Prohashing Mining Pool Forums

Are you fucking serious that i need to sign a IRS document as a non US citizen. This must be a joke

This is the law in the U.S where Prohashing is located. Steve is just trying to comply the best he can. Depending upon the amount of earnings, and the country you are from, you may also end up Owing taxes in the U.S or have earnings reported to your local government for tax purposes. I suspect as the year goes on and PH evolves we will see more and more compliance activities from Prohashing.

I'm personally waiting for them to have to do AML and KYC for payouts. It may never happen; however, based on new legislation before congress in the U.S. that adds concurrency to AML legislation and expands the definition of a money services business to deal with anyone converting between different currencies, I suspect that PH may soon have to deal with that too.

pavvappav wrote:This is the law in the U.S where Prohashing is located. Steve is just trying to comply the best he can. Depending upon the amount of earnings, and the country you are from, you may also end up Owing taxes in the U.S or have earnings reported to your local government for tax purposes. I suspect as the year goes on and PH evolves we will see more and more compliance activities from Prohashing.

I'm personally waiting for them to have to do AML and KYC for payouts. It may never happen; however, based on new legislation before congress in the U.S. that adds concurrency to AML legislation and expands the definition of a money services business to deal with anyone converting between different currencies, I suspect that PH may soon have to deal with that too.

We have no plans to ever introduce know-your-customer requirements. We aren't a money transmission business, so we don't need to do that, since we don't accept deposits.

Handling identity documents and verifying them is a huge expense that would make it impossible to compete with other pools. It requires compliance officers and all sorts of banking industry standards. That's why when someone uploads one of these documents, it is deleted.

Our legal responsibility is to provide the customer with the forms so that they can comply with the tax laws. We don't provide advice on how to comply, and it's up to the customer to decide what action is necessary in regards to taxes with their governments.

Steve Sokolowski wrote:Our legal responsibility is to provide the customer with the forms so that they can comply with the tax laws. We don't provide advice on how to comply, and it's up to the customer to decide what action is necessary in regards to taxes with their governments.

So the 1099 forms being mailed out in 2019 with the 2018 tax year info will only be sent to the account holders and the IRS then correct?

AppleMiner wrote:

Steve Sokolowski wrote:Our legal responsibility is to provide the customer with the forms so that they can comply with the tax laws. We don't provide advice on how to comply, and it's up to the customer to decide what action is necessary in regards to taxes with their governments.

So the 1099 forms being mailed out in 2019 with the 2018 tax year info will only be sent to the account holders and the IRS then correct?

Yes. As the documentation states, we don't even look at the information or use it for any other purpose other than to verify that it's a valid address. It's on a disconnected disk because we have no use for it ourselves, and we plan to delete it as soon as the statute of limitations allows us to do so.