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In the monetary space, we are today, numerous people and corporate bodies over the globe are negligent about cryptocurrency and its creative innovation, accordingly, neglected to embrace its unparalleled developments. You might need to inquire as to why? There are such a large number of reasons brought about by various people and corporate bodies. Be that as it may, with respect to me, one of the real reasons is on the grounds that the advantages and favorable circumstances of cryptocurrency and its inventive innovation are murky to them and they neglect to comprehend its significance in the budgetary business – credit and loaning space.
Blockchain innovation close by with cryptocurrency has incredibly hoisted those people and corporate bodies that embrace its development. In the present customary loaning and getting environment, such huge numbers of are looked with heaps of difficulties running from powerlessness to give guarantee, loss of insurance in light of high-financing cost, failure for most people to approach advance, delays in credit forms, misrepresentation, absence of information security and straightforwardness, local impediments thus numerous others. These insurances could be landed properties, land deeds, and other physical properties yet in the decentralized obtaining and loaning stage, the individual uses cryptocurrency as methods for security.
Blockchain innovation has made it clearly certain that anybody can approach cross-outskirt obtaining and loaning with no restrictions and putting of physical properties as insurance which is an additional special preferred standpoint to the individuals who embrace the utilization of cryptocurrency as a methods for getting and loaning. Obtaining and loaning on the blockchain innovation have a cleared route with loads of advantages to corporate bodies and to the individuals who don't approach bank or any loaning administrations.
The decentralized acquiring and loaning framework have incredible points of interest over the conventional loaning framework regarding straightforwardness and effectiveness because of brilliant contracts use on the stage. It likewise disposes of middle people, giving space for distributed getting in a tranquil and secure condition at the comfort of your home. The decentralized acquiring and loaning stage are not inclined to hacks.
We should perceive how this customary creating economy framework has showered open door for a blockchain innovation like VIAZ stage.
WHY VIAZ? VIAZ as a decentralized getting and loaning stage has upset to disturb the customary arrangement of acquiring and loaning utilizing blockchain innovation with brilliant contracts. A shrewd contract is a cutting edge convention that is anticipated to carefully empower and validate the arrangement of an arrangement while the blockchain is a disseminated framework that uses cryptography as a way to verify and shield information from being messed with. It can keep up a record of records uncertainly.
The VIAZ stage is without hazard financing, no making good on of government obligations, and it's protected and verified in such a case that the Tezos blockchain innovation.
VIAZ stage is a decentralized application "dApps", first of its sort to be control driven by the Tezos blockchain innovation with a center mean to interface those that obtain and loan cryptocurrencies and fiat (government provided monetary forms.). The VIAZ decentralized stage has the capacity of breaking down the characteristic limits presented by the customary loaning framework along these lines connecting fiat, cryptocurrencies and value in other for people to have self-ruling control over their very own monetary objectives.
The VIAZ stage fills in as an extension between the bank and the borrower in this manner giving multi-utility and usefulness benefits over the stage all inclusive. The VIAZ stage utilizes an uncommon savvy contract called the Decentralized Account Identity (DAI) that empowers clients to recover their lost record because of carelessness or loss of their private key.
The VIAZ stage empowers each bank to offer on subsidizes dependent on financing cost variety. This will make a focused situation for borrowers there causing more benefit for the loan specialist.
Advantages The VIAZ stage clients will probably utilize cryptocurrency as methods for security to obtain fiat money;
Borrowers can modify their credit.
No delegate
No credit check
Borrowers will almost certainly promise cryptocurrency as a way to post credit.
Clients will most likely loan cryptocurrency and fiat;
Reimbursement of the credit will be direct.
There will be no support or sign up expenses for all clients. Furthermore, numerous others.
With the assistance of the Integrated decentralized record personality (DAI), clients will almost certainly recover lost private key or record on the grounds that an extraordinary ID number is given and connected to the individual record.
VIAZ DEBIT CARD The VIAZ platinum card can be utilized all inclusive and will be designated to all borrowers utilizing the VIAZ stage along these lines giving them the entrance to alternatively pick a day by day or month as far as possible. The customary plastic is constrained by an outsider buts the VIAZ platinum card is constrained by its clients. Along these lines, a client can actually disengage the card from the VIAZ organize in the event of card burglary or scattering of a card.
