Green Tax Break Syndicated Easements Face IRS Scrutiny

Jack Fisher has raised hundreds of millions of dollars pitching investors on real estate development projects that were never built. Fisher, an accountant-turned-developer, promoted projects such as the Preserve at Venice Harbor, near Hilton Head, S.C., where marketing illustrations showed houses on canals that evoked the famous Italian city. Instead of developing the land, he recruited investors to elaborate deals that provided them charitable tax deductions in return for donating easements for conservation.

The Internal Revenue Service, however, suspects the deals may amount to tax fraud. Fisher is at the center of a criminal probe related to these syndicated conservation easements, according to people familiar with the details, who requested anonymity to discuss a confidential matter. The investigation has already led to tax conspiracy charges against three accountants who worked with him.

A syndicated conservation easement gives dozens of investors in partnerships three choices: to build a specific development project; to hold on to the land and build later; or to donate an easement to a land trust or government, promising to forgo development. The third option entitles investors to charitable tax deductions, based on the appraised value of the land, that can be worth four or five times their investment.

Easements have been used—legitimately, and mostly by family partnerships and individuals like farmers—for decades as part of a federal push to preserve more than 30 million acres of land. Those aren’t the focus of an IRS crackdown. Instead, it’s going after promoters like Fisher who sell deals through brokers, accountants, lawyers, and tax preparers, and who market the projects that generate large tax deductions. The IRS has made these an enforcement priority, suing some promoters to shut them down and criminally investigating others.

California conservation lawyer Misti Schmidt says a typical syndicated easement used by wealthy investors is an “ugly tax-shelter scheme” that relies on grossly overvalued appraisals. “There’s so much money to be made, they just keep doing it,” says Schmidt, a partner at Conservation Partners.

Those appraisals are at the center of the legal fight around syndicated easements. Before an easement donation is made, an appraiser assigns it a value based on its highest and best use. That number is then used to calculate the tax deductions. The IRS often argues that those appraisals vastly inflate the development potential of a property, and that promoters use those valuations to market lucrative tax deductions.

Two of Fisher’s associates, the brothers Stein and Corey Agee, pleaded guilty in December to conspiring to promote fraudulent tax breaks and are cooperating with prosecutors. Although Fisher wasn’t charged or named in the Agee cases, he’s referred to as Promoter A in court documents, the people familiar with the details say. Documents reviewed by Bloomberg confirm Fisher’s role in the deals. Lawyers for Fisher didn’t respond to emails and phone calls seeking comment.

In the Stein Agee case, prosecutors say the deals were “illegal tax shelters that allowed taxpayers to buy tax deductions,” according to the charges. Appraisals were “falsely inflated,” while the conservation option was “always a foregone conclusion.” Many investors signed up after the tax year in which easements were donated, prosecutors say, even though the IRS allows deductions only in the same year a donation is made. Promoter A and others had investors backdate checks and agreements, according to the charges.

“Promoter A’s tax shelters resulted in a massive evasion of taxes,” the charges state. In all, more than 1,500 investors received $1.2 billion in fraudulent tax deductions, prosecutors said. At one point, Promoter A told Stein Agee that he met with several co-conspirators to make sure they were on the “same page” about late investments, according to the charges. Promoter A proposed that Agee could falsely suggest that backdated checks weren’t deposited because they were “lost” on someone’s desk. Lawyers for the Agees declined to comment.

Nationwide, the IRS has challenged $21 billion in tax deductions claimed for syndicated easements from 2016 to 2018, saying it’s auditing 28,000 taxpayers. Former President Donald Trump has donated several easements, including two under scrutiny by New York state authorities.

“The IRS fully supports the benefit of legitimate conservation easements around this country,” IRS Commissioner Charles Rettig told Congress in March. “It has done tremendous things for farmers and others. Our problem is with the abusive syndicated easements.”

The IRS crackdown comes amid a battle in Congress that pits conservation groups and national appraisal organizations against promoters of syndicated easements. Conservation groups want legislation that would bar investors from claiming deductions worth more than two and a half times their initial investment. Promoters have been blocking that fix for years.

“The IRS’s current take-no-prisoners litigation strategy is also going after minor technical flaws that arise in all easements, not just syndications,” says Schmidt, the conservation lawyer. “Legitimate easements are now getting disallowed.”

Fisher, who’s in his late 60s, grew up on a small-town farm in Marshall, N.C., and still speaks in a soft Southern drawl. The son of a truck driver and homemaker, he graduated with a degree in accounting from nearby Mars Hill College in 1974 before joining the IRS. Fisher then became a certified public accountant, worked for Price Waterhouse, and joined a firm that moved him to Atlanta to work with the National Football League’s Falcons.

Later, he took a job at an accounting firm with the Agee brothers’ father, Edward Agee. “I got a lot of good experience,” Fisher testified at a trial after a real estate broker sued him, claiming the developer owed him a commission. Fisher said he met people who “could refer you to business: bankers and things like that.”

