Goodbye Prohashing!

Are you still whining?

Wow.

Aura89 wrote:Are you still whining?

Wow.

No, I respectfully answered the last comment! If you call this whining, then it's up to you. No more comments from my side.

Blastar, just do what half the US people did. Write in that you aren't a US resident, and be done with it.
If they aren't going to require a photo ID or proof of resident, just say you live in the artic circle, north pole.
But, I'd make sure to pick a country that gives out a valid US TID # or prohashing may have to hold 30%?
According to what the IRS.GOV site says below, if you dont have a valid US tax ID #, you dont get a reduced or exempt rate and are subject to a 30% withholding. Unless, these payments aren't considered the certain types of payments subject to a withholding tax. But from what I've read all US persons should not be exempt and should have 30% of their profits held for tax purposes also under this IRS directive.

--https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-about-international-individual-tax-matters#WithholdingonIncome
Withholding on Income from U.S. Sources

1. What is the purpose of the Form W-8 BEN?
Foreign persons are generally subject to U.S. withholding tax at a 30% rate on the gross amount of certain income they receive from U.S. sources. By providing a completed Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited, you are:

1.Establishing that you are not a U.S. person,
2.Claiming that you are the beneficial owner of the income for which Form W-8BEN is being provided, and
3.If applicable, claiming a reduced rate of, or exemption from, withholding as a resident of a foreign country with which the United States has an income tax treaty.In order to claim a reduced rate or exemption from tax under an income tax treaty, the Form W-8BEN must include a valid U.S. taxpayer identification number.

The completed Form W-8BEN is provided to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited. This form is not filed with the U.S. Internal Revenue Service. For additional information, please refer to the Instructions for Form W-8BEN.

CSZiggy wrote:Blastar, just do what half the US people did. Write in that you aren't a US resident, and be done with it.
If they aren't going to require a photo ID or proof of resident, just say you live in the artic circle, north pole.
But, I'd make sure to pick a country that gives out a valid US TID # or prohashing may have to hold 30%?
According to what the IRS.GOV site says below, if you dont have a valid US tax ID #, you dont get a reduced or exempt rate and are subject to a 30% withholding. Unless, these payments aren't considered the certain types of payments subject to a withholding tax. But from what I've read all US persons should not be exempt and should have 30% of their profits held for tax purposes also under this IRS directive.

--https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-about-international-individual-tax-matters#WithholdingonIncome
Withholding on Income from U.S. Sources

1. What is the purpose of the Form W-8 BEN?
Foreign persons are generally subject to U.S. withholding tax at a 30% rate on the gross amount of certain income they receive from U.S. sources. By providing a completed Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited, you are:

1.Establishing that you are not a U.S. person,
2.Claiming that you are the beneficial owner of the income for which Form W-8BEN is being provided, and
3.If applicable, claiming a reduced rate of, or exemption from, withholding as a resident of a foreign country with which the United States has an income tax treaty.In order to claim a reduced rate or exemption from tax under an income tax treaty, the Form W-8BEN must include a valid U.S. taxpayer identification number.

The completed Form W-8BEN is provided to the U.S. payer (also known as the U.S. withholding agent) before or at the time income is paid or credited. This form is not filed with the U.S. Internal Revenue Service. For additional information, please refer to the Instructions for Form W-8BEN.

I didn't know that these forms weren't required to be submitted with the IRS. If not, then we can modify the policy to state that, since no forms would have been submitted anyway for a year. This would be great news.

I'll ask Chris to send an E-Mail to the lawyer to get confirmation of this. I had just assumed that since the forms exist, they had to be filed somewhere. If all the law states is that we have to retain the SD card with the forms on it, then I'm sure many customers would be happy about that.

That may just mean the forms are sent to you and not the IRS.
You may still have to fill them with the IRS at end of year or tax time.

But are the profits paid considered withholdable taxes?
Will you have to verify the tax IDs to exempt those than can be and will you be withholding the 30% of those that aren't or don't?

its a fucking signature, deal with it, or do as you said and leave

blastar wrote:

spauk wrote:you seem to be the only one having this problem, i haven't seen it personally so that makes it really hard to believe. also all these rants before a possible ddos makes you suspect.

