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What are you going to do with your virtual coins?
A US government request to trawl through the personal data of millions of users of the cryptocurrency exchange Coinbase signals the start of an effort to pull digital currencies like bitcoin into the mainstream, experts have said.
The FBI has proposed its budget for next year, including the resources intended to bolster the fight against cybercrime.
Acting Director outlined the FBI’s budget request for fiscal year 2018 yesterday. In a statement before the House Appropriations Committee and Subcommittee on Commerce, Justice, Science, and Related Agencies, McCabe testified that the FBI will require an overall budget of $8.77 billion in 2018 to carry out its mission. These funds will be used to support 33,533 positions which include 12,484 special agents, 2,950 intelligence analysts, and 18,099 professional staff with $51.9 million being used for construction.
The FBI is enhancing established programs with $117.6 million in an effort “to meet critical requirements and close gaps in operational capabilities, including $41.5 million to enhance cyber investigative capabilities.” McCabe continued:
Over the past few years, bitcoin has made an unknown number of people very, very rich. But in the 2015 tax year, the IRS reports that only 802 Americans filed taxes disclosing income from the sale of bitcoins. It’s impossible to know the exact number of bitcoin users in the U.S., but the true total dwarfs 802 — which means some people aren’t right with the law, and the IRS is coming.
The law is simple, says Tyson Cross, the founding partner of Cross Law, a firm that specializes in tax law concerning bitcoin and other cryptocurrencies. Revenue from selling bitcoin or any other online currency counts as income, and must be reported to the IRS. For years, Cross says, leaving off cryptocurrency profits was “a pretty common temptation in this space.”
“I think over the last few years it’s becoming more and more acceptable to recognize that if you’re a U.S citizen or taxpayer that you need to include your income on your tax return and report that accurately,” Cross told Inverse. “There certainly was or has been lots of people who weren’t doing that, and the IRS has caught on.”
“When it comes to the IRS, unreported income is a criminal offense,” Cross says. “I’m willing to bet the IRS is just itching to make a big case out of somebody just to send a message, and I don’t think anybody wants to be that guy.”
This week the cryptocurrency exchange BTC-e came back online using another domain called btc-e.nz. The trading platform seems to be preparing to open operations and in the meantime; there are currently 2700 users on the site at the time of writing.
Pennywise the Clown and Poundfoolish the Mime are going to get our kids in the sewer every 27 years using red balloons. So we must ban all balloons red or any other color to stop them!
That's basically how absurd the fed is on Bitcoins.
I think I created a coin base account but I got no activity or balance in my address. Since Procasti/Kr5ddit lives out of the USA, he should be safe being in an actual free country.
The IRS does not object to cryptocurrency in any way. Some contries make things hard on those who have them.
The IRS considers cryptocurrency an asset, and requires the profit from sales to be reported.
Simple failure to pay one's taxes isn't a criminal offense. But failing to file at all, or filing fraudulent returns gets on sent to federal ass-pounding penitentiary.
That failing to pay is a civil offense doesn't mean you can get away with it. While the IRS won't put you in prison for it, they will place a lien on your real property, as well as garnish your wages.
The statute of limitations on failure to pay is ten years. Most other debt times out in seven years.
If you discovered that you filed an inaccurate return, you're required to file an amended one when you discover the inaccuracy. Despite all my tax woes, I filed an amended return once and the IRS was completely cool with it.
My parents got audited once, they would not say why. They had to go in and see an auditor and I think the only difference was $100 because my dad forgot to claim income from a bank savings account as the 1099 was never mailed to him.
After my dad died, my mother filed her taxes and forgot the savings account and got audited again.
Some stuff is due to typos and using Turbo Tax or some other tax filing software.