He got into development by auditing construction companies, and later began assembling his own investment deals, founding Preserve Communities about two decades ago.

Fisher was adept at raising money, says Anthony Antonino, a real estate consultant who helped with the sale of 800 acres in North Carolina for $14.75 million to entities controlled by Fisher and a wealthy investor. “Jack knows where the money’s at, and he knows how to get it,” Antonino says.

Some of Fisher’s wealthy investors were involved in equestrian events, say people familiar with the matter. His family owned a 40-acre show stable in Alpharetta, Ga., according to a 2013 story in the Atlanta Journal-Constitution. His then-wife, Libba, and two of their children won several titles competing in elite hunter and jumper events, according to records maintained by the U.S. Equestrian Federation.

He was a hands-on developer, says Mark Brooks, a civil engineer who helped Fisher build projects. “He was out there walking the roads and figuring out site lots,” Brooks says. “He was real proud when he did the developments. He felt he was doing things to help out Madison County, which was a pretty poor county.”

He also branched out to the Western U.S., buying a 1,088-acre ranch near Reno, Nev. In late 2018 a Georgia corporation Fisher formed donated an easement covering 812 acres to the North American Land Trust. Investors got $51.2 million in deductions, according to court filings. They put up $10 million, his partner told planners in Nevada’s Washoe County.

Months later, Fisher pursued permission to develop 38 homes on land not covered by the easement. He showed up at a rural advisory board meeting in July 2019 wearing a cowboy hat and flanked by ranch hands, according to a resident. When pressed, Fisher backed down.

“We have no plans to do anything with that property other than to make it part of the ranch,” Fisher said at the recorded meeting. In the face of stated opposition by planners, he withdrew his application.

The Agee brothers, whose father died in 2009, helped promote some of Fisher’s deals. At the proposed Preserve at Venice Harbor development, $179.8 million in tax deductions were claimed by the 390 investors who chose a conservation easement instead of building homes, court documents show. That was more than four times what they put in.

By 2018, less than two years after the IRS began targeting syndicated easements as tax shelters, Fisher was under investigation, the people with knowledge of the matter say. “You have to be very, very careful that these look like real estate investments as compared to, you know, basically a tax shelter,” Promoter A told an agent posing as an investor, according to the charges against Stein Agee.

Fisher continued to work with the Agees through last year, the people say. In November, Promoter A left a handwritten note for Stein Agee saying he’d been “cleaning up the books,” the charges state. About the same time, a video was uploaded to the Preserve Communities Vimeo account.

Fisher talks about his career while viewers see images of forests, mountains, and rivers, and of Fisher himself sitting on a deck, and then feeding a horse. “I hope the people who live in our communities gain a greater connection to nature, to slow down in life, to realize what’s really important,” he says. “We only have so many years here on the planet, and feeling good about what you’ve done with your life.”

— With assistance by Kaustuv Basu, Neil Weinberg, and Elise Young

By: David Voreacos

Source: Green Tax Break Syndicated Easements Face IRS Scrutiny – Bloomberg

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IRS Provides Tax Relief for Victims of Hurricane Ida

Hurricane Ida, which began on August 26, barreled through the state of Louisiana and has left millions without power and much of Louisiana in a state of disaster. If you were impacted by Hurricane Ida we want you to know TurboTax is here for you, and we want to keep you up to date with important tax relief information that may help you in this time of need.

The Federal Emergency Management Agency (FEMA) declared the recent events as a disaster and the IRS announced that victims of the hurricane that occurred in Louisiana now have until January 3, 2022 to file various individual and business tax returns and make certain tax payments. Currently, this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief.

What are the extended tax and payment deadlines for victims of Hurricane Ida?

The tax relief postpones various tax filing and payment deadlines that occurred starting on August 26, 2021. As a result, affected individuals and businesses will have until January 3, 2022 to file returns and pay any taxes that were originally due during this period. These include:

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
  • 2020 Individual and Business Returns with Valid Extensions: Individuals that had a valid extension to file their 2020 return due to run out on October 15, 2021 will now have until January 3, 2022 to file. Businesses with extensions also have until January 3, 2022 including, among others, calendar-year corporations whose 2020 extensions run out on October 15, 2021. The IRS noted that because tax payments related to 2020 returns were due on May 17, 2021, those payments are not eligible for an extension.
  • 2020 Quarterly Estimated Tax Payments: 2021 quarterly estimated tax payments with a deadline of September 15, 2021 have been extended until January 3, 2022.
  • Quarterly Payroll and Excise Tax Returns: Quarterly payroll and excise tax returns that are normally due on November 1, 2021, are also extended until January 3, 2022. In addition, penalties on payroll and excise tax deposits due on or after August 26 and before September 10 will be abated as long as the deposits were made by September 10, 2021.

Calendar-year tax-exempt organizations, operating on a calendar-year basis that have a valid 2020 tax return extension due to run out on November 15, 2021 also qualify for the extra time.

