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Hello guys, your friendly 3 letter agency, IRS here!
Pursuant to ongoing reviews of taxpayer reporting capabilities, we have evaluated the current vendor sales management interface (Dashboard » Sales). While the platform provides basic order tracking, the current layout lacks essential features required for statutory recordkeeping and income verification under federal tax law.
Looking directly at the current "My Sales" dashboard, we have identified key administrative hurdles that prevent vendors from efficiently fulfilling their annual tax obligations. To rectify this, we request the implementation of the following tax compliance utilities:
1. CSV Export Utility Next to "Show Archived Orders"
There is currently no mechanism to bulk-export order history. We request a dedicated "Export Sales Ledger (.csv)" button placed adjacent to the "Show archived orders" link at the top right of the table. This export must compile all order IDs, statuses, completed dates, and settlement values into a standard file compatible with tax preparation software.
2. Historical USD Spot-Price Logging in the Sales Table
We acknowledge the live exchange rate ticker at the top header (currently displaying 1 XMR = $360.73). However, the "Price" column in the sales table only reflects the listing value. For tax compliance, the table must log and display the historical USD equivalent of the XMR price at the exact timestamp an order transitions to "Completed." This is necessary for taxpayers to calculate reportable gross receipts for Schedule C (Form 1040) and establish cost basis.
3. Calendar Tax-Year Filtering and Aggregate Totals
The current table controls only allow pagination (e.g., "Per page 50"). We request a date-range filter allowing vendors to select a specific tax year (e.g., Jan 1 - Dec 31). Additionally, a summary row should be added to the bottom of the table calculating "Total Gross Sales (USD)" for the selected period, eliminating the need for manual ledger reconciliation during audit examinations.
Integrating these compliance utilities into the existing Sales interface will significantly reduce administrative burdens for vendors attempting to calculate their reportable commercial income.
We look forward to seeing these updates implemented!
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As a seller on Xmr Bazaar, I need to confirm that in its current form, tracking our revenue for tax purposes isn’t very user-friendly. Right now, with every sale, I have to write down—on paper—the current date in the format day-month-year, hour-minute-second-millisecond-microsecond-nanosecond-picosecond-femtosecond-attosecond, along with the current Monero to USD exchange rate, so that I can properly and fairly settle my tax obligations. This is a time-consuming task, and the proposed improvements will definitely make it easier for us.
As someone who is familiar with the technology and with what it enables, I would like to propose even greater improvements for us—law-abiding taxpayers. Every exchange that ends successfully could be automatically reported to IRS servers along with all the necessary data. Users would be required to go through the mandatory ‘know your customer’ (KYC) process, so that the IRS could record our income in real time.
I think every seller would agree with me that this is a great solution that will make it easier for us to handle our reporting obligations. Thank you!
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