It is believed that as of September 2017 at least 80% of all Americans have heard of bitcoin. Unfortunately, a lot of myths have been circulating on bitcoin and other crypto-currencies so here are the top eight myths to consider. Crypto-currency Is A New Phenomenon – FALSE. Bitcoin which is the world’s most popular crypto-currency […]
This author has yet to write their bio.Meanwhile lets just say that we are proud Jeff contributed a whooping 88 entries.
Entries by Jeff
U.S. marshals in recent months having confiscated over 2,000 bitcoin in conjunction with federal prosecutions has announced the sale of this bitcoin to commence March 19th. Feds Don’t Mine – They Confiscate. When the Federal Government shuts down any illegal operation including cannabis enterprises (which despite State law legalizing cannabis, it is still illegal under […]
The anonymous nature of crypto-currencies creates the possibility for individuals to accumulate wealth that is concealed from tax agencies, creditors and spouses. With all the discussion about the progress IRS is making to get information on crypto-currency transactions and parties to those transactions, query how soon this will be commonplace and routine for divorce attorneys […]
Given the stealth nature of Bitcoin and other crypto-currencies where there is no third party reporting to tax agencies, this could be the 21st century answer to where to hide your money. With a population of just under 60,000 you would not think residents of the Marshall Islands need their own crypto-currency but that is […]
Crypto-currency was not well known and confusing for the general public to get comfortable with but with innovations in the industry starting in 2017, crypto-currency is becoming more widely known and accepted as a means to do business. One of those innovations increasing the popularity of crypto-currency is the introduction of a multi-currency wallet that […]
Just like what happened that people could no longer keep their Swiss bank accounts a secret, international pressure is building to impose regulations on bitcoin and other crypto-currency to be transparent thus forcing taxpayers to report these transactions and pay taxes. Could Investments In Crypto-currency Loose Their Tax Haven Status? The IRS and many foreign […]
If you are an American client of Coinbase and engaged in Bitcoin transactions during 2017, you better hold off on completing your 2017 income tax return until you first check your email as Coinbase has a surprise for you that could cost you more in taxes. Is Bitcoin And Other Crypto-currency the 21st century answer […]
The IRS thinks this is the case! That is why the IRS has stepped up its investigation efforts to uncover non-compliant taxpayers just like the IRS successfully did in its investigation of the Swiss banks leading Congress to enact the Foreign Account Tax Compliance Act (“FATCA”). FATCA forces foreign banks to disclose information on U.S. […]
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