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DOJ & IRS going after users of Cryptocurrency. They want their "fair share"!
Posted on 5/7/21 at 5:41 pm
Posted on 5/7/21 at 5:41 pm
DOJ
A federal court in the Northern District of California entered an order today authorizing the IRS to serve a John Doe summons on Payward Ventures Inc., and Subsidiaries d/b/a Kraken (Kraken) seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020. The IRS is seeking the records of Americans who engaged in business with or through Kraken, a digital currency exchanger headquartered in San Francisco, California.
“Gathering the information in the summons approved today is an important step to ensure cryptocurrency owners are following the tax laws,” said Acting Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division. “Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer.”
“There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions,” said IRS Commissioner Chuck Rettig. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”
Cryptocurrency, as generally defined, is a digital representation of value. Because transactions in cryptocurrencies can be difficult to trace and have an inherently pseudoanonymous aspect, taxpayers may be using them to hide taxable income from the IRS. On April 1, 2021, a federal court in the District of Massachusetts granted an order authorizing the IRS to serve a similar John Doe summons on Circle, a digital currency exchange headquartered in Boston.
A federal court in the Northern District of California entered an order today authorizing the IRS to serve a John Doe summons on Payward Ventures Inc., and Subsidiaries d/b/a Kraken (Kraken) seeking information about U.S. taxpayers who conducted at least the equivalent of $20,000 in transactions in cryptocurrency during the years 2016 to 2020. The IRS is seeking the records of Americans who engaged in business with or through Kraken, a digital currency exchanger headquartered in San Francisco, California.
“Gathering the information in the summons approved today is an important step to ensure cryptocurrency owners are following the tax laws,” said Acting Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division. “Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer.”
“There is no excuse for taxpayers continuing to fail to report the income earned and taxes due from virtual currency transactions,” said IRS Commissioner Chuck Rettig. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”
Cryptocurrency, as generally defined, is a digital representation of value. Because transactions in cryptocurrencies can be difficult to trace and have an inherently pseudoanonymous aspect, taxpayers may be using them to hide taxable income from the IRS. On April 1, 2021, a federal court in the District of Massachusetts granted an order authorizing the IRS to serve a similar John Doe summons on Circle, a digital currency exchange headquartered in Boston.
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Posted on 5/7/21 at 5:47 pm to BeNotDeceivedGal6_7
anything you have of any value belongs to the government and they will always find a way to confiscate it
This post was edited on 5/7/21 at 5:48 pm
Posted on 5/7/21 at 5:54 pm to BeNotDeceivedGal6_7
This was always going to happen. I still can’t believe they’ve let crypto get this far.
Posted on 5/7/21 at 6:01 pm to BeNotDeceivedGal6_7
Hope they sue and are told to eat a bag of d*cks
Posted on 5/7/21 at 6:04 pm to BeNotDeceivedGal6_7
quote:
There is no excuse for taxpayers continuing to fail to report the income
When the government turns on and betrays the people it was sworn to protect.
not only do the people have an excuse, but they have every right.
Posted on 5/7/21 at 6:36 pm to BeNotDeceivedGal6_7
Bidens America... people "wanted" him, and get what they asked for.
Lots of young people love them some crypto
Lots of young people love them some crypto
Posted on 5/7/21 at 6:42 pm to idlewatcher
quote:
Hope they sue and are told to eat a bag of d*cks
My guess is that Kraken uses the same or similar playbook as Coinbase did when this happened to them. IIRC they pushed back and the court ruled to a more narrow scope of Coinbase users.
Posted on 5/7/21 at 7:06 pm to BeNotDeceivedGal6_7
Did any one actually think crypto was going to elude the tax man?
Posted on 5/7/21 at 7:08 pm to BeNotDeceivedGal6_7
Don’t sell your crypto, put it on a cold wallet, tell the IRS to go frick themselves. Problem solved.
If you sell crypto for cash on an exchange and think you are going to escape capital gains, yeah probably not a smart play.
If you sell crypto for cash on an exchange and think you are going to escape capital gains, yeah probably not a smart play.