VIAZ WALLET Users will be consequently given cryptocurrency and fiat cash wallet upon enlistment on the VIAZ stage in this way giving clients the self-rule authority over their portfolio. Clients can make an exchange of assets (advanced resources or cryptocurrency) from their VIAZ wallet on or off the VIAZ organize. Clients can independently deal with their portfolio.
VIAZ DAPP The VIAZ decentralized application will be accessible for download on Android and iOS versatile clients. The VIAZ dApp will be free for every single enlisted client and they will almost certainly essentially exchange cryptocurrency quiet.
VIAZ TOKEN The VIAZ stage made a local utility token called VIAZ token that will fill in as a methods for all administrations over the stage. VIAZ is stamped on the Tezos blockchain will a complete supply of 1.5billion. The token will be utilized as insurance, rewards, and administration charges (directly 1% every year). The administration expense will be part into three portions; one section will be singed, the other will be utilized for the stage support and improvement, and the third part for month to month airdrop to holders of VIAZ token.
TOKEN INFORMATION TOKEN NAME: VIAZ
TOKEN SYMBOL: VIAZ
Value PER VIAZ TOKEN: $0.0652
System: TEZOS
TYPE: UTILITY TOKEN
All out SUPPLY: 1.5 BILLION VIAZ
Delicate CAP: $5,000,000
HARD CAP: $30,000,000
VIAZ TOKEN FOR SALE: 525,000,000
Acknowledged CRYPTOCURRENCY: BITCOIN (BTC), TEZZIES (XTZ) and ETHEREUM (ETH)
KYC: YES
Nation: CAYMAN ISLANDS
TOKEN DISTRIBUTION PRIVATE SALE: 15% (LOCKED)
EARLY CONTRIBUTORS: 25% (LOCKED)
Open SALE: 35%
Authors: 5% (LOCKED)
Abundance/MARKETING: 5%
Group: 15% (LOCKED)
FOR MORE INFORMATION, NEWS and UPDATES CONTACT VIAZ OFFICIAL LINKS BELOW"
Website: https://viaz.io/
WHITEPAPER https://viaz.io/reports/Viaz-Whitepaper_EN.pdf
BountyOx Username: Soludo
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The following post by summercall is being replicated because the post has been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ btc/comments/ath3o4
The original post's content was as follows:
I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain.com. So far, I have collected $137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain.com, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details in this link and come back here to continue reading. [b]https://www.blockchain.com/getcrypto[/b]
There are 2 major requirements to get the free $25 in Stellar
- A user must have a Blockchain wallet. The $25 Stellar will be paid into the user's Blockchain wallet.
- A user can collect the $25 only once. To ensure a user collects the $25 just once, blockchain.com requires a user to verify his identity by uploading a government issued ID.
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
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I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain wallet. So far, I have collected 137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain Wallet, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details on Google by searching for "Bitcoin Stellar Giveaway" and come back here to continue reading.
There are 2 major requirements to get the free $25 in Stellar
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain wallet. So far, I have collected 137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain Wallet, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details on Google by searching for "Bitcoin Stellar Giveaway" and come back here to continue reading.
There are 2 major requirements to get the free $25 in Stellar
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain wallet. So far, I have collected 137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain Wallet, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details on Google by searching for "Bitcoin Stellar Giveaway" and come back here to continue reading.
There are 2 major requirements to get the free $25 in Stellar
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
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The following post by H1gH_EnD is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ Bitcoin/comments/atertu
The original post's content was as follows:
The creation of bitcoin is an enormous historical event!
The impact bitcoin will have not only on the financial world but the distribution of power and therefore the course of governments, politics and the earth in general is so huge that it might change everything starting with its creation.
Who knows. Maybe future history "books" will cite the one or the other reddit post as sources. The change is coming and everybody on here is part of it.
This is my biggest motivation to be here.
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Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain wallet. So far, I have collected 137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain Wallet, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details on Google by searching for "Bitcoin Stellar Giveaway" and come back here to continue reading.
There are 2 major requirements to get the free $25 in Stellar
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
Thread topics include, but are not limited to:
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TLDR; Alex Kugelman, a tax controversy lawer, discusses crypto audits and how to avoid them.
