To threaten people with a felony charge for not playing the role of tax collector on behalf of the IRS is one of the most despicable and insulting things that has come out of the US government in recent years.

https://tftc.io/irs-bitcoin-transaction-reporting/


The IRS shouldn’t even exist. Taxation is theft. It’s just one of many methods of control for the government.


Federal prison is and should be avoidable. Thanks for sharing this news!


I am looking for a contractor to repair the exterior of the house who wants to get paid in bitcoin. Any recommendations?


Agree


“The people running the government who write these laws should be shown no respect. They should be ridiculed and shown the contempt they deserve.”

No Marty, it’s time for a comeback #BBTG https://i.nostr.build/odow.jpg


How long before you have to notify your electric company if you have a miner?


How is this even enforceable by the person getting paid? What if the other person simply refuses? or you never know who they are...


I suspect that the ridiculous rules will continue to escalate as the govt debt problems grow. When BTC pumps Liz Warren will probably promote some anti-BTC "crypto windfall" tax rule or some other dumb shit.  Maybe push through more desperate ideas like taxing unrealized gains.


Great point.


If I send you a #zap $10k and don't send you my address and tax number, are you guilty?

So you can put a person in jail if you zapped him $10k :)


good thing bitcoin is not crypto, Right?


Really think we’re going to see what happens in explicitly authoritarian governments— people just end up having to ignore the rules because the red tape is unclear or confusing or impossible to comply with and then we’ll see extremely strong grey markets develop


Wow..


U.S. income tax returns these days are similar to a credit card company making you report all your charges to them and they don't tell you what they know.  If you miss a charge (1099, etc ) they penalize you.

Other western countries don't do this.

Plus, forcing you to sign the return under penalty of perjury is unconstitutional under the fifth amendment of self incrimination.


It seems to me that this is a part of a strategy to scare people away from using bitcoin. If you make it as complicated as this there might be another objective that what meets the eye at first sight.

In Denmark, f.i. every single transaction with bitcoin should be reported to the taxation authorities according to the first in first out principle. So if you've bought bitcoin 4-6 years ago, using any of your sats will automatically require a tax payment of app. 33% to the state. That's also a scare tactic


They predicted thus type of behavior in theSovereigns Individual. Expect it to get worse before it gets better.


Your newly-designed website is looking really nice.


There's a lot of buzz around your post.
Added to the https://nostraco.in/hot feed


…and then they fight you.


About to start reading!


💯 This is completely ridiculous.

nostr:note1tc5vrvwyu4a3cqhph0s6mxw4xm3guzmat8lut45dym3ced4pxq7s8zh96y


To threaten people with a felony charge for not playing the role of tax collector on behalf of the IRS is one of the most despicable and insulting things that has come out of the US government in recent years.

https://tftc.io/irs-bitcoin-transaction-reporting/


From: nostr:npub1dwekunm9w9agazkwcq88ymxmj0j3qgxcu4mwfqnjqvyusa9cuxrs0wsqel


be your own bank, or be your own slavemaster.


In 10 years or so that $10k will have the whole country working full time for the IRS reporting on then fellow citizens.


Things going in the right way.

Good

https://image.nostr.build/1dd4b8f88979075b2fbf166e6ce2205bb834303c2a6d6336a228fa37f21ad2f0.jpg


If its unconstitutional then why does it exist?


Hope americans will start to fight again for their rights and be more loud as the dystopian actors keep pushing harder and harder.. 🍀🫂


The fact that the IRS requires us to tell them how much we owe them, and then penalizes us if we get that amount wrong is pure insanity.


So why not just do 2 separate transactions of $5k to the kitchen contractor? Problem solved.
BTW, I’m always the first one up in my household. The peace and quiet with a few coffees is like nothing I’ve ever experienced!

I’m pretty sure most contractors hate the government, we can’t stand them! As a contractor myself, I would never report personal information of one of my clients to the IRS or CRA regardless if that’s what I’m supposed to do or not.

They know they’re losing and are starting to get desperate, they’re going to try anything to scare us and the average Joe away from #bitcoin.


GE
nostr:nevent1qqs9u2xpk8zw27cuqtsmhcddn82ndc5wpd74nl7966xjdcuvk6snq0gprpmhxue69uhhyetvv9ujumn0wd68yct5dyhxxmmdqgsywt6ypu57lxtwj2scdwxnyrl3sry9typcstje65x7rw9a2e5nq8srqsqqqqqpk5kwr9


"Our government is filled with a bunch of disgusting excuses of human beings who are completely controlled by corporate and banking interests who are dead set on cattle herding us into a neo-techno-feudal world. This should be expected. However, it should not be accepted. These people don't have a single leg to stand on. They are the criminals they project the everyday Common Man to be and they are beginning to push people over the edge. They better be careful because more and more people are beginning to realize the con that they're playing and are holding up mirrors to expose the overt hypocrisy."

nostr:nevent1qqs9u2xpk8zw27cuqtsmhcddn82ndc5wpd74nl7966xjdcuvk6snq0gpzamhxue69uhkxcfwdaexzmn8v4cxjmrv9ejx2aszyprj73q098hejm5j5xrt35eqluvqep2eqwyzukw4phsm302kdycpuqcyqqqqqqgnpnyyt


Yikes.

nostr:note1tc5vrvwyu4a3cqhph0s6mxw4xm3guzmat8lut45dym3ced4pxq7s8zh96y


Totalitarian states are facilitated by forcing the people to rat their fellow citizens out. Soon children in public schools will be taught to not trust their friends and families, and provide all details about their private lives to the State. All for the sake of the common good.

American hasn’t been a free nation since 1913.

#bitcoin and #privacy are needs more than ever


Much better than the IRS being in a position where they have to know already.


america turning into north korea speedrun


But if the IRS had to calculate the tax obligations for millions of Americans themselves, that would incentivize them to simplify the tax code.


they know some already.  #chainanalysis


Yes. They do taxing unrealized gains in the Netherlands already. On of the reasons I moved to Malta.


Isn't this what AML/KYC rules already requires at the exchange/bank level for years?


wild read  good luck with enforcement!


Marty, you're an employer, yes?

Have you not already been deputized as an IRS collection agent via mandatory employee tax withholdings?

I'd agree, these new laws are an inane overreach.  But so are employee withholdings.

They effectively prohibit anyone from hiring an individual unless they accept the role of tax collector on behalf of the IRS.


To threaten people with a felony charge for not playing the role of tax collector on behalf of the IRS is one of the most despicable and insulting things that has come out of the US government in recent years.

https://tftc.io/irs-bitcoin-transaction-reporting/


Unfortunately lots of unconstitutional things exist these days…. It’s all subjective.  You can not sign and be prosecuted or put potentially incriminating info and be prosecuted.  The rational is “The 5th Amendment is not a license to commit fraud. The right not to testify about your past crimes does not mean that you are allowed to be untruthful in the present.”


That's not a bad Price 🤔


What even more pisses me off about this is the magic $10k limit for fed involvement/reporting is it;s never adjusted for inflation.  It's a slow, incremental, deliberate encroachment of the privacy of citizens' transactions.


loving your new #rip The Last Trade! How lucky we are to have your viuce in this arena 🫡💪
Happy Weekend Marty 💜


Amen!


Well they couldn't collect all the taxes with the current staffing so they figured why not coerce the commoners to police themselves under threat of prison.
Don't have to pay these individuals and they get the info on those they can't watch because they have opted out.


In that case, you better prepare you angus


Onward 🫡