Nice! Now I am being accused of ddosing PH just because I criticised their privacy policy?! Please! They can see my IP and they know that I have been a regular miner on PH, and by the way, there wasn't a ddos attack, because they were working on the servers and had some connectivity problems due to some technical issues. Before you start accusing people, read the news on the forum!

Prohashing was always my preferred pool, until they started with the IRS thing together the constant downtime and disconnections of miners, and I am not the only one having problem with their new policy. Look around, and see how many miners are still using PH! When I started mining in October 2017, there were over 13000 miners at any one time, now, there are barely over 5000, you need more proof? I am really sad to see this happen to PH, because I really like the system and the freedom of choosing many different coins for payout.

It is just sad to see people like you attacking other members because they are expressing their opposition to the new pool policy. You should try to inform yourself before commenting.

Peace.

i didn't attack anyone or accuse, just saying it looked suspect to me. but go ahead and twist words out of context.
what is the point of your goodbye prohashing thread? if i were to take that title out of context it would seem like an attack too.
i don't care for the forum drama, and yes it is a lot of drama when you have like numbered lists in rants in a goodbye post.

CSZiggy wrote:That may just mean the forms are sent to you and not the IRS.
You may still have to fill them with the IRS at end of year or tax time.

But are the profits paid considered withholdable taxes?
Will you have to verify the tax IDs to exempt those than can be and will you be withholding the 30% of those that aren't or don't?

So, can one of the pool owners reply please?
Is the income we earn from this pool considered a withholdable taxable income where if we do not have a valid tax ID we have 30% of our incomes held for tax purposes, and depending on the US tax agreement held with the country I live and operate from, my withholding may be less or even more than that 30%?

The more I read up on the W-8 BEN and W-8 BEN-E forms and what they are used for and what the people requiring them have to do as far as withholding and reporting and sending taxes to foreign governments, seems like a lot more red tape to mine here than it might be worth. If you are just following your own countries laws to be legal I get that. Does that also mean you will be following the US laws for foreign income earning and withholding for those of us that live outside the US? I saw the withholdings applies to property and last I read the US IRS viewed crypto as some form of semi-property whatever that means, so not sure what applies.

Who cares? If you´re not a US resident and not liable for tax to the US, then you´ve got nothing to worry about whatever happens with the form. The IRS has probably got better things to worry about than your mining income. Still can´t see why you´re getting all twisted about this.
Especially if you´re not mining here anymore.

sirandyr wrote:Who cares? If you´re not a US resident and not liable for tax to the US, then you´ve got nothing to worry about

except according to: --https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-about-international-individual-tax-matters#WithholdingonIncome

We MIGHT have something to worry about even as non US citizens.

1. What is the purpose of the Form W-8 BEN?
Foreign persons are generally subject to U.S. withholding tax at a 30% rate on the gross amount of certain income they receive from U.S. sources.


Please feel free to follow that link and read the information, from what I've read, if a foreign miner has a tax ID given by their country that has a tax agreement with the US then you can be reduced or exempt, but OTHERWISE we are supposed to have 30% of our profits held and then later sent to our respective governments as tax payments?

So while I am NOT a US citizen, I again question if this link posted above doesn't effect all of us non US-miners.
Do the owners of the pool have to verify all the provided tax numbers, check with those countries, see if they are exempt from 30% withholdings or not, and will my profits have 30% withholding applied to them? So yeah, its sort of an important question, even to non US miners.

Wether I ever come back here to test or see if this is I place i'd like to mine might depend on those answers. Sorry the OP of this message left, but I think he raised some valid questions and I am still waiting for an answer from the pool owners.

If this isn't a type of income that is subject to taxation thats fine, please let us know, but I think that IRS.GOV link needs to be followed and read some more. We were told all we had to do was sign and notify you we are foreign status and that was that...BUT, I think there is a BIT more to it than that. Verifications, amounts computed, and withholdings kept and sent later? Again if it doesn't apply thats fine, but when people ask it seems to get swept under the rug with answers like I'm not a lawyer. That's fine, no one says you have to be, but you might want to check with one. Seems like you might be collecting these forms and then not following through with the other parts once you have them on file. It would be horrible if at the end of the next tax season the owners find out they have to send out 30% of all the profits paid to foreign holders to those foreign governments and they never bothered to withhold any of it.