What do I need to do to claim the tax extension?

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Taxpayers do not need to contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

The current list of eligible localities is always available on the disaster relief page on IRS.gov.

Do surrounding areas outside of Louisiana qualify for an extension?

The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers, assisting the relief activities, who are affiliated with a recognized government or philanthropic organization.

How can I claim a casualty and property loss on my taxes if impacted?

Individuals or businesses who suffered uninsured or unreimbursed disaster-related casualty losses can choose to claim them on either the tax return for the year the loss occurred (in this instance, the 2021 return filed in 2022), or the loss can be deducted on the tax return for the prior year (2020). Individuals may also deduct personal property losses that are not covered by insurance or other reimbursements. Be sure to write the FEMA declaration number – 4611 − for Hurricane Ida in Louisiana on any return claiming a loss.

The tax relief is part of a coordinated federal response to the damage caused by the harsh storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

If you are not a victim, but you are looking to help those in need, this is a great opportunity to donate or volunteer your time to legitimate 501(c)(3) not-for-profit charities who are providing relief efforts for storm victims.

Check back with the TurboTax blog for more updates on disaster relief. For more tax tips in 5 minutes or less, subscribe to the Turbo Tips podcast on Apple Podcasts, Spotify and iHeartRadio

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The IRS Goes Undercover As A Bitcoin Trader In $180,000 Sting

On the hunt for tax cheats, fraudsters, money launderers and dark web drug dealers, the Internal Revenue Service (IRS) has sent an undercover agent to work on a market for trading bitcoin, ether and other cryptocurrency.

In a search warrant reviewed by Forbes, the undercover IRS agent went by the name of “Mr. Coins” on LocalCryptos.com, a platform exchanging cryptocurrency for dollars and other fiat currencies. Mr. Coins’ profile, still live at the time of publication, had 100% positive feedback after shifting up to $200,000 in digital money.

But his biggest success may have been to take down an alleged dark web drug dealer, tricking him into sending more than $180,000 in cash to the IRS in exchange for cryptocurrencies, according to the warrant.

In June of last year, Mr. Coins put up an advertisement offering to buy bitcoin via cash by mail and above market prices. All sellers had to do was get in touch over encrypted messaging apps Wickr or WhatsApp.

Shortly afterward, a person going by the name “Lucifallen21” got in touch to inquire about the ad, according to the search warrant. The IRS, without saying how, determined that Lucifallen21 was actually Evansville, Indiana, resident Chase Hite. By July, he’d agreed to buy from Mr. Coins, wrapping up $15,040 in cash in clothes, putting the money in a box and posting it to the agent in exchange for approximately 1.59 bitcoin, according to the government’s account.

More payments came in, with nearly $20,000 posted in August, in exchange for approximately 1.34 bitcoin and 45.2 monero, another cryptocurrency that promises better privacy protections than its rivals, the government said, adding that nearly $65,000 was sent to the agent over following months.

Come March this year, investigators were getting ready to home in on the conclusion to the sting operation. A $28,000 cash package from Hite was intercepted and marked as lost by the Postal Service, according to the IRS, which then monitored calls to the post office, waiting for the suspect to call and complain. Investigators linked this call with a phone number that was paid for by Hite.

Further messages over Wickr indicated Hite was involved in dark web drug sales, claiming to sell “pills and opioids,” as well as cocaine and marijuana, the IRS claimed. As they deepened their relationship, the undercover officer agreed to provide Hite with a loan, by which the suspect would send $54,000 in cash and get $79,000 worth of cryptocurrency in return, according to the search warrant. When that last package arrived, forensics took fingerprints and linked them to Hite, the government added.

Hite was arrested in July and has not yet filed a plea. The charges were filed in the Eastern District of New York. His lawyer declined to comment. LocalCryptos hadn’t responded to requests for comment. The IRS declined to provide more information than what had been filed in court.

The tax collecting agency has a track record of going undercover to snare cryptocurrency-using criminals. Earlier this year, it was revealed that the agency had organized a payment to a service called Bitcoin Fog, which offered to launder money.

The agents said they wanted to launder cryptocurrency they’d earned by selling Ecstasy, according to a criminal complaint, first reported by Wired, in which a Russian-Swedish administrator was charged. And in March, the IRS pretended to be a seller of counterfeit Gucci products sourced from China, asking the defendant in that case to convert bitcoin that they claimed to have acquired in selling the merchandise.

But this latest sting is a rare case where the IRS set up a profile on a cryptocurrency trading platform and created what amounts to a watering hole, with agents just waiting for criminals to dive in.

This story is part of The Wire IRL feature in my newsletter, The Wiretap. Out every Monday, it’s a mix of strange true crime and real-world surveillance, with all the relevant search warrants and court documents for you to pore over. There’s also all the cybersecurity and privacy news you need to read. Sign up here.

Follow me on Twitter. Check out my website. Send me a secure tip.

