Does virtual currency need to pay tax first

1.

According to the regulations of notice 2014-21 of the IRS:

1. The information range of virtual currency payment is consistent with that of other property payment

2. Virtual currency paid to service providers and independent contractors should be taxed, and the tax rules of freelance also apply to virtual currency. Taxpayers usually have to get form 1099-MISC

3. When using virtual currency to pay wages to employees, they must also pay taxes, and they also need to pay federal income tax and payroll tax

4. The third party accepting virtual currency settlement payment on behalf of the merchant must report the payment status in form1099-k, payment card and the third party network dealer

5. Based on the fact that the virtual currency in the hands of taxpayers is a kind of capital asset, the gains or losses in the transaction of virtual currency and the sales of virtual currency need to be taxed

extended information:

legal status of bitcoin in China

in China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty

the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency of online games (Wen Shi Fa [2009] No. 20) on June 4, 2009 stated that the application scope of virtual currency of online games was defined for the first time, and the distinction between the current virtual currency of online games and the virtual props in the game was made; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate< br />

2. This is certainly unreasonable. Virtual currency generally does not need to pay tax. If you pay this tax, it is not equal to your original value. It will be very expensive and not cost-effective

3. If cash withdrawal is reflected, taxes and fees are required, which are all available.

4. According to China's current regulations, at this stage, financial institutions are not allowed to provide bitcoin related procts or services. Bitcoin cannot and should not be used as currency. Ruitai coin, Laite coin and other counterfeit coins are also applicable
all investments are not protected by law. If there is a brokerage transaction, once it is found, it will be subject to criminal responsibility.

5. Multi currency function: the current currency and account are strongly related, so if there are multi currency accounts, you need to create accounts with different names, such as RMB cash, and the currency is set to RMB. US dollar cash, currency set to us dollar
then, when bookkeeping, adjust the local currency to the current common currency, and select the corresponding account when recording revenue and expenditure. You can query details and reports by selecting currency conditions
the specific rich owners can go to the dig money forum to have a look at the dig money section. The rich owners of dig money all communicate with each other on how to use dig money to keep accounts

6. Moke MOAC is a practical application-oriented blockchain platform. MOAC adopts the technology of layering and slicing, processes the global transfer transaction at the bottom, and deploys the contract in the way of sub chain at the top. The upper sub chain can choose its own consensus mode, block cycle and its own separate block chain to store the contract status. mining nodes of sub chain can be selected by user. The system maintains multiple mining pools supporting a consensus protocol, from which the sub chain can rent the required number of nodes. On this basis, MOAC provides the function of one click chain, which enables DAPP project parties to customize their own blockchain. The project side does not need to maintain the operation of the sub chain, only needs to pay these leased nodes regularly. The unique sub chain / Master chain architecture of MOAC makes the sub chain reach the security level close to the master chain. In addition, the innovative architecture enables DAPP users to use DAPP without consuming any gas, so that DAPP users can face users without any blockchain knowledge.

7. You really can't guarantee that I will no longer have such relevant policies for the time being.

8. On the regular platform, like dcpro platform on the line, to account fast

9. Not all cash income should be taxed. For example, the income of current account should not be taxed.