Www.prohashing.com requires if over $600 usd mining you fill out 1099 form to IRS in USA....I'm GONE!

Mining
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Well, I’m going back to www.litecoinpool.org from www.prohashing.com …prohashing has decided in 2018 if you make more than $600 usd you have to fill out a 1099 form to the IRS.

Now I’m legal, but what happened when coinbase got all up on such forms, the IRS went after them, so I find it easy to see the IRS going after a popular pool that has done this. Even if I am legal, I don’t need the IRS to play 'fishing expidition" and send out blanket ‘show the source of your funds letters in mass’ to all on prohashing.

I prefer the IRS to audit me the old fashioned way, like a normal tax paying business, not single me out thru a site that does evil crypto mining

I only mined to LTC anyway (though mining Verge now in case I hit $600 and am cut off before I get the data hall to make the change)

I went thru this ‘show the source of your funds’ letter with the SEC in the usa…it is a pain

So anyway, I mine to LTC direct anyway…so back to www.litecoinpoool.com which has been equiv in hashing since bitconnect coin went pos coin and left prohashing anyway

and litecoin is soooooo stable I ran it for 2 years plus up to july 2017 w/o a back up pool on the titans

anyway, I am not an employee of prohashing…if the IRS wants to track me they can audit me direct and just look at the same damn litcoin address I’ve used the last 3 years and 2 months to track stuff

I’m not gonna be part of a pool that DANGLES easy fishing to the IRS with 1099’s they don’t really have to issue…and have a lawyer who knows crap about mining…

So I’m out, as to the rest staying on Prohashing good luck…and to those outside of usa …remember coinbase where IRS went after everyone in and out of usa…if they do the same with PH, remeber the old know your customer rules among nations…you too could get a show us your funds letter from your respective governments anyway …iimho

the irs went after coinbase for ALL info from ALL customers (15 million) including passwords…because they found 3 people using coinbase to hide taxes cash via crypto

yeah, good luck prohashing, I expect half your folk are gonna walk to other sites and you still are gonna
have to deal with IRS and other countries requesting know your customer rules…your lawyer is dumb on crypto but brillant on getting lots of your $$$ when that comes home to roost!

anyway, again I’m legal used the same LTC address for mining for 3 years and 2 months …they can
audit me directly and follow that (the iRS) so no way am I doing a 1099 for the PH clowns…

(good thing I did not go on a rant .that would have been ugly)

anyway, always liked litecoinpool, if I lose 10% mining and don’t have to fill out a 1099 so be it

brad

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Actually, it looks like you’d end up GAINING coin by switching. According to the chart on the prohashing homepage anyone mining scrypt for the last 5 days would have been at a loss when compared to solo mining LTC.

ltcloss

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I just don’t need the hassle. The IRS in 2013 10 days before april taxes due did the 2013 cryptocurrendy guidelines and stated that all coin made since 2009 you pay capital gains on if sold…and the rest and had 10 days to fix it before filing.

They did the coinbase thing where they found 3 guys who were cheating on taxes on coinbase and asked for all info on all users usa and outside the usa…and passwords…

So, imho, the IRS will see prohashing as asking for 1099’s they will then do what they usually do…a guick and easy ‘we want your database’ and then the old ’ what is the source of your funds’ form letter…again I’m legal…but went thru this in 2013 with the SEC when BTC was ‘evil’ according to my bank…it is a pain in the ass to prove you are legit…if they are coming from an assumption you are illegal…thus the ‘source of funds’ letters…all on the banker saying I looked ‘fishy’ …

I think prohashing just made their law firm rich, opening this can of worms

again, the IRS wants to audit me fine, I have all my mining on the same LTC address the last 3 years and 2 months…but to have this spotlight shined on prohashing with the 1099 just so I can likely jump thru more hoops with the IRS…er no thanks…went thru it in 2013 with the SEC when BTC was evil…I don’t need to go thru it again, with liklely un-needed 1099’s from prohashing (I am NOT a contractor or employee) just so they can feel good and keep their ass covered…

anyway, I prefer to stay within the masses of other tax payers on chance of audit or source of funds letter…I don’t need prohashing waving a flag saying 'we as PH are concerned our clients are ‘up to something with IRS’ thus we are gonna do 1099’s to be safe

yeah, that is not gonna work well…I bet they are gonna lose LOTS of folks in USA over this

also, with know your customer international laws…you may not be safe from a ‘what is the source of your funds’ letter if you are overseas…the IRS will simply pass it along to respective countries imho

fun times…I also heard a rumor that Nicehash also will do 1099’s …so perhaps someday I will have to do so as well…but resisting…they can just audit me as regular folk and look at my LTC blockchain…

end of rant

brad

p.s. yeah I like litecoinpool no drama…prohashing for months paid 10 to 15% more…but I hold as much LTC as I can anyway …so probably does not matter much in the long run…

right now I’m mining Verge till my buddy at the data hall shuts it off…just for giggles to a hot wallet…just to wrap up some mining to another coin on prohashing…

anyway, what I’m doing…may not matter …may matter don’t know…but like you said if no real diff, I hold LTC anyway, and litecoinpool is stable with no drama and no fee and pays out at 101% …I’m running back!