I’m associate editor for Forbes, covering security, surveillance and privacy. I’m also the editor of The Wiretap newsletter, which has exclusive stories on real-world

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The IRS Bottleneck Most Taxpayers Have Never Heard Of

The one-day deadline for taxpayers to approve authorization requests only applies to authorizations for multiple representatives. All representatives must be approved on the same day or later approvals will overwrite prior approvals. Currently there is no deadline for taxpayers to approve authorization requests.

Bottlenecks are nothing new to the Internal Revenue Service. IRS issues with mail processing, return processing, and issuing refunds have been well publicized. Nevertheless, one of the most common IRS bottlenecks is one that many taxpayers, including many members of Congress, are unaware of.

IRS notices about return adjustments, balances due, delays in refund processing, and a host of other issues continued to be sent automatically during the Covid-19 pandemic and continue to be issued after what most tax practitioners agree was the worst income tax filing season ever (even worse than filing season 2020).

Taxpayers who choose to pay a professional to assist with an IRS notice must provide proper authorization, typically using either Form 2848, Power of Attorney, or Form 8821, Tax Information Authorization. The representative then files the signed 2848 or 8821 with the Centralized Authorization File (CAF) unit either by mailing it, faxing it, or (more recently) via online submission. Once CAF approval has been granted, the tax practitioner can then represent the taxpayer, but getting CAF approval has become an increasingly fraught process.

The Internal Revenue Manual (or IRM) specifies that “receipts” [of authorization requests] are processed within five business days. Nevertheless, over the last few years processing times of three to six weeks or even longer have become increasingly common. This January tax practitioners were given the ability to submit authorizations online. Online submission was greeted with enthusiasm because it also allowed for the use of electronic (as opposed to “wet”) signatures.

Online submission definitely made the process of getting a client’s signature and submitting the authorization form to the CAF unit much simpler, but because online submissions are processed in order along with mailed or faxed in submissions, uploading authorization forms has not been an expedient option for taxpayers needing immediate assistance.

Typically practitioners representing taxpayers with short deadlines call the Practitioner Priority Line (PPL) and fax the form to the answering representative. Because all faxed forms require a “wet” signature the electronic signature and online submission process has proved less than helpful except for non-urgent matters.

The IRS CAF units in Memphis and Ogden were completely shut down in March 2020 in response to the pandemic (as was a third unit that serves taxpayers located outside of the U.S.). Consequently, authorization processing (which was already slow) was brought to a standstill—and then it went into reverse. Although all three CAF units re-opened in July 2020, and although the IRS has added additional staff to help clear the backlog, the CAF units are still taking several weeks to process mailed or faxed submissions.

While there have been anecdotal reports of uploaded forms being processed in two weeks (as opposed to the six or more it sometimes takes for a mailed or faxed-in authorization), the IRS continues to state that the CAF units process all mailed, faxed, and uploaded forms on a first-in, first out basis.

John Sheeley, Enrolled Agent and owner of Tax Practice Pro, Inc. (which provides continuing education to tax practitioners), has recommended that the IRS stop issuing automatic notices and re-direct any available staff to the CAF units to assist with processing backlogged authorization requests (and then move those staff on to processing notice responses that have also been languishing, sometimes since mid-2020).

Additional improvements to the traditional CAF authorization process that have been recommended by many practitioners include notifying the practitioner via their e-Services account when an authorization form has been accepted for processing (similar to the acknowledgement received for electronically filed tax returns and that includes the date of acknowledgment and the taxpayer’s identification number) and again when the authorization has been processed.

These two additional notifications would allow tax practitioners to quickly determine if their authorization request got to the CAF unit and if it was approved. Currently practitioners must log into their e-services accounts and manually check to see if an authorization form has been processed (again, with no way of knowing if it was even received).

Tax practitioners would also like notification if the authorization request form is rejected and why so that any errors can be corrected. Currently forms submitted by mail, fax, or upload go into a black hole that requires practitioners to continue to check to see if the form has been accepted.

It is never clear whether a long delay is an actual delay in processing, if the form was lost, or if it was rejected. This is inefficient both for practitioners and the IRS. Practitioners who can’t wait for the authorizations to be accepted are often forced to call an already overburdened PPL only to be told the form was rejected and will have to be corrected and resubmitted.

On July 18, 2021 the IRS opened a practitioner portal that is supposed to make filing and obtaining authorizations easier. The new submission and approval system promises to greatly improve efficiency for practitioners whose clients have or can get an IRS online account. Tax practitioners can log into a special Tax Pro account to submit authorization requests for their clients who can then approve the request.

In general, the requests record in real-time to the CAF database. The practitioner is alerted to many issues (e.g., a CAF number mismatch) before the authorization is submitted. Once the request has been approved by the client, authorization approval should be displayed in the practitioner’s Tax Pro account within two business days. Marc Dombrowski, Enrolled Agent Owner of Tax Help Associates, a Buffalo, New York, firm that specializes in resolving tax issues had his first two submissions record in real time and the third in approximately 30 hours. That’s a huge improvement over the several weeks which had become the norm since at least 2020.