Highlights:
IRS audits are a real possibility for anyone who has traded cryptocurrencies. Our guest today is Alex Kugelman, a tax controversy lawyer with an abundance of knowledge concerning cryptocurrency audits. He's here to share his expertise on IRS cryptocurrency audits, including risk reduction strategies as well as enforcement predictions and misconceptions.
Alex Kugelman specializes in IRS audits. His experience includes four years of Federal government court experience at the U.S. Tax Court and a U.S. District Court. [00:40]
Alex: I'm an attorney out in California. I clerked for a US District Court judge and as well as the United States Tax Court. I've been in private practice exclusively doing tax controversy work for the past five years or so. I kind of got involved with crypto towards the end of 2016. I tended to represent clients mainly with compliance & disclosure issues with respect to cryptocurrency. I just really like it. Really interesting area.
The Coinbase summons in 2018 played a major role in Alex's interest in crypto audits. [01:19]
Alex: What started me into the crypto space was when the IRS first issued summons for Coinbase. We started getting some interesting calls regarding that. And at that time I thought to myself, this might be an interesting area. So I started following the actual summons enforcement proceeding at the District Court here in San Francisco - from there kind of worked with people under different types of compliance, including international disclosures. Now we're starting to see some of the first cryptocurrency audits come through.
First, let's get a brief rundown of how IRS audits work. [02:00]
Alex: It is important to understand the IRS as an administrative agency and all different layers of it. So when it comes to an audit the term that the IRS uses is an examination and there's three basic levels.
The first is a correspondence exam. That's where you get a letter that says, dear taxpayer, so-and-so reported that you had $100 of interest income that wasn't on your tax return - we're going to increase your tax. If you want to challenge that, you can. And that's basically termed an under reporter notice. That's probably not going to be a cryptocurrency audit if you get that notice.
The next one is an office exam. That is someone in the local IRS office sending you a letter that says, we have selected a certain tax return for audit and we're going to look at these issues. We'd like you to call us to schedule an appointment. That's going to be usually a tax compliance officer that is doing that.
The third and probably the most serious level of exam is a field examination. That's also going to be a local IRS representative, typically a revenue agent. There, the revenue agent may come to your work or ask come to your work or business to kind of conduct the audit.
All three of those are going to start the same: a letter that's sent to you at your most recent address provided to the IRS.
Cryptocurrency audits follow a similar protocol. [05:40]
Alex: I think it's likely that most crypto audits are going to start with one of two things happening. One is that there is information from the Coinbase summons that is inconsistent with what was on a taxpayer's tax return. I think for someone who's involved with that issue, they're going to have a good sense of that one because they should've gotten an email notice from Coinbase.
Or two, the audit notice is going to identify older tax years - 2013, 2014 or 2015 because those are the years that the information related to.
Another reason I think people will get audited is going to be because information on the return is incomplete, in the sense that the taxpayer or the cryptocurrency owner reports some transactions, without enough detail to figure out the actual cost basis.
Does reporting your data in an aggregated fashion increase your chances of being audited? [06:45]
Alex: I mean one - to the extent that there's going to be a lot of taxpayers - a lot of people use TurboTax, right? If that's the way TurboTax is preparing all of those returns, it would seem to me you're kind of in a herd of people like that. And at least it's consistent with what a lot of people are doing. The second part of that is going to be at least those people who have prepare the returns in that manner, they're going to, or should have, the underlying data. So even if it's an aggregate reporting of each asset class as opposed to each individual trade, if there ever were questions then you're going to have your CSV files, you're going to have your Bitcoin.tax exports, you're going to have all the information that you need to back that up.
Alex is an advocate of over-reporting your information to the IRS. [09:30]
Alex: I'm a big proponent of over-reporting - and I don't mean paying too much tax. I just mean including too much information. Because at some point there's kind of two ways that your returned can be flagged: a computer flags the return for some reason or there's a special unit or a person who actually flags it. At the end of the day, a human being will be looking at that return and deciding whether it actually is going to go all the way through to an audit. I want them to completely understand what's being reported, why it's been reported, and if there's too much information, that's fine - it's less likely that someone's going to have more questions.
