/biz/ - Business & Finance

How did the doge get so bigg bros

>>23016168
pftt. This is nothing, I had 20k transactions and I did my due diligence.

Since the cost basis changes as things are traded for other things, if you omit trades, the chain gets fucked up and the numbers start getting weird. Accounting fraud is something few get away with, because shit just doesn't add up right if you make stuff up.

The IRS doesn't care if you "approximate" a number for a sale price. You have to make a "good faith effort" to report all your transactions. The gains, the losses, EVERYTHING. The burden of proof is on you to prove you made an effort. Thats a huge benefit to you as long as you document an effort to find when and where and how much, and for what a trade was made.

When the auditor comes to your trailer and starts asking questions, you better have evidence of the "good faith effort", in a file folder (keep for 7 years) even if it was as simple as a record of the day something was bought or sold, out of what wallet, where those coins went next, etc., and a consistent method of accounting to estimate the price: an average price on a candle or a closing price on a day- some data point on price from a third party, that provides justification for the numbers you are giving them, even if it is not an exact value. Because they WILL NOT accept making shit up.

They don't audit very many people, because its not really necessary. An agent will come with a few questions about your file and you'll be exposed as a fraud in short order because they are trained to spot incompetent financial accountants like yourself. Instead of a lengthy audit you'll get an offer "you can't refuse", something like half your assets. If you refuse they'll jack it up to 80% and ruin your life and confiscate your electronics. They can do anything they want to you. There is no way to discharge a debt to the IRS. They have agents and forensic accountants and inspectors in every county, in every state. They can smell a lie a kilometer away.

>>3004916
Kill yourself