CRYPTO CRACKDOWN! 15 DAYS OR FELONY? HOW NEW LAW AFFECTS YOU!

Q & A – https://youtube.com/live/keRA-gkF4c0

A NEW LAW HAS SURFACED FOR IRS AND IT IS CRAZY (If taken out of context). 15 days to report your tax holdings or FACE FELONY CHARGES?

Follow Shehan! – https://twitter.com/TheCryptoCPA

READ THE LAW HERE – https://www.law.cornell.edu/uscode/text/26/6050I

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0:00 – Market Recap | Topics Overview
1:22 – TAXES – Everyone’s Fav
2:06 – the 6050I Code – Falsehood?
6:15 – Why did 6050I get so misconstrued?
7:49 – How do we factor the IRS?
9:32 – Check out the CRYPTO TAX LAW changes video
10:58 – LET’S TALK ABOUT THE DUMP

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All right everybody Welcome to the impromptu live stream on Wednesday and just like the title and thumbnail suggests we’re going to dive deep well just an overview of what’s going on for this new law looks like it’s us code 650i and there’s been a lot of talk

Especially about uh in the Twitter verse and on different social media sites that this log goes into effect and it means that if you don’t report the $10,000 plus of your crypto within 15 days you’re going to face a felony charge and uh I didn’t really know much about it I

Just saw that was going on so I reach out to somebody that could help me shean trra zakara comes on as the crypto CPA Shen welcome back to the show for the sixth or seventh time I think yeah good to be here yes so actually like I had

Heard about it and then you reached out to me and I’m like I don’t know what really is going on but before we get into into all that stuff uh I just want to remind everybody that if you’re watching the replay just know that there’s going to be a scam uh video

Because that’s what YouTube’s all about and it’s going to be an AI video it’s going to look something ridiculous like this it’s going to be Michael sailor it could be any number of people that are big into the uh in the crypto space and they’re gonna say scan this code and I

Will give if you send me one Bitcoin I’ll send you two news flash that is not reality what is reality unfortunately is tax codes and this is everybody’s favorite subject taxes I’m sure and this was actually what was sent to me this is Ryan Shan Adams and uh over the over

There at one of the duo for bankless and he States if you’re a US citizen and get $10,000 more in crypto you have to report the IRS within 15 days or they can charge you with a fley felony that starts today they want your name your address your social security number of

The sender and they’re not telling you how to file the report which I gotta be honest with you it’s very easy to pile on the government especially when we see stuff like this and also I saw the same thing from Jerry breedo he is the executive director of coin Center

Dc-based crypto than tank and he says the exact same thing if you receive 10K more more and you don’t report it uh within 15 days you get a felony charge so I reached out to Shen and I was like is this true because if it is I’m in big

Trouble and he said no so let’s go over this 6050 I code and what this really means Shan it’s up to you cool um so I guess let’s start with the current low right so basically the 650i uh Cod section of the IRS says that if you run a tradeoff business in simple

Terms of business um uh and if you receive paper cash in excess of $10,000 in a transaction let’s say for example I go to a dealership uh like a car dealer um instead of cutting a check or giving my bank account information I just give them uh you know $220,000 worth of pay

Cash in a Double B and buy a car sounds good that’s what I do if if that would to happen the dealership has to collect my personally identify information meaning my Social Security name address and Etc and file a tax form called form 8300 with the IRS and the fin so that is

A rule okay and you might ask why people why we have this rule it’s to combat against um you know money laundering terrorist financing uh because otherwise you know there you know you can earn you know money to Illegal means and and kind of convert it to goods and services uh

Without you know uh without being caught so that’s the idea behind this existing laws that applicable to cash transactions okay so let me get this straight so what you said so I go into the dealership and I want an upgrade for my 2018 Dodge Grand Caravan minan which

Is a sweet ride I must I must tell you very good in gas mileage very great in space and uh I come in there with the 203,000 at it costs and the dealership dicko Toyota in El Paso Texas or wherever else or or or Honda here in

Puerto Rico they say hey uh you just gave us all this money we need to collect a bunch of information from you because we don’t want to be held responsible for your money laundering activity which we’re not saying you do but if you are we have your information

And we can report it so that has always been in effect is that correct that that is right okay all right so now let’s flip on its head and talk about this new rule because has this law been in effect this 60/50 and there’s been some changes to it to include virtual

Currencies yeah exactly so the 650i has been in effect for number of years uh but a lot of people don’t encounter this because not many people carry that much cash and and buy like you know goods and services so what happened in 2021 was that infrastructure bill pass and as a

Result uh they subjected digital assets to 650i regulations so going back to example instead of me giving cash to the dealership if I give like one Bitcoin and buy a car worth you know you know $50,000 or so now that the dealership has to collect my information uh and

File that 48300 with the IRS and the finset so that that’s the the change that happened and of course when we’re talking about a felony charge this isn’t for the individual let’s just say okay let’s take this example so the same example as well and I’m like hey

I’ve got a bunch of uh Dogecoin and I want to buy that Dodge Grand Caravan so I’m going to give this to you do you have a wallet and they say yeah you know for some reason they’re like yes we we love Dogecoin here at the dealership you

Give them Dogecoin and they don’t collect any information from me if they do that then it’s it’s on them as the business owner correct it’s not on me as the one who actually spent that crypto that that is correct great so now all you got to do you’re telling telling me

Is I got to find somebody no I’m just kidding I’m not going to go down that rout you tell me I got to find somebody who who will accept my crypto not ask me for any kind of paperwork excellent okay so we have that down it

