Re:IRS sends warning letters to more than 10k cryptocurrency...
by arcticbull on Friday July 26, 2019 @01:51PM
(#20536735)
It's hard to prove intent after you receive a letter from the IRS telling you to do something then you don't?
The nice thing about the IRS is that intent is pretty irrelevant. You make money, you don't pay taxes, your wages get garnished and your bank accounts seized for taxes, fees, penalties and interest. There's no messing around with the IRS, intent not required. If they can show intent you go to prison.
[edit] The difference with under the table work is that you get cash, then you spend the cash and not a record was made, then you've got the IRS forensic accountants on your ass if you do it too much. With crypto if you want to get your purchasing power back you pretty much have to go through a fiat gateway, every transaction there is logged, and likely reported.
The nice thing about the IRS is that intent is pretty irrelevant. You make money, you don't pay taxes, your wages get garnished and your bank accounts seized for taxes, fees, penalties and interest. There's no messing around with the IRS, intent not required. If they can show intent you go to prison.
[edit] The difference with under the table work is that you get cash, then you spend the cash and not a record was made, then you've got the IRS forensic accountants on your ass if you do it too much. With crypto if you want to get your purchasing power back you pretty much have to go through a fiat gateway, every transaction there is logged, and likely reported.