Originally posted on 12/12/2017:

Quote Originally Posted by RoyBacon View Post
Oh OK. That's a lot of work to maybe shield a small gain from the IRS. My guess is they are looking real hard at btc. And if you get nailed it will be an obvious cheat attempt and felony vs opps I made a mistake, where do I pay my fine.
Regardless if its....

1. BTC to exchange to USD to your bnk acct

Or

2. BTC to bitpay to USD to pay bills with

What's more obvious on an audit?

If you are audited... what would you bring to the audit at the IRS's request? Bnk statements. CC statements.... compared to your 1099 and your tax return.. correct? Every deposit coming in will be automatically questioned. Would it really be a slap on the wrist? The extra effort to nonchalantly not let extra income hit... would be extremely beneficial for you in the long run.

Where as... if I'm audited... I bring my bnk statements... my cc statements.... and my 1099's. Your bitpay crd isn't even on record with the credit bureaus. Why would you rat on yourself? Don't bring it. Sure, to open the bitpay acct you presented a SSN... but like I said in my earlier post... the issuing bnk of Bitpay would need to know 1. You're being audited by the IRS... which they wouldn't know. 2. The likelihood that bitpay would turn in all of your transactions randomly to the IRS is 100% far-fetched. Everyone would have to be in-sync together... and again... highly unlikely.

You also specified the effort involved? Who doesn't cover their tracks in all business deals in life? Everyday in life it's business.


Let me give you another scenario. Remember back in the day we all use to get paid with chks from books? Ok. Would you really take that chk and throw it in your bnk? Wouldn't be wise. You should take every chk and mix it at a chk cashing place. Or know a friend who owns a chk cashing place. Work a deal with him on %. You're saying... well why would you do that for?

When you go to a convenience store or party store or chk cashing store... any Arab owned store... that's not a National Brand... do you really think they list your name with that chk? Do you think they keep detailed print of everything? They group all the chks together they received that day and throw it in the bnk 1 big deposit... once you sign a chk over to the store... it's considered 3rd party cashing. What does that mean??? By the time they cash it in their bnk... it's a WASH. Really untraceable.

How do I get my information??? You talk to your CPA... if he truly wants to help you... he'll give you good info. I know a lot of Arab business owners. You factor in what you can... and can't do.

Again... not knocking you Roy... just giving you some info. The govt fuks u regardless... even when you are full blown honest. But are they honest to you? What cracks me up about this Bitcoin epidemic... and all the threats. They are absolutely 100% clueless at the moment on what everyone has in regards to BTC.... they are begging you with threats to get you to talk and rat on yourself. Once you put your gains on BTC or any crypto for that matter on your tax form... IT'S OPEN SEASON ON YOU AND YOUR SSN. You might as well leave your front door unlocked while you sleep at night.