Quote from: Baofeng on June 20, 2020, 01:16:38 PM

In summary:

- Alexander and Laura Strashny filed income tax return due in 2017, but unable to pay

- they sent IRS letters proposing to pay the liability in iinstallments over a period of 6 years

- IRS received the proposal recorded it and put in in pending status

- As of December 2018, the outstanding liability + interest exceeded $1 million

- IRS sent petition notice "Intent to Seize Your Assets" and Notice of Your Right to a Hearing.

- Petitioners timely requested a CDPhearing, expressinginterest in an installment agreement (IA) and attaching a copyof their previously submitted Forms 433-A and 9465. They did notcheck the boxindicating thattheycould not pay the balance, and they did notdispute theirunderlyingliability for 2017.

- SO review the case and saw that they have a huge cryptocurrency investment

- SO eceived from petitioners’ repre-sentative a copy of their 2018 tax return, which reported wages exceeding $200,000, and investment statements showing cryptocurrency assets valued over$7 million. During the conference the SO noted that petitioners were currently
- 4-[*4] withdrawing$19,000 per month from their cryptocurrency account, and she asked why they could not liquidate or borrow against those assets in order to discharge their tax liabilityin full.

- Lawyers for the petitioners argue that they are unable to draw on their cryptocurrency account to pay their liability.

- On June 25, 2019, the IRS issued a notice of determination sustaining the proposed levy, rejecting petitioners’ request for an IA, and stating that “[l]evyaction is permitted 30 daysafter the rejection.

https://www.ustaxcourt.gov/USTCInOP/OpinionViewer.aspx?ID=12258

There's no denying that the petitioners have money to pay to settled their tax liabilities. But they can't withdraw it in a timely manner, maybe they are waiting for the price to go up and make profit to at least lessen the damage. What are your thoughts on this?

Are you willing to sell your crypto to pay our debts or just go on settle it in months or years?

Quote from: pakhitheboss on June 20, 2020, 02:50:08 PM

Cryptocurrency is already under the scanner of government agencies. They have associated it with everything which is illegal.

After reading the story of this couple I am in the conclusion that they are wrong on their part. I have no doubt about it. They should immediately do something to repay their tax.

If they need to sell their crypto assets then they should otherwise, the tax agency would suggest the government that cryptocurrency is a new illegal way for them to abet tax.

It does sound silly but, it will happen for sure.

@Baofeng I’m really baffled as their tax liability was just 1 million plus interest, and they had over $7 million in crypto assets then why didn’t they sell off their crypto’s and clear their dues?, unless they had no real intention of paying their dues which is really shameful considering that they have the required funds to pay off their dues.

@pakhitheboss you maybe surprised to know but bitcoin is legal in USA, hence the government cannot seize their crypto assets by claiming it’s illegal, also is there any link where we can follow further updates regarding this matter?.

Quote

As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. In the emerging markets, the legal status of Bitcoin still varied dramatically. China heavily restricted Bitcoin without actually criminalizing the holding of bitcoins. India banned banks from dealing in bitcoins and left the overall legal status of cryptocurrencies unclear. In general, it is necessary to look at Bitcoin laws in specific countries.

Source:

https://www.investopedia.com/ask/answers/121515/bitcoin-legal-us.asp