Of course, there is some fine print. Authorizations requested using the new portal are limited in scope (most notably they can only be used for individual accounts, not businesses and they can only authorize access back to tax year 2000). Additionally, while the practitioner is notified that an online request has not been approved, the unapproved request is not identified in any way (for example using the taxpayer’s name or TIN). While this may be a necessary security precaution it does pose problems for tax resolution specialists who often submit multiple authorization requests each day.

Processing the older authorization backlog may be even more important with the new portal now online. The IRS has always stressed to practitioners not to submit multiple copies of the same authorizations as it will delay CAF processing. Tax practitioners tend to be a methodical bunch and most will typically check to determine if a client authorization has been granted before attempting to upload an authorization using the new portal.

It would be extremely helpful (and would help to avoid duplicate submissions) if the information provided to practitioners reflects up-to-date CAF information. Dombrowski states that when it comes to the CAF process, “It’s simplicity is its perfection.” New submissions will reliably always overwrite older submissions. That means that the limited scope authorization requests submitted online using the new Tax Pro accounts will replace any full-scope authorizations (2848 or 8821) the IRS currently has on file, so practitioners should be mindful when using the portal for requests on existing clients.

Of course new submissions overwriting older submissions also means that full-scope authorizations submitted by mail, fax, or upload will overwrite limited scope authorizations if the full-scope authorizations are processed after an authorization submitted using the portal. Morris Armstrong, an Enrolled Agent who owns an independent tax practice in Cheshire, Connecticut, says “it is likely safer to request the 8821 [which allows a practitioner to obtain information but not to negotiate] and preserve the 2848, barring urgency to negotiate.”

Finally, client approval of an online authorization request must also be provided the same day as the request is made by the practitioner and, depending on the client, that is not always possible. Truthfully, many practitioners can resolve their clients’ issues if the client has an IRS online account and is willing to request the necessary transcripts and provide them to their practitioner.

Nevertheless, while a transcript review may resolve some problems, often further intervention by the tax practitioner is required. Still, anything that speeds up CAF approval and provides simpler options for obtaining taxpayer transcripts has the potential to greatly reduce IRS phone traffic. And anything that reduces IRS phone traffic will be enthusiastically welcomed by taxpayers, tax practitioners, and the IRS.

I own Tax Therapy, LLC, in Albuquerque, New Mexico. I am an Enrolled Agent and non-attorney practitioner admitted to the bar of the U.S. Tax Court. I work as a tax general practitioner preparing returns for individuals and (really) small businesses as well as representing individuals before the IRS and, occasionally, the U.S. Tax Court. My passion is translating “taxspeak” into English for taxpayers and tax practitioners. I write to dispel myths with facts and to explain “the fine print” behind seemingly simple tax concepts. I cover individual tax issues and IRS developments with a focus on items of interest to taxpayers and retail tax practitioners. Follow me on Twitter @taxtherapist505

Source: The IRS Bottleneck Most Taxpayers Have Never Heard Of

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Do You Get Your Money’s Worth From Buying An Annuity?

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Once upon a time, in the (somewhat mythical) past of traditional defined benefit pensions, your employer protected you from the risk of outliving your money in retirement, by acting, more or less, as an insurance company providing an annuity. With that benefit receding into the past, many experts have been hoping that Americans with 401(k) plans would avail themselves of annuities on their own, to give themselves the same sort of protection, and, indeed, the SECURE Act of 2019 made it easier for those plans to offer their participants an annuity choice, and, when surveyed, 73% of those participants said they would “consider” an annuity at retirement.

At the same time, though, Americans distrust annuities — in part because traditional deferred annuities had high fees and expenses and only made sense in an era predating IRAs and 401(k)s, when they were attractive solely due to the limited tax-advantaged options for retirement savings. But that’s not the only reason — annuities, quite frankly, aren’t cheap.

How do you quantify the value of an annuity? In one respect, it’s subjective and personal: do you judge yourself to be in good health, or does family history and your list of medications say that you’ll be one of those with the early deaths that longer-lived annuity-purchasers are counting on? Do you want to be sure you can maintain your standard of living throughout your retirement, or do you figure that you won’t really care one way or another if you have to cut down expenses once you’re among the “old-old”?

But measuring the value of annuities, generally speaking, does tell us whether consumers are getting a fair deal from their purchases, and here, a recent working paper by two economists, James Poterba and Adam Solomon, “Discount Rates, Mortality Projections, and Money’s Worth Calculations for US Individual Annuities,” lends some insight.

Here’s some good news: using the costs of actual annuities available for consumers to purchase in June 2020, and comparing them to bond rates which were similar to the investment portfolios those insurance companies hold, the authors calculated “money’s worth ratios” that show that, for annuities purchased immediately at retirement, the value of the annuities was between 92% – 94% (give-or-take, depending on type) of its cost. That means that the value of the insurance protection is a comparatively modest 6 – 8% of the total investment.