A crypto audit is very likely to be a field exam - and it's important to hire a good rep. [11:00]
Alex: It's very likely going to be a field exam, which means you're going to have a revenue agent - and those are kind of the best of the best auditors for an IRS audit. And remember - an IRS audit is a civil matter. It is not criminal at this point. Again, it's unlikely that it will become criminal. It is, however, the highest level of audit you're going to get.
If you're going to hire a representative, which you have every right to do, you should contact that person, let them know what's going on and probably have them interface with the auditor. You should receive, as part of the opening notice or letter, the information document request - which is identifying what things to bring for the auditor. Also, it'll tip to what topics might be important. For example the typical things you're going to see will be bank statements, financial or asset account statements, which I view as requesting exchange statements or exchange CSV files. Any documents that show the cost basis for your cryptocurrency trades.
Audits are more art than science. [13:35]
Alex: The auditor has a fair amount of power. So if you play real hardball - that's not going to prevent the auditor from expanding to other years. So when you get that audit notice ,and let's say that you're going to deal with this yourself, the first thing you want to kind of figure out is what are the areas that I wouldn't want to go into, and what are the areas that I don't have good records? That will help guide the way to respond or what information to pull together.
The reality is, and let's just be honest here - for most people reporting cryptocurrency gains, they have all of the information. The IRS does not have much. They might have some records from Coinbase, but it's not as if they have a treasure trove of third party data.
The burden is really going to be, in every audit, on the taxpayer to prove their tax return is correct.
It's difficult to say how lenient the IRS will be regarding past years. [15:35]
Alex: I think the way that I would look at it is that maybe the standard of of records required to really substantiate older years might be a little bit lower for older years as opposed to now because it's different now. There's a lot better information provided by some of the exchanges. There's a lot more software out there to help you, especially for people who are newer to crypto. You should have access to all your bank records. You should still have a lot of emails, reflecting on-ramping off-ramping, or other purchases. You should be able to kind of pull this all together.
I can understand when we have clients who come in and are early adopters and they're missing chunks of information. So I do think that in those types of circumstances, yes, I think there would be a little bit of leniency. But I don't think if you're asking, hey, I reported my gains in 2017 but I never really did it 14, 15 or 16 - I don't think that's going to be viewed very favorably.
It is possible to substantiate your data without all of your records. [19:00]
Alex: I think the first thing is, I mean, outside of cryptocurrency and just generally in audits, how many people have complete records to support everything on their tax return from three years ago? Right? It's just not the reality.
The best source of information in a lot of these cryptocurrency clients are the clients themselves. They kind of know what they did and they can remember. There's some who take good notes and other people don't, but as you go through and ask people: what exchanges have you've been on, what type of coins, if you bought any ICOs, have you ever sold for actual US cash, and have you ever bought goods or services? As you talk through things people tend to recall what happened. We use that information and we cross check that against bank statements, as well as CSV files, to pick out what those transactions look like.
Most people have some sort of records, at least reflecting the transfer in and the transfer back out of that exchange. So you can use historical data and historical pricing information to essentially estimate what that transaction would have been. And then what we do is we provide a written statement summary of what we're doing and why we're doing it.
The other big one that we see all the time - and anybody listening to this, please hear this, do not trade for your friends on your exchange accounts - because that type of commingling causes such major problems. Essentially you are walking into those taxable gains just because you're allowing someone access to the exchange to make sales.
If you need representation for an audit, get representation. [23:00]
Alex: My general rule is that I think experienced representatives are really important. I probably would not hire the CPA that prepared my return unless they were: one, experienced with being a representative in audits. And two, you felt comfortable that they weren't going to go in there with a conflict of interest. But I do think if you're worried about going into audit - hiring a skilled, and experienced rep is really, really important.
If they're experienced with this, they should understand the appropriate ethical standards and go in there and essentially help resolve portions of the audit and move it to a resolution that you can deal with.
Taxpayers actually have a lot of leverage in an audit. And that sounds crazy to say, but there is a lot of truth to that. And so as you're kind of working through the audit itself, you want to make sure that you're not just agreeing to something to be done with it. You're not agreeing to something just because you think that you'll get in more trouble or get a worse result otherwise.
