Quote:
Originally Posted by facialfreak
TAX EVASION MY ASS!!
Bitcoins have no value (to the IRS) UNTIL THEY ARE CONVERTED INTO FIAT (USD) CURRENCY.
When our company converts them to cash value, yes taxes will be paid on them! So please tell me again how we are promoting tax evasion????
I have a university degree in accounting and business maths, and I am a Certified Management Accountant.
Are you going to tell me that depositing personal checks into your credit card account -- to be applied towards paying your credit card is tax evasion too? Hahahaha
Lets call paying rent or buying new office equipment tax evasion while we're at it ...
TROLLING FAIL!!!  |
Incorrect; and I'm not trolling.
At what price did you acquire the bitcoin? What is the current value of the service or product you are trading it for?
The value of the product/service minus your bitcoin acquisition price is the taxable amount of your transaction. (a negative is a loss carry forward on your taxes)
The decision to pay taxes or not is yours to make and has nothing to do with "internet currency". It has to do with profit earned. I paid my pool guy $120. per month weather he paid taxes or not was his choice as well.
Telling someone they owe no taxes is bad advise and evasion on their part.
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