But there’s a catch — or, rather, two of them.

In the first place, the authors calculate their ratios based on a standard mortality table for annuity purchasers — which makes sense if the goal is to judge the “fairness” of an annuity for the healthy retirees most likely to purchase one. But this doesn’t tell us whether an annuity is a smart purchase for someone who thinks of themselves as being in comparatively poorer health, or with a spottier family health history, and folks in these categories would benefit considerably from analysis that’s targeted at them, that evaluates, realistically, whether annuities are the right call and whether their prediction of their life expectancy is likely to be right or wrong.

In the second place, the 92% – 94% money’s worth calculation is based on the typical investment portfolio of insurance companies, approximated by the returns of BBB-rated bonds. This measures whether the annuity is “fair” or not, in that “moral” sense of whether the perception that the company is “cheating” is customers is real (it’s not).

But these interest rates are very low. The authors, in addition to their calculations of “money’s worth,” back into the implied discount rate from the annuity costs themselves. For men aged 65, that interest rate is 2.16%; for women aged 65, 2.18%.

Now, imagine that you compare this annuity to an alternative plan of investing your money in the stock market, earning 7% annual returns, and believing you can predict your death date (or not really caring if you fall short or end up with leftover money for heirs).

The cost of the protection offered by the annuity, the guarantee that you will never run out of money, and that you will not suffer from a market crash, is very expensive indeed — when you compare apples to oranges in this manner, the money’s worth ratio is, according to my very rough estimates, more like 60%, meaning that about 40% of your cash is spent to purchase the “insurance protection” of the annuity.

And, again, that’s not because insurance companies are cheating anyone; that’s solely because of the wide gap between corporate bond rates and expected returns when investing in the stock market— a gap which was particularly wide in the summer of 2020 when this study was competed, but remains nearly as wide now.

As it stands, Moody’s Baa rates are in the 3% range; in the 2000s, they were in the 6% range, and in the 1990s, from 7% – 9%. Although this drop in bond rates is good news for American homebuyers because this marches in tandem with mortgage rates, it makes it far harder for retirees to manage their finances in ways that protect them from the risks that they face in their retirement.

Perhaps interest rates in general, and bond rates specifically, will increase as we leave our current economic challenges, but there’s no certainty, and as long as this gap between bond rates and expected stock market returns remains so substantial, retirees will be challenged to find any sort of safe investment that makes sense for them. Which means that what seems like a great benefit for Americans looking to borrow money — for mortgages, car loans, credit cards — can pit the elderly against the young in a generational “us vs. them” contest.

As always, you’re invited to comment at JaneTheActuary.com!

Follow me on Twitter. Check out my website.

Yes, I’m a nerd, and an actuary to boot. Armed with an M.A. in medieval history and the F.S.A. actuarial credential, with 20 years of experience at a major benefits consulting firm, and having blogged as “Jane the Actuary” since 2013, I enjoy reading and writing about retirement issues, including retirement income adequacy, reform proposals and international comparisons.

Source: Do You Get Your Money’s Worth From Buying An Annuity?

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Critics:

An annuity is a series of payments made at equal intervals.[1] Examples of annuities are regular deposits to a savings account, monthly home mortgage payments, monthly insurance payments and pension payments. Annuities can be classified by the frequency of payment dates. The payments (deposits) may be made weekly, monthly, quarterly, yearly, or at any other regular interval of time. Annuities may be calculated by mathematical functions known as “annuity functions”.

An annuity which provides for payments for the remainder of a person’s lifetime is a life annuity.

Variability of payments

  • Fixed annuities – These are annuities with fixed payments. If provided by an insurance company, the company guarantees a fixed return on the initial investment. Fixed annuities are not regulated by the Securities and Exchange Commission.
  • Variable annuities – Registered products that are regulated by the SEC in the United States of America. They allow direct investment into various funds that are specially created for Variable annuities. Typically, the insurance company guarantees a certain death benefit or lifetime withdrawal benefits.
  • Equity-indexed annuities – Annuities with payments linked to an index. Typically, the minimum payment will be 0% and the maximum will be predetermined. The performance of an index determines whether the minimum, the maximum or something in between is credited to the customer.

See also

References

  • Kellison, Stephen G. (1970). The Theory of Interest. Homewood, Illinois: Richard D. Irwin, Inc. p. 45
  • Lasher, William (2008). Practical financial management. Mason, Ohio: Thomson South-Western. p. 230. ISBN 0-324-42262-8..
  1. Jordan, Bradford D.; Ross, Stephen David; Westerfield, Randolph (2000). Fundamentals of corporate finance. Boston: Irwin/McGraw-Hill. p. 175. ISBN 0-07-231289-0.
  • Samuel A. Broverman (2010). Mathematics of Investment and Credit, 5th Edition. ACTEX Academic Series. ACTEX Publications. ISBN 978-1-56698-767-7.
  • Stephen Kellison (2008). Theory of Interest, 3rd Edition. McGraw-Hill/Irwin. ISBN 978-0-07-338244-9.

