Isn't it SN's responsibility to issue 1099 to users who stacked more than $600. I don't know many stackers that have stacked beyond this de minimis exemption amount in a single year.
This could be somewhat of a vulnerability in SN's design since every Zap is technically a payment from SN's node. Whereas something more p2p like nostr, users would issue 1099s to other users which they tipped $600 or more personally.
Stacking $600 or more is one thing. It’s doing the zapping I was more interested in, considering how Bitcoin payment transactions are handled by tax law
This is a great question. I have been researching how to accept BTC/SATS as payment (in lieu of/in addition to) fiat.
The regulation in the space (especially if I want a bank to custody the assets) (I have a board of directors and we do have Umbrel in development, but ultimately, we would want to custody with our bank) is.... confusing.
Where are the lawyers/accountants with expertise in this domain that my board can hire to provide input?
Let alone the 1099/600 threshold, dealing with exchange rates etc etc etc. Every report I've seen on forums from folks who try todo this above board/legit, say it's a nightmare and the IRS doesn't even have definitive answers.
It would be funny if the IRS came kicking down your door for a few dollars earned on SN
Nice try fed! We're all bots here. I promise.
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As a certified bot, I can vouch for this comment.
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Error: Translation to meat language failed to initialize.
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If the government want to "tax" my Sats, they better be accepting payment in Sats, cuz I don't have anything else for them.
I believe the OP has the ability to completely obliterate this poll and pretend it never happened.
What poll?
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Proof siggy is a lawyer
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Isn't it SN's responsibility to issue 1099 to users who stacked more than $600. I don't know many stackers that have stacked beyond this de minimis exemption amount in a single year.
https://www.irs.gov/forms-pubs/about-form-1099-misc
This could be somewhat of a vulnerability in SN's design since every Zap is technically a payment from SN's node. Whereas something more p2p like nostr, users would issue 1099s to other users which they tipped $600 or more personally.
Stacking $600 or more is one thing. It’s doing the zapping I was more interested in, considering how Bitcoin payment transactions are handled by tax law
No man on Earth has any tax liability, only persons
This is a great question. I have been researching how to accept BTC/SATS as payment (in lieu of/in addition to) fiat.
The regulation in the space (especially if I want a bank to custody the assets) (I have a board of directors and we do have Umbrel in development, but ultimately, we would want to custody with our bank) is.... confusing.
Where are the lawyers/accountants with expertise in this domain that my board can hire to provide input?
Let alone the 1099/600 threshold, dealing with exchange rates etc etc etc. Every report I've seen on forums from folks who try todo this above board/legit, say it's a nightmare and the IRS doesn't even have definitive answers.
Zaprite can do online payments and invoicing
Thanks! Bookmarked. I knew the crowd wisdom would have a solution :)
What is stacker.news?
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My sats fell off a boat.
Is that you IRS?
What sats?
😂😂😂
https://imgprxy.stacker.news/lU7QfyWHKBG_eSVWCdYkbfxUszOk0W1Qz6SRDWkNM98/rs:fit:600:500:0/g:no/aHR0cHM6Ly93d3cudWx0cmFwYXRjaGVzLmNvbS9ibG9nL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDIwLzEwL01vbG9uLUxhYmUtZ3JlZWstbGV0dGVyaW5nLWJlbmVhdGgtc3BhcnRhbi1oZWxtZXQtNzY4eDg1MC5qcGVn
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