4 ms·

> If you have a stack of cash in a drawer, you are supposed to tell the IRS about it. Under what regulation?

by andrewpi 14y ago

cantankerous 14y ago
If it's a heretofore unreported accession to wealth, that regulation would be the US Tax Code.
- andrewpi 14y ago
  I understand the requirement to report income, but I am unaware of any regulation that requires the reporting of cash on hand that has already been reported as income.
deleted 14y ago
[deleted]
n3rdy 14y ago
> Under what regulation? Unfortunately when it comes to the IRS, current laws and regulations are irrelevant. They prosecute retroactively and change the rules as they see fit to scare the public into compliance. The fact that people are so quick to ask about IRS compliance with bitcoins is evidence of this. People feel an obligation to an entity they owe nothing to, because they are scared to death if they don't report a couple bitcoins, that FBI, secret service, or even ATF is going to break down their door and storm in with assault rifles.
- gamblor956 14y ago
  Stop spreading FUD. That's not how the IRS operates. It very frequently loses court cases, including Tax Court cases, in which the taxpayer challenges IRS actions. More to the point--the IRS does not have police powers, it can only levy civil sanctions after full due process. That means no ATF involvement, ever. The IRS can, in limited circumstances, refer cases to the DOJ for further investigation as a criminal matter.
  - oleganza 14y ago
    In other words, there are frequently cases in which IRS tries to take what does not belong to them? If so, it only proves the point that people are scared by IRS and it is IRS that spreads soul-killing FUD.
gamblor956 14y ago
You don't...unless it is in an offshore drawer. See http://www.fincen.gov/news_room/nr/html/20110224.html http://www.fincen.gov/news_room/nr/html/20110224.html, http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/pdf/2011-4048.pdf http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/pdf/2011-4048.pdf.

> If you have a stack of cash in a drawer, you are supposed to tell the IRS about it. Under what regulation?

cantankerous 14y ago

If it's a heretofore unreported accession to wealth, that regulation would be the US Tax Code.

andrewpi 14y ago
I understand the requirement to report income, but I am unaware of any regulation that requires the reporting of cash on hand that has already been reported as income.

deleted 14y ago

[deleted]

n3rdy 14y ago

> Under what regulation? Unfortunately when it comes to the IRS, current laws and regulations are irrelevant. They prosecute retroactively and change the rules as they see fit to scare the public into compliance. The fact that people are so quick to ask about IRS compliance with bitcoins is evidence of this. People feel an obligation to an entity they owe nothing to, because they are scared to death if they don't report a couple bitcoins, that FBI, secret service, or even ATF is going to break down their door and storm in with assault rifles.

gamblor956 14y ago
Stop spreading FUD. That's not how the IRS operates. It very frequently loses court cases, including Tax Court cases, in which the taxpayer challenges IRS actions. More to the point--the IRS does not have police powers, it can only levy civil sanctions after full due process. That means no ATF involvement, ever. The IRS can, in limited circumstances, refer cases to the DOJ for further investigation as a criminal matter.
- oleganza 14y ago
  In other words, there are frequently cases in which IRS tries to take what does not belong to them? If so, it only proves the point that people are scared by IRS and it is IRS that spreads soul-killing FUD.

gamblor956 14y ago

You don't...unless it is in an offshore drawer. See http://www.fincen.gov/news_room/nr/html/20110224.html http://www.fincen.gov/news_room/nr/html/20110224.html, http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/pdf/2011-4048.pdf http://www.gpo.gov/fdsys/pkg/FR-2011-02-24/pdf/2011-4048.pdf.