Crypto Community Up in Arms Over IRS Reporting

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In the deregulated symphony that is the crypto world, a dissonant note
struck when the IRS decided to call a new tune.

The crypto community, not one to shy away from expressing disdain, has orchestrated
a cacophony of frustration over the new IRS reporting rules.

The IRS, looking for things for their new recruits to do, and seemingly out of time with the crypto ethos, imposed new
reporting obligations on U.S. citizens starting January 1. The rules require
crypto brokers to relay personal data to the IRS for transactions surpassing
$10,000. It’s a regulatory melody that sounds more like a dirge for privacy,
demanding the sender’s name, address, and social security number.

Challenges in Meeting the Crescendo

Crypto thinktank Coin Center’s Jerry Brito highlighted the new law and
pointed out the 15-day timeframe to get your details in. We’re assuming he wasn’t
a fan.

A Rebellious Refrain

Social media crypto evangelist and pseudo-celebrity Wendy O railed
against the paperwork, the time it will no doubt take and the general increase
in restrictions.

Silent Sheet Music: Frustration Amplified

Ryan Adams, founder of Mythos Capital, and author of Bankless, added
his notes of frustration, highlighting the fact that the filing requirements
were worryingly vague.

Crypto Crooner: A Song of Discontent

In the midst of this crypto turbulence, singer Jonathan Mann composed a
song, a lyrical rebellion against what he dubbed a draconian law. Describing
how an NFT song sale for over $10,000 lacks buyer details beyond an ENS name,
Mann’s melody highlights the absurdity of meeting the IRS’s demand for personal
information.

Oufff. Suffice it to say that 2024 hasn’t started well for many. Forbes
have an excellent
breakdown of the situation
, but essentially, Businesses and professional
traders that receive over $10,000 worth of cryptocurrencies will need to report
their transactions to the Internal Revenue Service. The key is to remember the
wording, “businesses and professional traders”, simple investors should be
fine.

In any case, call your accountant. Because, along with their new recruits, the IRS is also using AI to discover tax dodgers.

In the deregulated symphony that is the crypto world, a dissonant note
struck when the IRS decided to call a new tune.

The crypto community, not one to shy away from expressing disdain, has orchestrated
a cacophony of frustration over the new IRS reporting rules.

The IRS, looking for things for their new recruits to do, and seemingly out of time with the crypto ethos, imposed new
reporting obligations on U.S. citizens starting January 1. The rules require
crypto brokers to relay personal data to the IRS for transactions surpassing
$10,000. It’s a regulatory melody that sounds more like a dirge for privacy,
demanding the sender’s name, address, and social security number.

Challenges in Meeting the Crescendo

Crypto thinktank Coin Center’s Jerry Brito highlighted the new law and
pointed out the 15-day timeframe to get your details in. We’re assuming he wasn’t
a fan.

A Rebellious Refrain

Social media crypto evangelist and pseudo-celebrity Wendy O railed
against the paperwork, the time it will no doubt take and the general increase
in restrictions.

Silent Sheet Music: Frustration Amplified

Ryan Adams, founder of Mythos Capital, and author of Bankless, added
his notes of frustration, highlighting the fact that the filing requirements
were worryingly vague.

Crypto Crooner: A Song of Discontent

In the midst of this crypto turbulence, singer Jonathan Mann composed a
song, a lyrical rebellion against what he dubbed a draconian law. Describing
how an NFT song sale for over $10,000 lacks buyer details beyond an ENS name,
Mann’s melody highlights the absurdity of meeting the IRS’s demand for personal
information.

Oufff. Suffice it to say that 2024 hasn’t started well for many. Forbes
have an excellent
breakdown of the situation
, but essentially, Businesses and professional
traders that receive over $10,000 worth of cryptocurrencies will need to report
their transactions to the Internal Revenue Service. The key is to remember the
wording, “businesses and professional traders”, simple investors should be
fine.

In any case, call your accountant. Because, along with their new recruits, the IRS is also using AI to discover tax dodgers.



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