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.
How Much of the Latest Tax Cuts Are Going to the Wealthy?
How Much of the Latest Tax Cuts Are Going to the Wealthy? The tax cuts are in and the jury is…well…still out. That’s because it all depends on who you ask. In this case, according to the latest report from the Institute on Taxation and Economic and Policy(ITEP), an organization that leans left, the rich…
Don’t Underestimate Listening as a Leadership Tool
Listening as a Leadership Tool Are you a good listener? If you’re a leader and you haven’t mastered the skill of listening, then chances are your leadership skills need some improvement. One of the key components to becoming a great leader is being able to build trust. If people don’t trust you they won’t follow…
Use These Tips to Save for Retirement
Use These Tips to Save for Retirement Everyone has retirement dreams. But dreams are not reality. The reality is if you want your retirement dreams to come true you have to be intentional about them. That means you have to plan for retirement. It means you need to start saving, now. So what’s the best…
Which States Take the Most From the Wealthy?
Which States Take the Most From the Wealthy? No one likes paying taxes. That being said, most people recognize the need for taxes. But they still do everything they can to keep their tax bill as low as possible. Minimizing taxes is especially important for the wealthy because they pay the majority of the country’s…