The IRS Has 35 Million Tax Returns In Backlog. Here’s How To Track Your Money

The IRS is facing numerous challenges that have caused setbacks in issuing tax refunds this year. A recent National Taxpayer Advocate report confirmed that some 35 million tax returns are yet to be processed and explained the long delays. The tax agency is tasked with more than usual this time of year. Many 2020 tax returns are requiring adjustments or corrections, disbursing stimulus checks, calculating other tax credits and refunding overpayment on 2020 unemployment compensation.

And then there’s the unprecedented situation brought on by the pandemic. The IRS is taking more than the standard 21 days to send refunds — some taxpayers are waiting months. It’s hard to get live assistance by phone, as many callers wait on hold or aren’t connected due to high call volumes. So what if you need your tax money to cover debt or household expenses? How can you check the status of your money without calling the IRS?

We’ll walk you through how to see your personalized refund status online through IRS tracking tools and what to do if you’re waiting for a tax refund on unemployment benefits, as well. For more on economic relief aid, here are some ways to know if you qualify for the child tax credit payments that start next week. If you’re curious about future stimulus payments or the latest infrastructure deal, we can tell you about that, too. This story has been recently updated.

Why is there a tax refund delay this year?

Because of the pandemic, the IRS ran at restricted capacity in 2020, which put a strain on its ability to process tax returns and created a massive backlog. The combination of the shutdown, three rounds of stimulus payments, challenges with paper-filed returns and the tasks related to implementing new tax laws and credits caused a “perfect storm,” according to a National Taxpayer Advocate review of the 2021 filing season to Congress.

The IRS is open again and currently processing mail, tax returns, payments, refunds and correspondence, but limited resources continue to cause delays. Earlier in the tax season, some refunds were already taking longer than 21 days, including those that required manual processing. The IRS said it’s also taking more time for 2020 tax returns that need review, such as determining recovery rebate credit amounts for the first and second stimulus checks — or figuring earned income tax credit and additional child tax credit amounts.

Here’s a list of reasons your refund might be delayed:

  • Your tax return has errors.
  • It’s incomplete.
  • Your refund is suspected of identity theft or fraud.
  • You filed for the earned income tax credit or additional child tax credit.
  • Your return needs further review.
  • Your return includes Form 8379 (PDF), injured spouse allocation — this could take up to 14 weeks to process.

If the delay is due to a necessary tax correction made to a recovery rebate credit, earned income tax or additional child tax credit claimed on your return, the IRS will send you an explanation. If there’s a problem that needs to be fixed, the IRS will first try to proceed without contacting you. However, if it needs any more information, it will write you a letter.

How can you track the status of your refund online?

To check the status of your income tax refund using the IRS tracker tools, you’ll need to give some information: your Social Security number or Individual Taxpayer Identification Number, your filing status — single, married or head of household — and your refund amount in whole dollars, which you can find on your tax return. Also, make sure it’s been at least 24 hours (or up to four weeks if you mailed your return) before you start tracking your refund.

Using the IRS tool Where’s My Refund, go to the Get Refund Status page, enter your SSN or ITIN, your filing status and your exact refund amount, then press Submit. If you entered your information correctly, you’ll be taken to a page that shows your refund status. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.

The IRS also has a mobile app called IRS2Go that checks your tax refund status. The IRS updates the data in this tool overnight, so if you don’t see a status change after 24 hours or more, check back the following day. Once your return and refund are approved, you’ll receive a personalized date to expect your money.

Where’s My Refund has information on the most recent tax refund that the IRS has on file within the past two years, so if you’re looking for return information from previous years you’ll need to contact the IRS for further help.

How can you check the status of unemployment tax refunds online?

Taxpayers who collected unemployment benefits in 2020 and filed their tax returns early have started to receive additional tax refunds from the IRS. Under new rules from the American Rescue Plan Act of 2021, millions of people who treated their unemployment compensation as income are eligible for a tax break and could get a hefty sum of money back.

However, it’s not easy to track the status of that refund using the online tools above. To find out when the IRS processed your refund and for how much, we recommend locating your tax transcript by logging in to your account and viewing the transactions listed there. We explain how to do that step-by-step.

What is the wait time for a standard tax refund?

The IRS usually issues tax refunds within three weeks, but some taxpayers have been waiting months to receive their payments. If there are any errors, or if you filed a claim for an earned income tax credit or the child tax credit, the wait could be pretty lengthy. If there is an issue holding up your return, the resolution “depends on how quickly and accurately you respond, and the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return,” according to its website.

The date you get your tax refund also depends on how you filed your return. For example, with refunds going into your bank account via direct deposit, it could take an additional five days for your bank to post the money to your account. This means if it took the IRS the full 21 days to issue your check and your bank five days to post it, you could be waiting a total of 26 days to get your money. If you submitted your tax return by mail, the IRS says it could take six to eight weeks for your tax refund to arrive.

