05-21-2021, 10:24 AM
ONLY Businesses will have to report $10,000 crypto transfers - NOT individuals. Stop
<!-- SC_OFF --><div class="md"><p>Via <a href="/u/wzi">u/wzi</a>:</p> <p>It's for <strong><em>businesses.</em></strong> Transfers to the business, reported by the business [<a href="https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf">1</a>][<a href="https://home.treasury.gov/news/press-releases/jy0188">2</a>]:</p> <blockquote> <p>This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets. Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime. Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on. Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime.</p> </blockquote> <p>See §IV.B.</p> <p>Edit: Seeing a lot of "they won't catch me" posts. In the US if you're dealing with hundreds, or even thousands in gains, no they probably won't and probably won't care. If you find yourself with tens of thousands and more, someone will likely notice and you'll be lucky if you don't lose it all. I suggest you have a serious plan for what to do if you run into phat gainz. The easiest choice is to just join the rest of us schmucks, pay your taxes, and participate in elections at all scales.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/datwolvsnatchdoh"> /u/datwolvsnatchdoh </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/nh8nhx/only_businesses_will_have_to_report_10000_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/nh8nhx/only_businesses_will_have_to_report_10000_crypto/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Via <a href="/u/wzi">u/wzi</a>:</p> <p>It's for <strong><em>businesses.</em></strong> Transfers to the business, reported by the business [<a href="https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf">1</a>][<a href="https://home.treasury.gov/news/press-releases/jy0188">2</a>]:</p> <blockquote> <p>This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets. Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime. Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on. Although cryptocurrency is a small share of current business transactions, such comprehensive reporting is necessary to minimize the incentives and opportunity to shift income out of the new information reporting regime.</p> </blockquote> <p>See §IV.B.</p> <p>Edit: Seeing a lot of "they won't catch me" posts. In the US if you're dealing with hundreds, or even thousands in gains, no they probably won't and probably won't care. If you find yourself with tens of thousands and more, someone will likely notice and you'll be lucky if you don't lose it all. I suggest you have a serious plan for what to do if you run into phat gainz. The easiest choice is to just join the rest of us schmucks, pay your taxes, and participate in elections at all scales.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/datwolvsnatchdoh"> /u/datwolvsnatchdoh </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/nh8nhx/only_businesses_will_have_to_report_10000_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/nh8nhx/only_businesses_will_have_to_report_10000_crypto/">[comments]</a></span>Kind Regards R