In the deregulated symphony that is the crypto world, a dissonant note
struck when the IRS decided to call a new tune.
The crypto community, not one to shy away from expressing disdain, has orchestrated
a cacophony of frustration over the new IRS reporting rules.
The IRS, looking for things for their new recruits to do, and seemingly out of time with the crypto ethos, imposed new
reporting obligations on U.S. citizens starting January 1. The rules require
crypto brokers to relay personal data to the IRS for transactions surpassing
$10,000. It’s a regulatory melody that sounds more like a dirge for privacy,
demanding the sender’s name, address, and social security number.
Challenges in Meeting the Crescendo
Crypto thinktank Coin Center’s Jerry Brito highlighted the new law and
pointed out the 15-day timeframe to get your details in. We’re assuming he wasn’t
a fan.
New crypto tax reporting obligations took effect on Jan 1.
If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge. pic.twitter.com/wyRsfJEpMo
— Jerry Brito (@jerrybrito) January 2, 2024
A Rebellious Refrain
Social media crypto evangelist and pseudo-celebrity Wendy O railed
against the paperwork, the time it will no doubt take and the general increase
in restrictions.
The new IRS crypto reporting law is dumb
More paperwork
More time
More restrictionsOn something that can be done end of year
They are really trying to push folks overseas so in reality they are just hurting themselves
Still comply because we pay our crypto taxes but the… https://t.co/aIQ4Dahukk
— Wendy O (@CryptoWendyO) January 2, 2024
Silent Sheet Music: Frustration Amplified
Ryan Adams, founder of Mythos Capital, and author of Bankless, added
his notes of frustration, highlighting the fact that the filing requirements
were worryingly vague.
If you’re a U.S. citizen and get $10k or more in crypto you have to report it to the IRS within 15 days or they can charge you with a felony.
Starting now.
They want name, address, ssn of the sender.
Oh – and they’re not telling you how to file the report.
Yay 🇺🇸 ! https://t.co/XypaIGBjch pic.twitter.com/6o3jGEObv9
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) January 2, 2024
Crypto Crooner: A Song of Discontent
In the midst of this crypto turbulence, singer Jonathan Mann composed a
song, a lyrical rebellion against what he dubbed a draconian law. Describing
how an NFT song sale for over $10,000 lacks buyer details beyond an ENS name,
Mann’s melody highlights the absurdity of meeting the IRS’s demand for personal
information.
In response to the new draconian IRS law that makes receiving $10k or more in crypto a felony w/o KYC, I have made:
“THIS SONG IS A FELONY”
collect for .001: https://t.co/SgCLiX3WOh pic.twitter.com/IbuspEbWcF
— 15 years of song a day (@songadaymann) January 3, 2024
Oufff. Suffice it to say that 2024 hasn’t started well for many. Forbes
have an excellent
breakdown of the situation, but essentially, Businesses and professional
traders that receive over $10,000 worth of cryptocurrencies will need to report
their transactions to the Internal Revenue Service. The key is to remember the
wording, “businesses and professional traders”, simple investors should be
fine.
In any case, call your accountant. Because, along with their new recruits, the IRS is also using AI to discover tax dodgers.
In the deregulated symphony that is the crypto world, a dissonant note
struck when the IRS decided to call a new tune.
The crypto community, not one to shy away from expressing disdain, has orchestrated
a cacophony of frustration over the new IRS reporting rules.
The IRS, looking for things for their new recruits to do, and seemingly out of time with the crypto ethos, imposed new
reporting obligations on U.S. citizens starting January 1. The rules require
crypto brokers to relay personal data to the IRS for transactions surpassing
$10,000. It’s a regulatory melody that sounds more like a dirge for privacy,
demanding the sender’s name, address, and social security number.
Challenges in Meeting the Crescendo
Crypto thinktank Coin Center’s Jerry Brito highlighted the new law and
pointed out the 15-day timeframe to get your details in. We’re assuming he wasn’t
a fan.
New crypto tax reporting obligations took effect on Jan 1.
If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge. pic.twitter.com/wyRsfJEpMo
— Jerry Brito (@jerrybrito) January 2, 2024
A Rebellious Refrain
Social media crypto evangelist and pseudo-celebrity Wendy O railed
against the paperwork, the time it will no doubt take and the general increase
in restrictions.
The new IRS crypto reporting law is dumb
More paperwork
More time
More restrictionsOn something that can be done end of year
They are really trying to push folks overseas so in reality they are just hurting themselves
Still comply because we pay our crypto taxes but the… https://t.co/aIQ4Dahukk
— Wendy O (@CryptoWendyO) January 2, 2024
Silent Sheet Music: Frustration Amplified
Ryan Adams, founder of Mythos Capital, and author of Bankless, added
his notes of frustration, highlighting the fact that the filing requirements
were worryingly vague.
If you’re a U.S. citizen and get $10k or more in crypto you have to report it to the IRS within 15 days or they can charge you with a felony.
Starting now.
They want name, address, ssn of the sender.
Oh – and they’re not telling you how to file the report.
Yay 🇺🇸 ! https://t.co/XypaIGBjch pic.twitter.com/6o3jGEObv9
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) January 2, 2024
Crypto Crooner: A Song of Discontent
In the midst of this crypto turbulence, singer Jonathan Mann composed a
song, a lyrical rebellion against what he dubbed a draconian law. Describing
how an NFT song sale for over $10,000 lacks buyer details beyond an ENS name,
Mann’s melody highlights the absurdity of meeting the IRS’s demand for personal
information.
In response to the new draconian IRS law that makes receiving $10k or more in crypto a felony w/o KYC, I have made:
“THIS SONG IS A FELONY”
collect for .001: https://t.co/SgCLiX3WOh pic.twitter.com/IbuspEbWcF
— 15 years of song a day (@songadaymann) January 3, 2024
Oufff. Suffice it to say that 2024 hasn’t started well for many. Forbes
have an excellent
breakdown of the situation, but essentially, Businesses and professional
traders that receive over $10,000 worth of cryptocurrencies will need to report
their transactions to the Internal Revenue Service. The key is to remember the
wording, “businesses and professional traders”, simple investors should be
fine.
In any case, call your accountant. Because, along with their new recruits, the IRS is also using AI to discover tax dodgers.
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- Source: https://www.financemagnates.com//trending/crypto-community-up-in-arms-over-irs-reporting/