There are important risk-reduction strategies you can utilize to avoid a crypto audit. [28:15]
Alex: The first thing that you really want to do, is just assess; for those of you that are really worried about an audit - just assess what it is you've actually done over the years. When did you start trading, what exchanges were you on, do you have records that reflect on-ramping and off-ramping? And that's going to be your bank account statements. Do you know where you've been, what exchanges you've been on?
For foreign exchanges, there may not be as much of that AML & KYC compliance, but I really believe that you do have reporting requirements under FATCA for FBAR and something called an 8938, which if you listen to the podcast with Tyson, he kind of explains what that is. But it's basically if you have ownership of a foreign bank account or asset, you have certain reporting requirements, whether you've had income or not.
You want to make sure you at least track when you've actually exchanged crypto for cash or vice versa. That's partly because that's one of those areas where when people can get in trouble with some sort of federal investigators - because those types of transactions can be potentially considered money laundering.
For those who believe that they've used like-kind exchange rules to defer taxable gains -you should look on your tax returns to see if you filed the form 8824, which is where like kind exchanges are actually reported. That kind of goes back to the over reporting issue I was talking about before. I think that if you didn't report the actual trades that you're taking like-kind treatment for in past years, I don't know that you've actually taken like-kind treatment to be frank with you. I think, objectively, that might be viewed as just not reporting certain transactions.
You want to make sure that you address these issues sooner rather than later.
1099-K forms can be misleading - to the recipient and, potentially, the auditor. [32:40]
Alex: A 1099-K is actually a merchant processing third party information returns. And it really is typically associated with people who have credit card sales - so it's going to reflect a gross amount and typically on a monthly basis.
It shows the gross amount and what I've seen too is that sometimes transfers actually get caught into that amount as well. So it's not even just gross sales or purchases - it may have other information. So the 1099-K can be really inflated. That's why reconciling that against accounting records is really, really important because that is one of those issues that I think could lead to an exam.
To those who think crypto isn't beholden to tax laws: you are not correct. [37:38]
Alex: The current commissioner of the IRS is Charles Rettig, and he's a really well known practitioner in tax controversy. I know from people that know him well, that he's actually mentioned Reddit as one of the reasons that cryptocurrency enforcement is his number one enforcement priority right now.
The other person that I've seen speak a couple of times is the head of the IRS Criminal Investigation Unit. His name is Don Fort and every year he does a presentation at the National Tax Controversy and Criminal Tax Conference. The last two years cryptocurrency has been number two and number one on his list. As much as the IRS lacks the funding and the manpower that it needs for all the enforcement, the IRS CI are really, really good and they are probably best agency at dealing with cryptocurrency enforcement issues.
I really think that it's gaining steam and I think once the audits from the Coinbase summons kind of get going, I think it's going to be a really scrutinized area. I think the people who have gone through the cost and the pain of disclosing and amending returns and doing everything they can will be happy that they did in a couple of years. I think the other people are going to be sweating it out - I don't know if it's ever really worth it to be honest with you. I would recommend people do their best to get in compliance.
In summary: do your best to report your crypto gains and losses - and don't try to pull one over on the IRS. [42:36]
Alex: For people who have potential issues with past years, one is getting a consistent record and just amending your past years, so they're consistent.
For people who have the foreign account issues - let's just say, for example, had an account with Binance, and that Binance account was never reported. The IRS has disclosure programs that allow you to amend certain returns, pay the tax that you report and pay a penalty, which would be 5% of the the highest account value that you have.
For people who don't want to deal with this, I think taking evasive steps is the best way to get the worst result possible. One of the things that I learned very early in dealing with audits and tax compliance, is that you can always make things worse. I think you really just want to address it and resolve the issue while you have a good opportunity.
We may see criminal prosecution of some of the "big fish" tax evaders from the Coinbase summons. [46:43]
Alex: Yeah, and I think the two things that I'm fairly certain we're going to see: one is we're going to see the IRS use the information provided by Coinbase to start auditing the biggest account holders from that period. I think that's very likely.
Probably the second one that I would say is very likely is that you're going to see limited criminal prosecutions related to cryptocurrency. And these are going to be people that have some sort of level of notoriety, whether actually famous or maybe famous in the cryptocurrency world. That's typically how the IRS and Department of Justice uses limited resources to prosecute criminal tax tax crimes.
