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ECT News Community   »   E-Commerce Times Talkback   »   Re: You Might Owe Cryptocurrency-Related Taxes

Re: You Might Owe Cryptocurrency-Related Taxes
Posted by: Peter S. Vogel & Chelsea Hilliard 2019-12-07 21:36:33
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Got your attention? We thought so. In a recently published Notice, the IRS seems to be offering some cautionary advice about the legal risks associated with using cryptocurrencies to avoid capital gains taxes. Likely displeased by the volume of folks who have utilized cryptocurrencies to avoid reporting capital gains, the IRS may be signaling its intent to crack down on cryptocurrency trading activity. At this point, there can be no doubt that the IRS is well aware of how cryptocurrencies are used, and how to tax virtual currencies.

Re: You Might Owe Cryptocurrency-Related Taxes
Posted by: HankG 2019-12-07 21:42:28 In reply to: Peter S. Vogel & Chelsea Hilliard
The longer crypto has been around, the more rules that follows. Governments will find a way to make sure this currency comes above ground eventually, to the detriment of many people and organizations.
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What was your initial reaction to news of the Colonial Pipeline cyberattack?
It demonstrates that all critical infrastructure sectors are at high risk of disruption by cybercriminals.
Everyone will be paying for this attack in the form of higher energy costs.
Governments need to work more closely with private industries to protect networks for the sake of public safety.
It's a global problem. An international alliance must be formed to hold the perpetrators accountable and prevent future attacks.