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So, what's IRC Section 6050I and why was it being purposely omitted by the poster? Answer: https://www.irs.gov/government-entities/indian-tribal-governments/i
by nuerow 5y ago
So, what's IRC Section 6050I and why was it being purposely omitted by the poster?
Answer:
https://www.irs.gov/government-entities/indian-tribal-governments/itg-faq-1-answer-what-is-irc-section-6050i https://www.irs.gov/government-entities/indian-tribal-govern...
> IRC Section 6050I requires that any person engaged in a trade or business that receives cash in excess of $10,000 in a single transaction or in related transactions must file Form 8300 PDF, Report of Cash Payments Over $10,000 Received in a Trade or Business.
So indeed it's an anti-money laundering provision. No wonder this gets the NFT crowd all riled up. I mean, little cartoon drawings being "bought" for six figures don't just sell themselves, right?
- curryst 5y agoI was curious and that still didn't sound right to me, so I Googled it. It's a more sweeping set of changes, I think still aimed at money laundering. This seemed like a neutral summary of the changes, though it lacks any analysis on what this means for crypto: https://taxnews.ey.com/news/2021-1538-senate-passed-infrastructure-bill-would-impose-information-reporting-requirements-on-sales-of-cryptocurrency-and-other-digital-assets https://taxnews.ey.com/news/2021-1538-senate-passed-infrastr...
- rchaud 5y agoI worked at a remittance firm with a Money Services Business license back in 2008. I remember during the AML (anti money laundering) training that we had to report any transactions >= $10k to FINCEN within 15 days. We were also trained to look out for 'structuring', where the same individual makes multiple transactions under $10k each, in order to evade those reporting requirements.