New Bitcoin tax reporting obligations took effect on new year’s day \ stacker news ~bitcoin

New Bitcoin tax reporting obligations took effect on new year’s day www.coincenter.org/new-crypto-tax-reporting-obligations-took-effect-on-new-years-day/

5993 sats \ 14 comments \ @Rsync25 2 Jan bitcoin

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246 sats \ 7 replies \ @kytt 2 Jan

The Infrastructure Investment and Jobs Act, which passed Congress in November of 2021, included a provision amending the Tax Code to require anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction.

What is a 'trade or business' according to the IRS?

26 USC 7701(a)(26) The term “trade or business” includes the performance of the functions of a public office.

Meaning: this regulation is meaningless.

0 sats \ 6 replies \ @jeff 3 Jan

I don't think you cited a glossary definition of "trade or business".

0 sats \ 5 replies \ @kytt 3 Jan

In statutory law, legal definitions prevail in the section in which they are defined.

245 sats \ 4 replies \ @jeff 3 Jan

Right. But, whatever you cited, seems incomplete. Thats all.

For instance, is the definition at the link below, created in a law somewhere?

https://www.irs.gov/charities-non-profits/trade-or-business-defined:

0 sats \ 3 replies \ @kytt 3 Jan

Title 26 is the law. I just gave it to you. You can't cite a website in a tax matter, even if the website is that of the IRS.

It also depends on the section of the law you're looking at. For example, the website you're referencing has to do with non-profits.

0 sats \ 2 replies \ @jeff 3 Jan

IANAL. Sounds like you get my point.

So... for this...

Meaning: this regulation is meaningless

Did they just draft something incompetent, and this is some kind of "who's gonna point out their mistake?"-moment? Or, what comes next? Surely coin center also would have caught the incoherent definition.

1268 sats \ 1 reply \ @kytt 3 Jan

The tax code is entirely about semantic deceit. Almost all law is, that's how you've voluntarily let them trample your rights for your entire life.

I'm not going to explain myself again. See here: #373769

Keep in mind, most lawyers and many judges don't even know about ejusdem generis in statutory construction.

1 sat \ 0 replies \ @jeff 3 Jan

Semantic Deceipt

Love it. Have some sats.

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245 sats \ 1 reply \ @BlokchainB 2 Jan

Who is actually going to do this? If you don’t send from a CEX how could this ever be enforced?

571 sats \ 0 replies \ @jeff 3 Jan

Better question would be, what if everybody does attempt to comply?

The report must include, among other things, the name, address, and Social Security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction.

You have to get the SSN and Address from the sender? Your SSN would leak EVERYWHERE! And then, can you imagine the unstructured data formats the IRS would have to sift through? And then, imagine the scams that would open up? Eg somebody sends BTC to themselves, but records it incorrectly against another person's SSN for some reason?

12 sats \ 0 replies \ @SovranSystems 3 Jan

Just stay out of their jurisdiction and then you don't have to worry about these immoral "laws." As anyone working for the government is immoral because they use DURESS to persuade you to comply. That is SLAVERY!

But, if you like being a SLAVE, then stay in their jurisdiction and give those pedophilia cowards your hard earned resources.