@dwr on Farcaster: "PSA We’re a US-based company...."

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PSA We’re a US-based company. We have to follow financial regulations. This means 1) there are certain countries we cannot provide financial services to and 2) >$600 a year requires everyone to complete a W8 / W9 if they want to continue to receive payments from us. If you would prefer not to provide that, that’s OK. But we can’t pay you.

10Kviews

you could just 'tip' us all ...

unusual_whales

@unusual_whales

8mo

BREAKING: U.S. Senate unanimously passes the No Tax on Tips Act. It will eliminate the application of the income tax on qualified tips.

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Key word here is qualified.

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This

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could you implement a complete opt out for receiving rewards as well as contributing to someone else’s points towards rewards?

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Uninstall the rewards app and you're opting out.

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done. I’m not really adding to anyone’s score but will my interactions with other fids casts no longer provide points to their score?

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how do we know if we need to provide at W8 etc and how do we provide it?

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We ping you

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You should have done this cast with a walk and talk then dropped the mic. Would go viral

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hmmm

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You should do it as a "get ready with me" 🤣🤣🤣

kylepatrick.eth

Do the airdrops count towards that 600$?

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airdrops are from the companies / projects themselves

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I’m genuinely curious how many opt in and opt out. I understand it’s a legal compliance issue for FC. It’s just a whole other thing for people in crypto and I’m curious what the community chooses. Numbers not names obviously

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I think it's OK to opt out! Kind of lame to get mad at us for requiring it, though. Rules are rules.

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(Not saying you got mad at us!)

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Curious - how is X handling this?

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They literally use Stripe for W8 / W9 / 1099 compliance. :)

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Ah ok. I’m perfectly ok with id/verification, but seen a lot of pushback so very cool to see folk solving this

All my homies hate US regulations is the 600$ threshold for weekly rewards only? or for airdrops too? bc airdrops are just other companies sending money to our wallet, not FC

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Anything from our company. Airdrops are directly from those teams.

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How about future airdrop from Farcaster if this ever happens

coopahtroopa.eth

Its ok you can simply send all the unclaimed weekly rewards to my wallet. I will gladly spend them in miniapps for unqualified users

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I’ll take half

Everyone cares about privacy until they receive > $600 a year :)

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baseddesigner.eth

If I keep getting $25 magical onchain money per week I'm afraid I have to sign the paper

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Curious if that will change as the year continues… it’s definitely possible considering climate.

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is there an automated process in handling these w8 / w9s? curious how this is done. on-chain? also what's the approx # of users that hit this threshold?

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Where does that leave non US citizens?

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Same you fill in a W8, I did one one, it was simple and fast. You mention you are not a US citizen.

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thanks Paul- i am not a US resident either and not ever done any US tax - I do my taxes in the UK. we don't have a W8. wouldn't even know where to start in the US....

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No worries, I am also in the UK, basically there is a field on the W8 that allows you to specify that you are non-US and to give relevant details. Basically FC will send you an online form once you reach the threshold, it took me 5 mintues to complete.

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