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RE: Pump & Dump Scammers About To Get In Big Trouble! CFTC Is Coming!
Something that really affects all those in the world of cryptocurrency in the U.S. is the U.S. tax laws and crypto being defined as property and not currency. I think it would be EXTREMELY helpful and beneficial to your followers if you would do a video with a CPA that would explain how cryptocurrency is taxed, give written examples on a dry erase board from start to finish of buying say ETH with USD, to balance buying an altcoin, later selling back to ETH and then from ETH to USD again. Also, inform everyone of what they need to keep track of so they can correctly file taxes.
PLEASE PLEASE PLEASE, DO A VIDEO ON THIS!
Yes that's definitely a big reason why only 0.04% of people who have filed tax returns this year in the US have reported crypto gains / losses/ anything crypto related. 1--it's a huge burden and honest reporting is just as likely to lead to being audited as not reporting any crypto activity (in my opinion) 2--The government has very little resources at this time to track people's crypto profits like they do with forms sent to the IRS via stock brokers.
Many tax services and CPA's don't even know how to approach reporting crypto transactions for tax year 2017 right now. So it's up to the individual.
Boooooo US government.