This post was edited on 5/7/21 at 7:13 pm
Posted on 5/7/21 at 7:09 pm to BeNotDeceivedGal6_7
Who’s surprised? The Fiat Global Monetary Cabal will not relinquish their control of the funny money....lol!
Posted on 5/7/21 at 7:10 pm to Aubie Spr96
quote:
This was always going to happen. I still can’t believe they’ve let crypto get this far.
It isn’t something they can stop.
If they start cracking down on our ability to use exchanges, just use a decentralized exchange like Uniswap that can’t be targeted.
They can’t stop this thing.
Posted on 5/7/21 at 7:18 pm to Ross
quote:
This was always going to happen. I still can’t believe they’ve let crypto get this far.
It isn’t something they can stop.
If they start cracking down on our ability to use exchanges, just use a decentralized exchange like Uniswap that can’t be targeted.
They can’t stop this thi
One thing is for certain, a lot of speculators are hoping and praying the Global Monetary Cabal doesn’t figure out an angle to control crypto currency
Posted on 5/7/21 at 7:32 pm to Ross
quote:
They can’t stop this thing.
Just wait until the federal reserve comes out with their crypto currency. The NSA or CIA will blow up the competing currencies. Our gov’t has a long history of destroying competition.
Posted on 5/7/21 at 7:35 pm to Bass Tiger
quote:
One thing is for certain, a lot of speculators are hoping and praying the Global Monetary Cabal doesn’t figure out an angle to control crypto currency
They don't have to control the Mechanism of Crypto (maybe they can't); but they can monitor and control the Person's transactions re goods and services received. And pile on extraordinarily punitive measures to discourage people who 'cheat'. Operate outside of the 'legit Government' mechanism, and down you go. There is no way the Totalitarian Fascists can tolerate rogues who break rank; it's like a herd of cows in a pen...if one cow gets their head through the gate...it's a stampede out of the pen.
"Lest ye take the number, neither will ye be able to buy and sell". It's coming. At least for a while.
Posted on 5/7/21 at 7:36 pm to Ross
quote:
They can’t stop this thing
You have to be kidding
Posted on 5/7/21 at 7:38 pm to BeNotDeceivedGal6_7
All crypto users..."yes sir, I made transactions, then lost my phone with my wallet keys and therefore all was a complete loss. I'll be writing off those millions in losses. Thanks for reminding me"
Posted on 5/7/21 at 7:47 pm to Aubie Spr96
1 corner some drug kinkpin
2 tell him in exchange for his freedom he has to purchase 500 M in fentanyl
Paid with bitcoin
3 release 500M of fentanyl on the US with 2000 ODs
4 Moms March on Washington to end fentanyl and the evil bitcoin used to support the deaths of our children
5 Bitcoin funeral
2 tell him in exchange for his freedom he has to purchase 500 M in fentanyl
Paid with bitcoin
3 release 500M of fentanyl on the US with 2000 ODs
4 Moms March on Washington to end fentanyl and the evil bitcoin used to support the deaths of our children
5 Bitcoin funeral
Posted on 5/7/21 at 7:53 pm to BeNotDeceivedGal6_7
Banks will be next to regulate and destroy crypto
Mushbrain has no clue what crypto is, he thinks they are talking about the the dog superman had.
Mushbrain has no clue what crypto is, he thinks they are talking about the the dog superman had.
Posted on 5/7/21 at 8:29 pm to Aubie Spr96
quote:
Just wait until the federal reserve comes out with their crypto currency.
An inferior product to existing cryptos? Sounds like a shitcoin to me. Doesn’t have transparent code I can trust that dictates scarcity nor a decentralized network to prevent fraud.
You should educate yourself on the crypto space man. It’s everything you want out of a sound, uncensorable monetary system. The only thing a government can touch are exchanges based on their sovereign soil. They have zero power over people holding crypto on a cold wallet or buying on foreign exchanges or decentralized exchanges.
It isn’t going to be stopped. Government will end up looking like fools if they push too hard on this as you seem to think they will
This post was edited on 5/8/21 at 7:53 am
Posted on 5/7/21 at 8:34 pm to BeNotDeceivedGal6_7
while it's riskier this is why some people choose the decentralized platforms and cold wallets.
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