Alex is a great guy to reach out to with any audit-related questions, crypto or otherwise. [48:50]
Alex: You can go to my website: www.kugelmanlaw.com. You can email me at [Alex@KugelmanLaw.com](mailto:Alex@KugelmanLaw.com). I have clients all over the country, international clients. If you need any sort of help, whether that's representing you, or at least doing the nitty gritty audit investigation, we're always willing to talk to people and help them out as best we can.
If you enjoyed our podcast, be sure to check back frequently for more great discussions about a range of topics in the crypto space. If you have any questions for Alex Kugelman, or want to schedule a consultation with him, he can be reached via his website kugelmanlaw.com, or via email at [alex@kugelmanlaw.com](mailto:alex@kugelmanlaw.com).
If you would like to request a topic for an interview, or have any questions related to this podcast, be sure to reach out to us at [podcast@bitcoin.tax](mailto:podcast@bitcoin.tax).
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Latest Bitcoin News:
Bitcoin Could Swell To $1.5 Million If It Absorbs All Fiat and Gold Holdings
Other Related Bitcoin Topics:
Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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I am trying to work out what my asset allocation should be and how to minimize taxes when it comes to my assets and I don't really know what I am doing. Any advice on the allocation, the re-balancing strategy or (most importantly) the tax considerations would be appreciated.
Some notes:
Asset Allocation
I want roughly the following asset allocation (excluding a paid off home, cars etc.):
The reason for the 60/30/5/5 split is that I want to preserve capital (I doubt I'll ever get another windfall like this) while getting enough growth to live decently until we're 100 (!). The "speculative" portion is because occasionally I want to take a risky bet on something that I feel very strongly is a good investment. Initially that means keeping 5% of the money in shares of the post-IPO company, assuming I continue to believe they are on the right track.
Rebalancing:
The plan is to keep the main 60/30/5/5 split indefinitely, re-balancing when stocks or bonds move by 5% overall in relation to the other. I want to maintain roughly 15% of our assets in the UK and denominated in pounds but will only actively re-balance this split if it goes below 10% or over 20% of total assets.
I mostly want to use the lazy re-balancing method (http://optimalrebalancing.tk/) but given that future contributions will be lower than current, I am not sure if this will be optimal.
Tax questions:
I know this is a lot but I felt it was best to consider the complete picture. Let me know if I should be posting this somewhere other than this sub.
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Latest Bitcoin News:
Bitcoin Remains On Hunt For $4.2K Despite Price Consolidation
Other Related Bitcoin Topics:
Bitcoin Price | Blockchain | ICOs
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
The community’s desire to somehow predict the future trends of the crypto markets is unceasing, so new research and attempts to perfect these and other indicators – or even create new ones – are bound to keep coming. It is important to always keep in mind however, that no indicator can have real, complete predictive power over markets. These are study tools which, used with caution, can enlighten future decisions and even guide innovation in cryptocurrencies.
So here are indicators:
Exponential progress of electronic sorts of cash has opened a contemporary market that is progressing on a month to month, if not when in doubt premise. Security and the fundamental social event of electronic assets are two essential areas for all aides inside the creating cryptosphere. To fiat, modernized money is equivalent and pariah at that point. Both fiat and electronic cash can be utilized to get things, regardless moved cash isn't yet normal and doesn't bank in a
standard sense. Modernized cash uses encryption structures to compose the period of units
of money and check the trading of inclinations, working self-governingly of a national bank.
Decentralized pushed cash trades are snappier and more secure than present day fiat
trades. Trades that approach days inside the customary setting some cash structure after a short time take minutes or less on blockchain frameworks, for instance, Bitcoin, Ethereum, and most starting late, Tezos.
Focus Issue Plaguing THE Money related Framework
The root issue with normal money is all the TRUST that is required to make it work. The national bank must be trusted not to decrease the money, yet rather the real establishment of fiat financial structures is flooding with impacts of that trust. Banks rank be trusted to hold our money and trade it electronically, in any case, they credit it out in surges of see ascends for hardly a division for conceivable later use. We have to trust in them with our security, trust them not to permit character convicts to cripple our records.
