Global Tax Consultancy Proposal + TAXpunk NFT

Will this just be federal taxes in the USA (no state level involvement)? Also, specific to Banklessdao, will it include a K1 evaluation?

Hey I love the concept and support but am concerned about liability from the consulting aspect. I know in the US for example there are rules about who can represent taxpayers before the IRS. Also what’s the liabilty for improper tax advice, and are we still in a DAO model where we are considered a general partnership where liability flows directly to DAO members?

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Thanks for your questions. I think I can help.
I don’t know about the US rules about representing before the IRS, but that’s not within the scope of proposal in any of 12 Jurisdictions.
Tax advice is typically where specific facts in discrete circumstances are applied to tax rules on an individual basis. A tax guide is not advice, the same way the circular from your national tax office that explains how the tax office calculates capital gains is not tax advice.
While no issue is ever closed, I would be cautious about blanket statements that a DAO is a general partnership. Is the NHL or NBA a general partnership? the bankers association? the dairy farmers milk board? Certainly, I have never contemplated being a general partner and I am a member of the DAO which has cultural and communal objects and mainly I have to be a member to benefit. Myself, I am comfortable with unincorporated association, which in the US is not different than the NBA, NHL or other unincorporated association with lots of moving parts. I would welcome an authority that says otherwise. Hope this helps. not legal advice as I do not know you or your facts :slight_smile:

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This is a :fire:idea, excited to see what kind of consultancy will come from this, I know of at least one blockchain game that could use it!

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Hey thanks for reply. Agree on doc not being an issue, and I’ve created/edited such myself in the past. But still concerned about the consulting aspsct, especially in the US. If consluting is by enrolled agents or CPA’s not an issue. Maybe doc and bookkeeping only as first step and looking into consulting/tax advice as step two? Also, did not mean to take off topic into broader liablity, as I think legal guild is looking into structure and is familar with this https://a16z.com/wp-content/uploads/2021/10/DAO-Legal-Framework-Jennings-Kerr10.19.21-Final.pdf

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Thanks for your comments ddeputy1 this is a very important issue to discuss and be clear on. Although the title of the project references “consultancy,” the Legal Guild does not offer any legal, tax, or accounting advice and this project is not intended to deviate from that fundamental principle. I would think of this project as integrating aspects of a tax treatise with an NFT component. If any contributor or participant wants to engage in the types of relationships that, in the US for example, would give rise to a legally enforceable professional relationship then they would go about that separately from this project. Hope that helps, but please push back because, again, this is an important discussion to have.

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This is a great idea, something to definitely pursue :+1:

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Great idea. I am fully supporting internationalizing Bankless’ legal and tax insights.

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Thanks for initiating this! I am in the process of developing such content for the Australian tax jurisdiction and would happily fold my work into this project if you see fit. Let me know what you think.

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Taxes have become so high nowadays and this is not just here in the United States, it is happening everywhere. I recently opened a small shop in my town and I started getting sales from the beginning))