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RE: Valuing Steem Rewards As Taxable Income Is A Vast Overstatement Of Tax Liability - Part 1

in #taxes7 years ago

I've had my share of run-ins with the IRS over the years, and I agree with you both. The IRS is a crime syndicate run by the federal government. One thing I've taken away from said run-ins though, is that the IRS doesn't give two shits about a guy making 20 bucks a week(or less) making steemit posts, because it'll cost them way more than they'll get out of him in taxes/fees. When you start getting into the hundreds or thousands though (which looks to be a real possibility with someone like Jerry Banfield), that's real money, and they want their cut.

Thank you for contributing from a professional "in the field" perspective to help give us a bit more insight into what the law actually states vs the moral argument against it.