Post
Topic
Board Legal
Re: IRS's new guidelines for taxing crypto-currencies
by
QuestionAuthority
on 16/05/2014, 22:42:32 UTC
Ever heard of Civil Obedience? The idea is that one complies with a questionable law to the letter, in order to force a change in the law. In this case the market can develop the appropriate software to generate the appropriate IRS forms and then let IRS deal with the paperwork burden of tracking millions of small capital gains and losses.

As far as I can see this is a perfect case for Civil Obedience. 

PS: One should also include Bitcoin network transaction fees in order to accurately determine the tax cost basis to the last satoshi.

They will just use your tax dollars to hire more employees to do the job. They have a lot more to do lately anyway because they are now monitoring the Obamacare registrations. Next years tax review will include a check to see if you have the mandatory insurance and a fine if you don't.