Encounter a problem related to the pool or have a request for a feature? Post your issue here and we will help you out.
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Welcome to the System Support forum! Encounter a problem related to the pool? Post your issue here and we will help you out.
Keep in mind that the forums are monitored by PROHASHING less closely than the official support channels, so if you have a pressing issue, please submit an official support ticket so that our Support Analyst can look into your issue in a timely manner.
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https://prohashing.com/help/prohashing- ... rms-forums.
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Steve Sokolowski
- Posts: 4585
- Joined: Wed Aug 27, 2014 3:27 pm
- Location: State College, PA
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by Steve Sokolowski » Wed Jan 03, 2018 8:52 am
mining4fun wrote:overlordx wrote:Another issue to consider is without Form W-9s from the Miners how is the Mining Pool going to issue 1099s?
Exactly, how is a 1099 going to be issued?
The forms will be mailed to the address you submit on the "settings" page, if you state that you are a US customer. Otherwise, you won't receive a 1099 form.
As to the issue of payouts being withheld, we reserve the right to withhold payouts if a person exceeds $600 in earnings before submitting either the information, or a certification that they are not a US citizen. For now, Chris has the system configured to withhold earnings until we can figure out for sure what to do about non-submission of the information.
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overlordx
- Posts: 9
- Joined: Wed Dec 20, 2017 11:51 am
- Location: Florida
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by overlordx » Thu Jan 04, 2018 1:23 am
Steve Sokolowski wrote:mining4fun wrote:overlordx wrote:Another issue to consider is without Form W-9s from the Miners how is the Mining Pool going to issue 1099s?
Exactly, how is a 1099 going to be issued?
The forms will be mailed to the address you submit on the "settings" page, if you state that you are a US customer. Otherwise, you won't receive a 1099 form.
As to the issue of payouts being withheld, we reserve the right to withhold payouts if a person exceeds $600 in earnings before submitting either the information, or a certification that they are not a US citizen. For now, Chris has the system configured to withhold earnings until we can figure out for sure what to do about non-submission of the information.
Taxation of cryptocurrencies is an emerging area of the law. As most of us are aware that there are significant differences between many of the alt-coins. My understanding is that alt-coins cannot be exchanged directly for fiat currency. There is an argument that if something cannot be exchanged for a good, service, or fiat currency then it has no "fair market value". If something does not have a fair market value then there may be no need to report it on a 1099-MISC. If the the Mining Pool was able to get a determination of whether alt-coins have a "fair market value" then it would be of great benefit for all of the Miners, and probably the Mining Pool too. One such method is to obtain a letter ruling from the IRS. There are other methods, but those methods are too complicated for a forum posting.
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AppleMiner
- Posts: 736
- Joined: Sat Sep 30, 2017 1:44 pm
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by AppleMiner » Thu Jan 04, 2018 1:49 am
so holding/getting paid in verge, so there is no sale of verge to bank...would not get taxed at the fair value its computed at, at the time of creation?
But if I choose LTC and since it can be exchanged to a bank fund via any number of exchanges, it can be taxed?
I think the initial law was setup for bitcoin, and then was later expanded for all offshoots of currencies that use the blockchain ledgers.
