steps to identify tax-payers who are profiting, but not reporting. In 2016, the IRS summoned records from Coinbase, and a court ruled the company had to disclose information on about 14,000 users who have "either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year," CNBC reports. Even if you aren't a hefty Coinbase user, you're obligated to report, and every U.S. taxpayer can potentially be audited by the IRS. The IRS examined 0.6 percent of the 193 million tax returns filed in fiscal year 2016, or about 1.2 million. 2. You owe taxes if you sold or spent crypto In 2014, the IRS first issued official guidance on how to treat virtual currencies, which outlined that they are considered property.

Continued here...
http://www.msn.com/en-us/money/taxes/heres-what-can-happen-if-you-dont-pay-taxes-on-bitcoin/ar-BBJpUTA?li=BBnbfcN


Ray
Hardlinks.org
~Ray is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote
Old 02-21-2018, 12:39 PM   #2
ruff
I have a plan
 
ruff's Avatar
 
Industry Role:
Join Date: Aug 2004
Location: WA - St Kitts
Posts: 5,406
Well, there's paying taxes and then, there's paying taxes. If you know what I mean. And then there's using Coinbase. Nickel and dime it and IRS ain't wasting their time, buy a house in the US, you will be paying taxes. Buy that house somewhere else and Bob's your uncle. That's why the authorities have their panties in a bunch, they have not figured out exactly how to get their greasy paws on your lucre. Just ask the venuzuelan government about taxation of BTC.
ruff is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote
Old 02-21-2018, 12:43 PM   #3
pimpmaster9000
Too lazy to set a custom title
 
pimpmaster9000's Avatar
 
Industry Role:
Join Date: Dec 2011
Posts: 26,732
the US gov is going to shoot itself in the foot with this one...china will welcome the US investors with open arms and offshore bank accounts will be the name of the game...they should do everything to make people want to keep the coins in the USA and a tax on every move you make is not exactly helping...
__________________
Report a suspicious cracker: Click Here
pimpmaster9000 is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote
Old 02-21-2018, 01:09 PM   #4
CaptainHowdy
Too lazy to set a custom title
 
CaptainHowdy's Avatar
 
Industry Role:
Join Date: Dec 2004
Location: Happy in the dark.
Posts: 91,320
All that vicious taxing puts me in a punk mood:

__________________
Get Your Free Backlinks Today 127 URLs to pick from - Go To The Thread here!
Join the SWAG Affiliate Asian Live Cam Program Non-Saturated Models and Exclusive Content.
CaptainHowdy is offline   Share thread on Digg Share thread on Twitter Share thread on Reddit Share thread on Facebook Reply With Quote
Post New Thread Reply
Go Back   GoFuckYourself.com - Adult Webmaster Forum > >

Bookmarks

Tags
irs, taxes, virtual, coinbase, bitcoin, losi, users, million, currency, percent, paying, tax, currencies, crypto, sold, failure-to-pay, issued, customers, received, sales, $20, 000, data, month, u.s, penalty
Thread Tools



Advertising inquiries - marketing at gfy dot com

Contact Admin - Advertise - GFY Rules - Top

©2000-, AI Media Network Inc



Powered by vBulletin
Copyright © 2000- Jelsoft Enterprises Limited.