We’re NOT All Going to Jail! (For Now)

TL;DR
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Final week we talked about {that a} new US tax code would require the IRS to know the identify and SSN of anybody that sends $10k (or extra) of “business-related crypto” to your pockets.
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Drawback is, the overwhelming majority of crypto transactions are nameless – making this stipulation close to unattainable to fulfill (at the least presently)…
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Excellent news: It gained’t be enforced proper now and when the time does come, the legislation will in all probability solely apply to transactions made ‘in the middle of an individual’s employment.’
Full Story
Keep in mind final week after we had that enjoyable chat about US tax codes?
Principally, as of Jan 01 ‘24, the IRS needs to now know the:
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Title
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Social safety quantity
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Favourite coloration
Of anybody that sends $10k (or extra) of “business-related crypto” to your pockets.
…and should you don’t report it inside 15 days – BAM!
(Potential) felony prices.
Drawback is, the overwhelming majority of crypto transactions are nameless – making this stipulation close to unattainable to fulfill (at the least presently)…so the massive query turned:
Are all of us about to go to jail?
Effectively, we aren’t! (Hoooray!)…for now (Oh?)
The IRS clarified that the measure just isn’t presently being enforced, and gained’t be for some time.
Excellent news: when the time does come, the legislation will in all probability solely apply to transactions made ‘in the middle of an individual’s employment.’
Even higher information: meaning it shouldn’t apply to flipping NFTs or day buying and selling meme cash.
That mentioned, there’s nonetheless some questions that want answering, like:
In case your main revenue is derived from staking Ethereum – how do you go about reporting it?
Trigger final we heard, Ethereum doesn’t have a social safety quantity.
(Or a favourite coloration).