
Proposal “DASH-US-Tax-Guide“ (Closed)Back
Title: | Tax Guide for Dash Masternodes, Miners and Investors |
Owner: | AttorneyJohnFlynn |
One-time payment: | 26 DASH (566 USD) |
Completed payments: | no payments occurred yet (1 month remaining) |
Payment start/end: | 2018-01-17 / 2018-02-16 (added on 2018-01-16) |
Final voting deadline: | in na |
Votes: | 411 Yes / 319 No / 33 Abstain |
Proposal description
Since posting this proposal mid-month, I have answered a great deal of questions in the comments below. I have been perplexed by the lack of traction and wonder if MNOs aren't just seeing "taxes" and being turned off. I believe I have made a modest, decent, cogent proposal in good faith and would urge you to vote yes and if, after reading all of my responses in the comments, still cannot support, to at least abstain. Thank you.
Hello everyone. My name is John Flynn and I’m an attorney in Central Arkansas. I’ve been in solo practice for 18 years, representing primarily small businesses and consumers in bankruptcy, and estate and tax planning. I graduated from Baylor Law School in 1999. Here is my Avvo profile, where I am rated 10.0 out of 10: https://www.avvo.com/attorneys/72023-ar-john-flynn-1680103.html
With the substantial gains experienced in the cryptocurrency space, and particularly Dash, in the last year, it seems to me that many are concerned about taxes. With Dash, there appear special concerns that Masternodes have as well
With this proposal, I will write and publish in the public domain a Dash Tax Guide. This is entirely distinct from and more thorough than the tax coverage at the Dash website. As I am an American attorney, it would be US focused, and I hope would spur attorneys in other countries to propose similar guides. This will be a booklet written in layman’s terms, avoiding the legalese and complexities that a more comprehensive treatment might include. I would expect it to be between 18–30 pages and I would publish in PDF and Word on the Dash Forums and subreddit. I would also publish free through Smashwords which would get it on iBooks, Barnes and Noble and other ebook outlets for free, which would also have the effect of promoting Dash through those online publishing outlets.
I expect the research, writing and editing to take me 60-80 hours and I will guarantee publication by April 15th, 2018.
This proposal is for 26 Dash, broken down as follows:
Proposal Fee: 5 Dash
LexisNexis / Legal Research costs: 3.5 Dash
Editing: 1 Dash
Attorney Time in Research and Writing: 16.5 Dash
My pre-proposal thread on Dash Forum can be found here: https://www.dash.org/forum/threads/pre-proposal-dash-u-s-tax-guide-for-masternodes-miners-and-investors.26769/
Thank you,
John Flynn
EDIT: The high number of no votes makes no sense to me. If you’re a Masternode, think about what a no vote on a modest law-related proposal such as this means. No one is going to risk 5 Dash going forward on a law-related proposal ever again if something like this can’t pass. It makes no sense to vote no on this.
If you are inclined to vote against this for philosophical reasons such as that you are an anarchocapitalist who doesn't intend to comply with taxation or government authority, please abstain rather than voting no. I have made this proposal in good faith after fine tuning it over the course of two pre-proposals and do not believe I should be penalized with the loss of 5 Dash over this. Thank you.
Hello everyone. My name is John Flynn and I’m an attorney in Central Arkansas. I’ve been in solo practice for 18 years, representing primarily small businesses and consumers in bankruptcy, and estate and tax planning. I graduated from Baylor Law School in 1999. Here is my Avvo profile, where I am rated 10.0 out of 10: https://www.avvo.com/attorneys/72023-ar-john-flynn-1680103.html
With the substantial gains experienced in the cryptocurrency space, and particularly Dash, in the last year, it seems to me that many are concerned about taxes. With Dash, there appear special concerns that Masternodes have as well
With this proposal, I will write and publish in the public domain a Dash Tax Guide. This is entirely distinct from and more thorough than the tax coverage at the Dash website. As I am an American attorney, it would be US focused, and I hope would spur attorneys in other countries to propose similar guides. This will be a booklet written in layman’s terms, avoiding the legalese and complexities that a more comprehensive treatment might include. I would expect it to be between 18–30 pages and I would publish in PDF and Word on the Dash Forums and subreddit. I would also publish free through Smashwords which would get it on iBooks, Barnes and Noble and other ebook outlets for free, which would also have the effect of promoting Dash through those online publishing outlets.
I expect the research, writing and editing to take me 60-80 hours and I will guarantee publication by April 15th, 2018.
This proposal is for 26 Dash, broken down as follows:
Proposal Fee: 5 Dash
LexisNexis / Legal Research costs: 3.5 Dash
Editing: 1 Dash
Attorney Time in Research and Writing: 16.5 Dash
My pre-proposal thread on Dash Forum can be found here: https://www.dash.org/forum/threads/pre-proposal-dash-u-s-tax-guide-for-masternodes-miners-and-investors.26769/
Thank you,
John Flynn
EDIT: The high number of no votes makes no sense to me. If you’re a Masternode, think about what a no vote on a modest law-related proposal such as this means. No one is going to risk 5 Dash going forward on a law-related proposal ever again if something like this can’t pass. It makes no sense to vote no on this.
