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RE: Coinbase Pushes Back Against The IRS With Class-Action (The Cryptoverse #167)
Are you serious? The broker gives details of your trading profits to the IRS directly??? That's incredible.
Are you serious? The broker gives details of your trading profits to the IRS directly??? That's incredible.
That's the tip of the regulatory nightmare called the IRS.
Any payments greater than $600 for services require the filing of a 1099-MISC by payor reporting to the IRS the payee information as well.
The IRS wants all the information - the ACA (Obamacare) originally required all annual payments to anyone for anything greater than $600 be reported. That provision was removed from the law before it took effect.
See all the great variants of 1099 on Wikipedia. https://en.m.wikipedia.org/wiki/Form_1099