U.S. Treasury calls for stricter cryptocurrency compliance with IRS
1–10 of 115 posts
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#2It was only a matter of time. I've been advising clients to retain every scrap of information regarding every trade they make for a while now. The hammer is coming.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#3As if it was not strict enough
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#4IMO: the IRS really needs to re-think the way crypto currency gets reported, the way it's actually used is more or less incompatible with the 8949 form and popular exchanges (coinbase in particular) generate reports that can't be directly converted to it.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#5This seems like a positive for the legitimization of cryptocurrency. Of course if you were trying to use it to avoid paying taxes you may feel otherwise. Hopefully it leads better forms and adoption by exchanges to provide useful tax documents.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#6IMO: the IRS really needs to re-think the way crypto currency gets reported, the way it's actually used is more or less incompatible with the 8949 form and popular exchanges (coinbase in particular) generate reports that can't be directly converted to it.
> popular exchanges (coinbase in particular) generate reports that can't be directly converted to it
Isn't this really more of a Coinbase issue?
If my brokerage started sending me invalid forms at the end of the year, I would expect my brokerage to fix it. I wouldn't expect the IRS to change to match whatever the brokerage is sending out.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#7The most urgent regulation in crypto needs to deal with Tether. Exchanges are practically faking a market with fake printed dollars.
I'm not touching cryptocurrencies until after Tether is banned and the scheme collapses.
Imagine if you could just open an "exchange" and show your customers transactions with your monopoly dollars, and say, don't worry, my monopoly dollars are backed by real dollars, pinky promise!
I see a future for crypto just not while the exchanges are unregulated and show me practically fake transactions.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#8This seems like a positive for the legitimization of cryptocurrency. Of course if you were trying to use it to avoid paying taxes you may feel otherwise. Hopefully it leads better forms and adoption by exchanges to provide useful tax documents.
This is what I feel; becoming more normal. Sure a lot of people don't want to report it; don't think those people will start now anyway.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#9IMO: the IRS really needs to re-think the way crypto currency gets reported, the way it's actually used is more or less incompatible with the 8949 form and popular exchanges (coinbase in particular) generate reports that can't be directly converted to it.
I use koinly.io and it does a nice job of preparing the 8949 for me, and syncs with my various wallets and exchanges. Plugs right into TurboTax.
Re: U.S. Treasury calls for stricter cryptocurrency compliance with IRS
#10As someone with a decent amount of money in crypto, I welcome this. I want to pay taxes on crypto capital gains in a way that makes sense instead of trying to guess my way through it, and I also want clear rules for exchanges, pools, etc. to follow to make reporting easy at tax time.