🤔 IRS Mailed Letters To Crypto Holders & Traders – Have You Received One?



hello everyone and welcome back to cryptos news here we give you the details on what are some of the trending topics in the cryptocurrency space today so you can stay informed and make the right decisions and hopefully the best decisions for yourself based on the knowledge that you know so hopefully I'm just another voice while you're doing your research in this space that's fast evolving fast moving it's a pleasure to be here with you guys I was feeling a little bit sick the last few days actually since like last week so I took some time to recover and I'm happy to say you know feeling much better so apologies that I couldn't get to you guys the information in the last two days but I've been on social media interacting with many of you on Twitter Instagram elsewhere trying to keep you informed there to the best of my ability but here we are its Friday happy Friday in crypto we got Bitcoin just over nine thousand eight hundred dollars and what could possibly be a turning point for all coins I like the chart that I just saw node investor who has a wonderful trading youtube channel out here on YouTube and on Twitter node investors shared you know a chart that might point to how we're putting in what looks like a low for all points versus Bitcoin as we know the place to be has been Bitcoin recently versus just all coins but that could be changing and there are multiple reasons why all coins do have quite the shining day versus Bitcoin at certain points in history and usually that happens after many people have been she been shaken out of altcoins of course it depends what all coins are having as I mentioned many times in the past some of these coins will not recover but many of them even if they aren't providing real utility just because they're tradable assets especially if they have liquidity on major exchanges you can trade them versus Bitcoin they are going to rally pretty hard there are rumors for example that it's because of master manipulator whales who shake people out their ultimate goal is to acquire more bitcoin and one of the ways to do that involves shaking people out of alts to sell their alts get alts really really cheap alt coins and and move into Bitcoin and afterwards they begin buying up these cheap alts and and it's much easier to pump those coins once they have less market cap it's much easier for these whales who have a lot of money to begin pumping the price up and you know getting out of those coins those point at that point once those once they get enough legs under that rally they sell and move to the next coin and what I've seen in the past in the history multiple times is that these things come in waves and different groups and cycles so the privacy coins will start pumping then suddenly the thief defy coins decentralized finance coins that start pumping we could see you know just different kind of categories of coins the supply-chain coins will pump and it's possible that we could be moving into a coming all coin rally now I'm not guaranteeing that I'm just talking about something that does happen has happened many time in the past many a time in the past and looking at the chart again a note investor put up maybe a we do see some of that granted if Bitcoin moves to the downside it just means that the ratio will look better so maybe you just want to be trading Bitcoin versus these rather than fiat versus these and that would be a way to stack more Bitcoin and we would see that maybe what will happen is that Bitcoin continues to move down and these alts just hold their price a little bit better since they've already been smacked down and that's kind of a correction in the ratio that we see so it doesn't necessarily mean that in fiat terms making more money at this point in the cycle perhaps that will happen after Bitcoin breaks 20k and we get a brand new group of retail investors get into Bitcoin and then we see a the same kind of cycle again but while we move upwards and people are seeking bigger gains by buying a coin that's only 30 cents they're only thirteen cents to get those massive multiplied returns at Bitcoin once provided and that'll be kind of the same scenario we receive groups of coins pump and the ratios change versus Bitcoin but in fiat terms there could be more crewmen there if you're in the right points beforehand but I think we will probably get that rally after brick Bitcoin breaks 20k and people who are a little bit less experienced in these markets begin getting involved then we could see something like that happened happen ah so the big news today that I saw is first start off with an article that I saw on coin desk I talked about how the IRS published a release which I also read you can check that out I tweeted out the coin desk article on my Twitter page that the IRS is sending out letters they start sending out letters and they began arriving on Thursday it seems so yesterday there's three different educational letters that are being sent out to crypto holders that they are aware of one of which says basically that it's six one seven three that they know you have crypto education about paying your taxes six one seven four which would be like Oh you know maybe you want to review your taxes to make sure everything's in order cuz things might look askew and 6 1 7 4 a which is basically we know you did something wrong really consider like hiring an accountant and getting everything squared away because enforcement actions are probably coming to you and so there was this really long thread posted by someone on Reddit talking about how they received one of these letters this was the first time I think that the community became aware of this on the Bitcoin sublet it specifically sorry about that I just got a text that was the noise you just heard and he talked about how he got one of the six one seven four eight letters and how this is likely gonna cost him a lot of money hiring an accountant and you know he thinks he did everything right but it's gonna be a lot of work and you're basically guilty when it come when it comes to taxes and the IRS Internal Revenue Service here