Makes a lot of sense is that it to the rule how did we how do we get this so misconstrued because I’ve seen this in a lot of different social media platforms and you know we’re talking about hey if you get $10,000 or more it’s automatic

Felony within 15 days where do we go wrong here yeah it’s just term uh trade of business so in our example the dealership is clearly running what’s called a trade of business right you know there in the business of selling CS therefore they have a business of

Selling CS um so and a lot of people thought that like you know this is applicable to everybody like even individuals even if you don’t have a Trader business um and I think what I was trying to clarify on Twitter was that the 650i again it applies only to

Trade or businesses meaning like um you know you should be able to carry like some type of economic activity it could be you know selling cars um uh I don’t know selling something uh as a business if you do not do that as a business you don’t have a trade of business and

Therefore 650i does not apply to you so how does that let’s say so any kind of transaction let’s just say it’s me to you and I’m like hey and um you know thanks for oh I don’t know for any kind of no we can’t say CP AC all business but I

Say hey you know here is the $20,000 that I owe you from the bet that I lost because the Cowboys lost last week or whatever it was if I if we did that is there any kind of laws that say I have to you know put it put in some kind of

Information with the IRS that I’ve transferred that types of funds to you so in that case you know uh assuming I don’t run like a professional you know Bing service I I I I don’t have a trade of bis that was just a one-time receipt coming from you and I don’t have any

Obligation yeah excellent all right so everybody that’s just what I wanted to get across I’m not going to beat a dead horse so like uh just be careful with the information that you get out there especially on the Twitter verses and the social media sites because uh it’s it’s

All about sensationalism and even I delve in that as well I mean you saw the title in the thumbnail to get your attention you know but I don’t go too far to where it’s like get people give people heart attacks I just want to give you the best information we possibly can

All right so Sheen that would take care of that piece unless there’s something else that we missed but what I’m gonna do is I’m gonna open it up for for a quick Q&A because I know you’ve got things going on in another 10 minutes or

So so everybody if you want to ask xen here who is a certified CPA and that dils in crypto specifically now would be the time to ask that and and uh I got a question for aen what’s uh these are there any new laws that we’re not

Familiar with that are coming on the pipe that could change things I know last time we talked which the last video we did I don’t know if you knew that but it had like a it had over 150,000 views and it’s the one that we talked about

About the government trying to ban uh non-custodial wallets which is which is a great video I urge everybody to take a a look at it but any other laws coming in that could affect us as crypto users no I think the uh the 1099 thing that I

We spoke about in the previous video that’s going to be huge when it gets finalized uh the 650i is going to be controversial as well uh it hasn’t been finalized or anything like that that the low goes into effect January 1st 2024 it does not mean that you have a obligation

To report today because in order for low to be effective you had to have like regulations meaning the IRS has to come in you know kind of update the forms and kind of give you the specific information so it hasn’t happened yet um so so you still have some time time to

Kind of like you know figure out how to comply with the 650i but just to summarize yeah the the the 1099 stuff and the 650i those are kind of like the two crypto tax related rules that that that’s going to have a big impact on the industry gotcha excellent so yeah

Everybody I will try to link this in the description uh here was a video I was talking about look at that 147k excuse me that was just an impromptu video so hopefully hopefully Sheen you get more uh followers for on your Twitter account all right Sheen it’s 540 I don’t want to

Keep you I know you got another another meeting everybody I’m gonna stick around we’re g to talk about uh this dump today that happened in the market and go from there everybody if you want to find shean there’s a link in the description for his Twitter account and of course

His Link train everything’s there shean thanks for stopping by we appreciate thanks for having me see you all right see you all right everybody that was good stuff let’s talk everybody’s been talking about this let’s just go over this real quick and everybody knows why there’s a dump today I’m I’m assuming because

Everybody and their mother was talking about this it was just from one report from uh Matrix Port where they said they this is their belief is why the SEC will reject the Bitcoin ETFs and basically it come down to it came down to politics and why Gary wouldn’t approve it and one

Of the things they said was what actually one of the things I said which was uh political political divide and they’re right in this one instance where as far as like the Commissioners it’s Gary Caroline and haime and those are the three Democrats and Mark and Hester Pierce Krypto Mom they’re both the

Republicans and it looks like they mostly sided with Gary so we’ll see how it actually works out but that was the reason for this dump today I don’t really care about dumps or pullbacks and things like that what I do concern myself with is how this I have never heard of Matrix

Port ever it’s just amazing to me how one article can drop Bitcoin I think it was by 10% 4 that’s quite a bit 45 to 40 no it wasn’t 10% 7% roughly so that’s the the thing that that concerns me and of course people say ah Rob every every

Market’s manipulated I know that’s true I mean gold and precious metals JP did that as well and they got they got busted for spoofing the markets but uh concerns me that our Market is is controlled and manipulated that little bit for one stupid article that came out

That says hey we think this is going to happen and everybody Lo lost their mind so it’s just a good lesson I think that um as we move forward that stuff like that’s going to happen so I know people are like well I’m gonna go long I’m

Gonna go short I’m g go on Leverage did you see that coming did these leverage plays see it coming no the only they saw coming was an ET F potentially getting getting passed I’m still on the fence about that one but uh that’s why I have

The rules on the side but of course everybody can do what they want to do today so look everybody thanks so much for stopping by I appreciate if you like today’s video give it a thumbs up consider subscribing everything we talk about is time sensitive that’s it and I

Will see you guys on the next one thanks so much adios