Are you referring to income taxes? Capital gains taxes? This is known and these can be reported. The IRS audit and charges are another example of regulatory risk and it's a risk each of us faces with very little information on how best to avoid it. Perhaps better information and guidance should be released by the IRS so that it can help law abiding or people who intend to be law abiding to reduce their level of risk through compliance. If people don't know how to comply or if there is no practical means of complying then it's unlikely there will be a lot of compliance.
The fact is, the IRS as an agency seems to despise cryptocurrency or completely ignore it until it's ready to do a John Doe summons? As a result congress is now demanding the IRS give some answers and honestly I'd like to know for myself what their intentions and plans are so I can reduce my risks.
Two decades ago, early Internet developers found themselves in a legal gray area. If old laws were strictly applied to them, they could be held responsible for the content that their users uploaded to their websites. In the 1990s, Congress passed the Communications Decency Act (CDA) and the Digital Millennium Copyright Act (DMCA). The laws protected Internet companies from liability for what their users did. Without these laws, the Internet would probably still exist today, but it would be a very different, and likely less useful, tool.
A May 17 letter from three Congressional Republicans to IRS commissioner John Koskinen indicates that some in Congress may be prepared to flex their oversight muscle to protect taxpayers from the IRS’ unprecedented John Doe Summons.
Both income taxes and Capital gains taxes.
If it's called an investment you must pay taxes on it if your a Citizen.
Me, I gave up my citizenship and do not pay taxes any longer.
When you give up citizenship you have to pay taxes to a certain point if you owe any. Also you don't gain anything by renouncing citizenship, you just lose whatever rights you had. So now the US government can legally spy on you am I right?
It all comes down to what is US citizenship worth to the individual? For some people, citizenship isn't worth as much as they can gain from cryptocurrency. That being said, just because you renounce in one place, doesn't mean you'll be more attractive as a stateless person.
My stance is, if I choose to remain a US citizen then it's in my best interest to be a good citizen. That means I have to comply with the law, pay the taxes I owe, adhere to the customs as best I understand them. I currently see nothing that can be gained by being a bad citizen in terms of freedom.
For US Citizens:
http://www.coindesk.com/us-congressional-group-calls-on-irs-to-clarify-bitcoin-tax-guidance/
saw that earlier today.
Citizen is not defined as a human being.
Citizen only has limited rights and privelages.
Human being is entitled to human rights
When you consent to be a citizen you forfeit your human rights.
I have a post on your human rights that will explain what you are entitled to.
https://steemit.com/law/@healthiswealth/do-you-know-your-human-rights
There is no military or law enforcement agency which can enforce "human rights". Show me the people with guns willing to use them to secure my human rights? At least as a citizen I have legal rights which is better than nothing at all.
It's called the Supreme Court that can enforce your human rights.
🍁 I just did a new post 🍁
Add a new entry daily to the draw 😜