VIRTUAL CURRENCIES HAVE GENERATED REAL TAXES

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Many the US clients of the Coinbase currency exchange have unexpectedly received the 1099-K tax form for 2017. Now users who have received more than 200 transfers or more than $20,000 per year are required to provide data about themselves to the Internal Revenue Service. The form must be filled not only by ordinary clients but also users of so-called business accounts, through which payments for goods and services are made, as well as by owners of accounts on the GDAX platform. Online forums and social networks are filled with complaints from participants of the crypto community. In the TOP of the discussion: the amount of taxes exceeding expectations, the suddenness of the introduction of these norms and the very fact of the necessity of transmitting information about the cryptranstransactions in the IRS.

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