Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats
by LorenPechtel on Sunday September 27, 2020 @05:02PM
(#24610112)
The problem with this approach is that if you actually have income they don't see they've basically told you they don't know about it and aren't likely to catch you if you don't tell them.
The thing that is often ignored, unknown, or forgotten, is that it doesn’t have to work this way. Some countries send you an end of year report on how much they collected from you and you can audit them as well. It’s less laborious than our system. I am blissfully unaware of the complications of such a system but I’d like to think that it works better. I’d like to think the people of the IRS would prefer that too.