in the United States you're basically guilty until proven innocent you don't even get a jury if you have to go to trial against some sort of claims against you right you they just get a federally appointed judge to make the decision for you and they could very quickly begin a lien on your assets afterwards where they start taking your things you know take your property take your house take your car take physical assets if it need be and then sell them or whatever just seize them so naturally this is kind of a big flood of the day the fear uncertainty and doubt that is striking people in America in the United States you have to say citizens in the space today because apparently ten thousand to forty thousand of these letters are being mailed out until the end of August so you know over a month so just because you haven't gotten a letter yet doesn't mean you won't be getting one I'm running a Twitter poll I would appreciate your input I don't see what you voted for unless you let me know in the comments nobody can see what you voted for it's just kind of an in that's the way the polls work on Twitter they're anonymous pretty much I'm just curious to know how many people receive any of the various kinds of letters or didn't receive one at all people who are probably receiving these include the subset of people who were using coinbase between 2013 and 2015 and transacted in amounts greater than $20,000 the IRS did get a huge scope of records from coinbase they wanted records on everybody using coinbase in that time period but in court thanks to the work of Jeffrey burns and the burns LLC people that scope was reduced after emotion that this is wrong you can't get IP addresses passwords wallets on everybody who used coinbase that's like super overreaching which is usually what the IRS has done in the past right like they asked for a lot and then eventually settle on a little so the settling on a little meant that it was basically people who transacted in amounts over $20,000 who would have their records turned over to the IRS so the thing is people getting these letters are saying that it's not clear like if they're getting six one seven four it's not clear whether they did something wrong the IRS expects in 2013 2014 2015 2016 2017 2018 2019 I don't know I'm actually curious to hear from you guys if you did receive one of these letters and you finished start reading until after 2015 if you got one of these and if you weren't using coinbase because this doesn't necessarily mean that it's only people who use coinbase or getting these letters it could be that you know Polonia axe is another suspected exchange because suddenly the at one point you know they used to operate in a way where you didn't have to verify your account with IDs and all that in order to trade just like you do on Finance like currently you can do on Finance anyway until next month when they are going through require from Americans kyc know your customer information yada yada and you know proof of proof of everything so Polonius eventually did decide at one point randomly to seem like I don't know where like you have to get verified just to login to the exchange and even withdraw your funds so maybe Polonia X was one of the exchanges that the IRS got into in a big way but likely I think it's what people have said the IRS probably planted you know planted bits of information seeking and acquiring devices across many crypto companies and like we heard in the crypto tax girl a report where she went to a recent IRS meeting and published on Twitter a bunch of slides that showed how the IRS is going to be enforcing they were really terrible slack but they were legit enforcing tax regulations and all of that across for Americans so it showed that they're gonna they're gonna find many different means to do this that include basically you know fining social media accounts finding people who use and access various crypto websites they're going to they're gonna they're gonna try to get theirs and it's much easier nowadays than it might have been back in like 2012 because a lot of companies do collect that information so I am curious to know what you guys think about that you know that's kind of why I recommended you know paying your taxes and being careful and and doing what you could to the best of your ability with the services that you could because I don't want to see you guys in prison but we're gonna have to see how many Bitcoin people go to prison now or you know for the revolution the cause when many people were saying that they were Ohio that they were going to be avoiding paying taxes they were just going to be like nah well screw that I'm not gonna pay any taxes screw the man I'm not paying taxes so if you got one of these letters and you transact in amounts less than 20k I'm actually interested in knowing if you got one these letters after 2015 I'm interested in knowing just for information so we can further the conversation the space of what's going on but it seems the current results of a poll we're that 90 percent responded no they haven't gotten a letter yet 22% said that they got the nine the sick the 1673 so the lightest of them that's just educational we had 4% that got the 1674 a which is the strongest one and 3% that gotten that I've gotten the 1674 letter so I'm again just keep me posted and and what kind of actions you take there are many websites that people have used to to help them with crypto taxes because they can be complicated especially if you were mining sorry about that the video corrupt out it actually ran out of space real quick on my phone so to finish up and wrap up there are a lot of websites people use to help them with their taxes I've used Bitcoin tax and other services in the past so you'll find that out there and I highly recommend you check out the Bitcoin reddit threads that you can find other sources perhaps there just to help you out in the future and let me know what you got what's going on what you guys think about all this especially if you're a professional so we can further that discussion take care much love and stay cryptic peace

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