Perspective on VIAZ
VIAZ is a decentralized application ("DAPP") vanquishing any issues among improvement specialists and borrowers of fiat and progressed budgetary structures. VIAZ will use VIAZ Brilliant Contracts for trades began the VIAZ Stage. So furthermore as resemblances and complexities exist among modernized and fiat cash, a closer
examination of VIAZ showed up particularly in association with the standard dealing with a record structure reveals both blending and separating characteristics. A remarkable closeness is that the VIAZ Stage, by putting potential borrowers in direct contact with potential credit masters, empowers customers to get, advance, and trade money related structures all through a general framework. Regardless, rather than banks, the VIAZ Stage will give a clearly capable, sharp and secure relationship for all customers. The first DAPP to continue running on the Tezos blockchain, a self-adjusting crypto-record, the VIAZ Stage has fundamental immaculate conditions when meandered from various adversaries in the bazaar.
Blueprints BROUGHT BY VIAZ
The utility of the VIAZ Stage is to give a decentralized stage to the colleague of arranged recognize specialists for sorted out borrowers, assistant its customers, and go about as a conductor between the cryptosphere and fiat currency.Our beginning stages toward thusly, getting and supporting, have starting late begun. In spite of its trademark imperfections, the ordinary dealing with a record structure works. Inside the crypto crediting space, distinctive stages right specifically exist, each with their own stand-out utility and regard. The VIAZ Stage's point is to improve, and give perpetual and regard under one phase. The VIAZ Stage will have a working model. The betanet will despatch before the Token Dispatch, and the despatch of the mainnet will happen in the long run. The VIAZ Stage will be totally useful start at now.
The VIAZ Stage believe that future ICOs will in like way see Tezzies ("XTZ"), the nearby token of Tezos, as the Tezos mainnet is set to dispatch in Q3, 2018. The VIAZ Stage will pull in customers to guarantee their pushed assets and rouse cryptographic sorts of cash to partake in ICOs.
THE TOKENS AND XTZ
tokens will be used at first, trailed by Bitcoin and additional altcoins to be united future VIAZ Stage enables. Record holders on the VIAZ Stage will use their pushed cash as security to get fiat cash. Borrowers ought to guarantee crypto to post the progression. This other than offers people an opportunity to credit crypto and fiat at a higher rate of interest. Each time an improvement is posted, a VIAZ Savvy Contract is made by the VIAZ Stage and recorded in the Tezos blockchain edge.
VIAZ TOKEN Data
The Tokens are the neighboring token of the VIAZ Stage. Token holders are compensated with month to month airdrops subject to their help with the running with Stage Related Activities (or "PRAs"):
Utilizing Tokens as affirmation for advances
We have to draw in customers to utilize their Tokens as confirmation for advances on the VIAZ Stage. To
help this improvement, Token-kept up advances will cause a diminished affiliation charge (starting at now this is a half markdown, in spite of the way in which this may change in future). The use of Tokens as confirmation will in like way decrease the open supply of Tokens accessible.
Moving Tokens through the VIAZ Stage
VIAZ Stage advance repayments are made of three pieces: partition on the focal, interest bundle and an affiliation charge. The interest part and affiliation charge must be paid in Tokens (at the fiat rise to a moving force at the season of the repayment). This makes a vitality for Tokens, as borrowers ought to have correspondingly as motivate Tokens to meet their month to month repayments. To help with this, the VIAZ Stage will empower Token holders to make move offers. Customers will be set up to set the perfect expense (in USD), and stake any degree of Tokens they wish. This gives minute liquidity, before long borrowers aren't vexed the issue of getting Tokens; they can fundamentally make the full repayment in fiat, using the VIAZ Stage to ordinarily obtain the required Tokens out of sight.
For more data mercifully visit:
Website: https://viaz.io/
Whitepaper: https://viaz.io/archives/Viaz-Whitepaper_EN.pdf
BountyOx Username: Deeshawn
I will be bringing you upcoming events/announcements every day. If you want improvements to this post, please mention /u/houseme in the comments. We will make improvements based on your feedback.
https://kryptocal.com | /r/kryptocal | Android | iOS | Telegram Interactive Bot (add cryptocalapp_bot) | Telegram Channel @kryptocal
If you like an event to be added, click Submit Event, and we will do the rest.
