Cryptographic money is a “replacement of real money”, and any “received convertible virtual money is available as regular payment”, as announced in the recently circulated notice of the US Tax Service (IRS).
A new explanation for IRS was made by asking for an explanation from its own small business unit / self-employed American payment collectors based on how people who receive digital money as a contribution for “performing microtasks through a publicly supported or comparable stage”, must be encumbered.
Furthermore, according to the IRS response, all such profits are accountable and accessible regardless of how small and irrelevant they may be. This rule applies additionally to micro-tasks for which even small amounts are paid, “which may be less than $1”.
“Indeed, a citizen who receives convertible virtual money in exchange for acting out the microchallenge through the public support stage was conceived in exchange for and the received convertible virtual money is available as usual payment, the expenditure organization is. Taking all circumstances into account, the letter from the IRS General Counsel’s Office added the following: If the citizen receives convertible virtual money for the completion of a task with little attention to value and the way in which it was obtained, at that moment the citizen was is paid by property”.
“Convertible virtual money received must be taken into account in the form of the citizen’s personal government as an ordinary salary and may depend on payment of independent work”, – stated in the official notice of the IRS.
The message from IRS came after it was discovered in August that the spending organization, in its last individual income tax declaration (form 1040), had moved the request for cryptocurrency to the main page of the structure – a change that is, of course, It is believed that IRS “makes a move” to take measures against tax evasion related to cryptocurrencies.