Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By SGTreport
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

The Empire Strikes Back as IRS Expands Hunt for Bitcoin Users Who Don’t Report Capital Gains Taxes

Tuesday, March 21, 2017 15:10

% of readers think this story is Fact. Add your two cents.

by Kenneth Schortgen, The Daily Economist:

Sovereign governments around the world have instituted a number of different programs and processes to deal with the rise of crypto-currencies, and the use of ones like Bitcoin to function outside their controlled monetary systems. In China for example, new guidelines were put in place for Bitcoin exchanges that now require identity checks and monitoring of all transactions.

But the U.S. has chosen a different path, and it stems from a ruling in 2014 by the U.S. district court of jurisdiction in Southern New York where judges determined that Bitcoin was an security rather than a currency, and as such was to be treated like an investment requiring the filing of capital gains taxes on the holder’s tax returns.

And while little actual investigation or pursuit of individuals failing to file their Bitcoin profits with the IRS has taken place over the past two to three years, that appears to be changing now with the government’s monitoring of exchanges like Coinbase and their ramping up of their intention to go after individuals who do not report their Bitcoin capital gains profits on their annual tax returns.

The Internal Revenue Service revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns.

The new documents, filed Thursday in San Francisco federal court, come in the midst of a closely-watched legal fight between the IRS and Coinbase, a popular service for buying and selling bitcoins that hosts over a million customer accounts.

The dispute began last year when the IRS issued a sweeping summons for Coinbase to turn over a vast amount of customer data, including every customer account as well as detailed transaction records.

Coinbase claimed the IRS demands are illegally broad and refused to comply, which in turn led the IRS to file a federal lawsuit last week to enforce the summons. – Fortune

Read More @ TheDailyEconomist.com

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

LION'S MANE PRODUCT

Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.

Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.