General
| First Burn | February 22, 2019 | |
| Bitcoin(BTC) | CME: February Last Trade | February 22, 2019 |
| Bitcoin Cash(BCH) | BCH/BSV Hardfork | February 22, 2019 |
| SmartCash(SMART) | Anarchapulco 2.0 | February 22, 2019 |
| CloakCoin(CLOAK) | Binance Delisting | February 22, 2019 |
| Stratis(STRAT) | Sponsors Degale Fight | February 23, 2019 |
Air Drops
| Spots(SPT) | EtherFlyer SPT Airdrop | February 22, 2019 |
Blockchains
| Cashaa(CAS) | Blockchain Summit India | February 22, 2019 |
Meetings
| IoTeX(IOTX) | Traddiotional Bi-weekly AMA, 22 Feb | February 22, 2019 2:00 PM - 4:00 PM |
Partnerships
| Cappasity(CAPP) | Partnership Announcement | February 23, 2019 |
I will be bringing you upcoming events/announcements every day. If you want improvements to this post, please mention /u/houseme in the comments. We will make improvements based on your feedback.
https://kryptocal.com | /r/kryptocal | Android | iOS | Telegram Interactive Bot (add cryptocalapp_bot) | Telegram Channel @kryptocal
If you like an event to be added, click Submit Event, and we will do the rest.
General
| First Burn | February 22, 2019 | |
| Bitcoin(BTC) | CME: February Last Trade | February 22, 2019 |
| Bitcoin Cash(BCH) | BCH/BSV Hardfork | February 22, 2019 |
| SmartCash(SMART) | Anarchapulco 2.0 | February 22, 2019 |
| CloakCoin(CLOAK) | Binance Delisting | February 22, 2019 |
| Stratis(STRAT) | Sponsors Degale Fight | February 23, 2019 |
Air Drops
| Spots(SPT) | EtherFlyer SPT Airdrop | February 22, 2019 |
Blockchains
| Cashaa(CAS) | Blockchain Summit India | February 22, 2019 |
Meetings
| IoTeX(IOTX) | Traddiotional Bi-weekly AMA, 22 Feb | February 22, 2019 2:00 PM - 4:00 PM |
Partnerships
| Cappasity(CAPP) | Partnership Announcement | February 23, 2019 |
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I have being collecting $25 in Stellar cryptocurrency (XLM) since November last year from Blockchain.com. So far, I have collected $137 times. I have had my full. That is why I decided to share it. This might help some people get free quick money to attend to pressing needs. Alright let me share the full gist.
Towards the end of 2018, Blockchain.com, a very popular cryptocurrency wallet partnered with the Stellar Development Foundation, developers of the Stellar cryptocurrency, to give away Stellar. Stellar is similar to Bitcoin. Blockchain is giving out a total of $125million in Stellar. They are giving out $25 per user. You can check the details in this link and come back here to continue reading. [b]https://www.blockchain.com/getcrypto[/b]
There are 2 major requirements to get the free $25 in Stellar
How My Own Became Different. How I Was Able To Get The $25 Multiple Times!
Firstly, I feel one of the main purposes Bitcoin was created was for anonymous transactions. If I have to upload my ID to my wallet, then that purpose is defeated. If I upload my ID to get $25 bonus today, and few months or years down the line, unknown to me, Bitcoins from a suspicious source which is being tracked by Law enforcement passes through my wallet, I can easily be arrested and this could be a lot of trouble. Therefore, uploading my ID for mere $25 was a no no for me.
A thought came to my mind. What if I buy government ID cards from all these hackers online and try it? I found an ID seller who sells for $5 per ID. I bought the ID and used it. And voila, I was verified. My wallet was credited with $25 Stellar. I converted the Stellar to BTC. It is around $23 in BTC. Since it worked, I went back and bought more IDs. I created new Blockchain wallets with the new IDs because a wallet can only receive the free $25 once. After creating the wallet, I will request to claim my free Stellar. When Blockchain responds, I verified the account with the new IDs. And I will be credited again and again with $25 Stellar.
I have being doing this since November last year. I have received $25 a total 137 times at my last count.
Anyone can do this. It's free. If you have questions or want to discuss about this, PM me. I am available to answer your questions and guide you