If you are inclined to vote against this for philosophical reasons such as that you are an anarchocapitalist who doesn't intend to comply with taxation or government authority, please abstain rather than voting no. I have made this proposal in good faith after fine tuning it over the course of two pre-proposals and do not believe I should be penalized with the loss of 5 Dash over this. Thank you.
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It seems like this proposal will fail as as nudfelsyoshy stated, it won't have "international repercussions" in the same way that increasing usage in Venezuela might.
My advice would be to buy some Dash, HODL it for a year and submit the proposal again next year.
OR, try and join up with some other tax lawyers in the UK, Canada, Australia, China, Korea & Japan and produce all the documents under 1 proposal sharing the submission fee.
I agree that we need to pay taxes. And I agree that the situation (at least in my country) is not clear.
I am not from the US; I am from a country in the EU which is particularly slow in developing its laws and tends to copy the succesful (when we get it right) procedures of other countries. And the unsuccesful (when the lobbies get it right) ones the rest of the time. A country where Roman law is applied, which I have been told it's structurally different from the law in Britain and the US.
The latest thing my tax advisor eventually told me was: "what you do is too advanced for the laws in our country, so we will present the gains of the money you bring back into FIAT and wait for the smoke to clear out to know how to handle the rest".
So there is a big need. But your proposal does not satisfy this need, because it only covers a single country. I understand you are only allowed to speak for that country, but I know that while a similar proposal for Canada and the UK might come eventually. There will never be enough support for each country in the map. So we need to have proposals that are somehow more international althogh might be more general.
And approving this seems to me that is sending a message in the wrong direction: it is sending the message that creating a proposal that is affecting a single country is ok. It's not. Every time we support something in a country (a conference, a radio program, a local exchange, ...) we expect the reprecussion to go worldwide. If Dash was accepted as a means of payment in Spain or Portugal or Zimbabwe (to name just 3 that came out recently) this would raise it's status internationally.
Can your proposal have international repercussions? Can you write something in some legal code that would help lawyers in other country have an easy way in sorting it out too?
P.S. I think it is disgraceful that the cost to present a proposal is 5 dash instead of 50 dollars. I always voted to lower this and presented several alternatives in the dash forum. And in case I decide not to support it, I will abstein. But first let's see if we can find a way to work together through the ocean.
That said, I disagree with the edits. If this doesn't pass, no matter the reason, you risked the 5 Dash to discover the network's verdict. The loss of that Dash has already occurred, now you are waiting to see whether your research, presentation skills, timing, and luck will be rewarded or not. Asking us to vote a certain way out of sympathy weakens your appeal.
Keep moving forward
Christopher
So even if you think this doesn't apply to you (those outside the U.S.) it does.
We cannot have too many experts and consultants in this space. John's asking price is a drop in the total budget this month, and a very reasonable price in any case. I also think about how this relationship could develop in the future. If John does this research, he could become a valuable tool if we ever decide to pursue active lobbying for Dash.
Note that a lot happens in the last three days of voting. It ain't over till it's over.
Carry on, have fun, win!
solarguy
I have no concept of whether this is legal/possible, it is just an idea.
Let me just assure the Dash community that FBAR and FATCA filing requirements are not a walk in the park. And while Mr. Flynn is (very legitimately) only dealing with the tax implications of the U.S., I believe we are also creating another (independent and redundant) specialist for Masternodes that have to interact with the IRS. We need this new resource.
For those who think this a straightforward, cut and dried issue, I would encourage you to do a google search for FBAR and FATCA regulations and filing requirements, offsetting foreign tax credits, etc. They should have named it FUBAR......
Carry on, have fun, win! solarguy
(voting yes if that was not obvious)
Voting Yes
John Flynn
I am only qualified to prepare a work for US taxpayers only. Certainly if this proposal is successful it might encourage others in other countries to make similar proposals, but if this is shot down, I cannot imagine anyone putting out 5 DASH to make a similar proposal for Great Britain or Canada or Japan or wherever.
My qualifications include nearly 20 years experience counseling and representing small businesses and individuals. I graduated from Baylor Law School in 1999 and while I'm not terribly fond of attorneys with my level of experience referring back to law school, I do think many will find it heartening to note that I received Top Paper (highest grade) in my Federal Income Taxation class my third year.
I will also note that with the absolute bloodbath in coin prices today, unless there's a substantial recovery, the network is getting my work at a substantial discount on this one. I normally charge $325 per hour, and I'm guessing I'll be working for about half price on this one (I was already discounting somewhat originally), but I'm happy to do it as it will be an interesting diversion for me, and it's better than just losing 5 DASH.
Let me know if you have any further questions.
John Flynn