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Thread: Bitcoin rallies $1,200 this morning. Sits at $20,600

  1. #101
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    Cotton1's Avatar Senior Member
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    Quote Originally Posted by carolina73 View Post
    No assets. No backing. No faith.
    BTC is not a brick and mortar , Holding Company etc. It's not designed as a typical business

    It was designed as a medium of exchange.

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    1 Bitcoin equals
    $38,983.00 United States Dollar

  3. #103
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    MMC's Avatar Senior Member
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    Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS.....

    The Treasury Department called Thursday for requiring all transfers of more than $10,000 worth of cryptocurrency to be reported to the Internal Revenue Service as part of the Biden administration's proposals to boost tax compliance. The move is likely to spur opposition from crypto investors, who have exploded in numbers in the past few months.


    “As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury wrote in a report on tax compliance proposals released Thursday.


    The Treasury Department said reporting the transfer of digital coins, such as Bitcoin or Etherium, is needed to “minimize the incentives and opportunity to shift income out of the new information reporting regime.”


    Most cryptocurrency transactions are psuedo-anonymous because they obscure the identity of those trading coins, but the blockchain technology that enables cryptocurrencies uses a public ledger that allows for less privacy than some may realize.


    In 2020, the IRS already added a requirement for disclosure of cryptocurrency on its Form 1040, the individual tax return, to try to collect more taxes from virtual currency transactions.....snip~


    Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS | Washington Examiner


    Called it.....I said the Deviants would come for the cryptocurrencies. Didnt take long for JoeyB and the Deviants, huh?
    History does not long Entrust the care of Freedom, to the Weak or Timid!!!!! Dwight D. Eisenhower ~

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    Quote Originally Posted by MMC View Post
    Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS.....



    The Treasury Department called Thursday for requiring all transfers of more than $10,000 worth of cryptocurrency to be reported to the Internal Revenue Service as part of the Biden administration's proposals to boost tax compliance. The move is likely to spur opposition from crypto investors, who have exploded in numbers in the past few months.


    “As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on,” the Treasury wrote in a report on tax compliance proposals released Thursday.


    The Treasury Department said reporting the transfer of digital coins, such as Bitcoin or Etherium, is needed to “minimize the incentives and opportunity to shift income out of the new information reporting regime.”


    Most cryptocurrency transactions are psuedo-anonymous because they obscure the identity of those trading coins, but the blockchain technology that enables cryptocurrencies uses a public ledger that allows for less privacy than some may realize.


    In 2020, the IRS already added a requirement for disclosure of cryptocurrency on its Form 1040, the individual tax return, to try to collect more taxes from virtual currency transactions.....snip~


    Biden administration calls for cryptocurrency transfers over $10,000 to be reported to IRS | Washington Examiner


    Called it.....I said the Deviants would come for the cryptocurrencies. Didnt take long for JoeyB and the Deviants, huh?
    That has been required (for any transition of $10K or more) since the Patriot Act.
    ΜOΛΩΝ ΛΑΒΕ


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