IRS Is Carefully Watching Bitcoin and Other Cyber Currency
Big Brother is watching. Always watching. In this case, Big Brother is the IRS and you might be surprised what they’re looking into now. Although, when it comes to the IRS, nothing should surprise us.
Have you ever heard of Bitcoin? It’s one of a handful of virtual currencies that making buying and selling things in the digital age much easier. Essentially, virtual currencies are exactly that: virtual. They are not tangible, their value can fluctuate constantly and they only exist in cyberspace. But that’s not stopping the IRS from taking a closer look at how it can regulate them.
That’s because it appears that virtual currencies could be a new way for tax evaders to hide money “overseas.” Simply put, virtual currencies, like Bitcoin, offer secrecy with no trail to follow. That’s why the IRS has created a team of special agents to focus on tracking these virtual currencies. So if you’re trying to hide money through Bitcoin, beware.
To use Bitcoin you have to have a virtual wallet, as well as public addresses and private keys. What many people who use Bitcoin don’t know is that every transaction they make with Bitcoin is added to a record book known as a block chain. That means to review these transactions the IRS only has to access the block chain. It then follows that chain back to the public address that was used for the original Bitcoin transaction. The IRS then uses whatever measures it takes to link the address to the identity of the user.
That means using these virtual currencies may not actually be as secretive as users thought they were. So if you’re using one or more of these types of currencies, then as always beware of the taxman.
10 Tips to Enhancing Your Leadership Skills
10 Tips to Enhancing Your Leadership Skills Have you ever heard someone say, “Actually, I have to admit that I think I am really bad at managing other people. My staff all hate me and I’m incapable of doing my job”. The answer is no, of course. No one says this either because they don’t…
Ethics in the Workplace
Ethics in the Workplace Workplace Ethics is a subject that we have all heard of. In fact, the subject of Ethics, in general, is something that most people are familiar with. And, what is commonly understood about ethics is there are ethics and then there are workplace ethics. What most people don’t realize, however, is…
Reward Employees for Teamwork
Reward Employees for Teamwork By Joanna L. Krotz We’ve all heard the lecture. Success is built on teamwork. Each and every employee has value. Rah, rah, rah. Yet when the chips are on the table, it’s the lone rangers who walk away with big promotions, boffo salaries, and all the bravos. Managers talk about supporting…
8 Golden Techniques To Get People To Love The Rules
8 Golden Techniques To Get People To Love The Rules By Joseph Plazo Different things motivate different folks. Some people are motivated to enhance their appearance while others are motivated by prestige or conquest. Others are motivated by money. When it comes to work, many people are not motivated to do much of anything except…