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.
Business Rebuilding Trust
Business Rebuilding Trust By Shari Caudron At companies where trust has been broken because of, say, high-profile executive wrongdoing, HR has to step up to the plate and help the leaders regain their credibility. Emmett Seaborn, a principal with Towers Perrin in Stamford, Connecticut, says this is done through an extensive communication effort that involves…
Business Employee Surveys
Business Employee Surveys By Patrick Gilbert, David Slavney, and David Tong Employee motivation is vital to business success. Increasingly, it distinguishes companies that thrive from those that fail to survive. A highly motivated workforce delivers superior products and services, and this in turn leads to greater customer satisfaction and improved sales performance. Given the implications…
Are These Traits Killing Your Leadership Ability?
Are These Traits Killing Your Leadership Ability? To be a good leader requires many attributes. Most good leaders possess the necessary skills to lead their teams and contribute to their companies’ success. However, no one is perfect. And even good leaders aren’t always “on.” Everyone has a bad day, or a bad moment, when they…
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds What kind of an investor are you: passive or active? Chances are if you’ve been following the recent trend you find yourself on the passive side. But what does that mean exactly? It’s not so much the way in which you invest, but more…