What do the IRS tax refund status messages mean?

Both IRS tools (online and mobile app) will show you one of three messages to explain your tax return status.

  • Received: The IRS now has your tax return and is working to process it.
  • Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one.
  • Sent: Your refund is now on its way to your bank via direct deposit or as a paper check sent to your mailbox. (Here’s how to change the address on file if you moved.)

What does an IRS TREAS 310 deposit mean?

If you receive your tax refund by direct deposit, you may see IRS TREAS 310 for the transaction. The 310 identifies the transaction as an IRS tax refund. This would also apply to the case of those receiving an automatic adjustment on their tax return or a refund due to new legislation on tax-free unemployment benefits. You may also see TAX REF in the description field for a refund.

If you see a 449 instead, it means your refund has been offset for delinquent debt.

What is the IRS phone number to check on a tax refund?

The IRS received 167 million calls this tax season, which is four times the number of calls in 2019. And based on the recent report, only seven percent of calls reached a telephone agent for help. While you could try calling the IRS to check your status, the agency’s live phone assistance is extremely limited right now because the IRS says it’s working hard to get through the backlog. You shouldn’t file a second tax return or contact the IRS about the status of your return.

Even though the chances of getting live assistance are slim, the IRS says you should only call if it’s been 21 days or more since you filed your taxes online, or if the Where’s My Refund tool tells you to contact the IRS. Here’s the number to call: 800-829-1040.

Why will a refund come by mail instead of direct deposit?

There are a couple of reasons that your refund would be mailed to you. Your money can only be electronically deposited into a bank account with your name, your spouse’s name or a joint account. If that’s not the reason, you may be getting multiple refund checks, and the IRS can only direct deposit up to three refunds to one account. Additional refunds must be mailed. Lastly, your bank may reject the deposit and this would be the IRS’ next best way to refund your money quickly.

For more information about your 2020 taxes, here’s the latest on federal unemployment benefits on your taxes and everything to know about the third stimulus check.

Katie Teague headshot

 

By:

Source: The IRS has 35 million tax returns in backlog. Here’s how to track your money – CNET

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Critics:

Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.

Under the Internal Revenue Code returns can be classified as either tax returns or information returns, although the term “tax return” is sometimes used to describe both kinds of returns in a broad sense. Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040.

A tax return provides information so that the taxation authority can check on the taxpayer’s calculations, or can determine the amount of tax owed if the taxpayer is not required to calculate that amount. In contrast, an information return is a declaration by some person, such as a third party, providing economic information about one or more potential taxpayers.

References:

IRS Releases Child Tax Credit Payment Dates Here’s When Families Can Expect Relief

Treasury check on top of various currency bills - corona virus relief

The Internal Revenue Service said Monday it has begun sending letters to more than 36 million families likely eligible to receive payments starting in July under the newly expanded Child Tax Credit—one of the major antipoverty initiatives in President Biden’s stimulus plan—and announced the dates those payments are expected to hit bank accounts.

Key Facts

Biden’s $1.9 trillion American Rescue Plan significantly expanded the Child Tax Credit for the 2021 tax year: It will now provide eligible parents with a $3,000 credit for every child aged 6 to 17 and $3,600 for every child under age 6 (up from $2,000 per dependent child up to age 16).

Individuals earning up to $75,000 a year, heads of household up to $112,500 a year, and joint filers up to $150,000 a year are eligible to receive the full amount of the credit.

The amount of the payments will phase out by $50 for every $1,000 in adjusted gross income above those thresholds. The IRS will use information from 2019 or 2020 tax returns or the agency’s online Non-Filers tool to determine eligibility.

Some of that money will come in the form of advance payments, via either direct deposit or paper check, of up to $300 per month per qualifying child on July 15, August 13, September 15, October 15, November 15 and December 15, the IRS said Monday.

Families can claim the remainder of the credit on the 2021 tax returns they file next spring.

Big Number

$4,380. That’s the average benefit over 90% of families with children will receive under the expanded credit, according to the Tax Policy Center.

Tangent

The American Rescue Plan also made the Child Tax Credit fully refundable for 2021. It was previously refundable only up to $1,400 per child, and families needed to earn at least $2,500 to be eligible for any of that money. That means many low-income families or families with no income at all that would have been ineligible for some or all the old credit (because they didn’t earn enough to owe taxes to qualify) can receive the full benefit in 2021.

What To Watch For

The IRS said it will send a second letter to eligible families with information about the estimated monthly payments they can expect to receive. The IRS is also expected to open an online portal where families can check their eligibility, update information about income and qualifying children, check the status of their payments and opt out of the program.

Key Background

The White House has proposed extending the expanded Child Tax Credit for another five years under the American Families Plan (which has yet to be taken up by Congress), but many progressives want to make the expanded credit permanent. “No recovery will be complete unless our tax code provides a sustained pathway to economic prosperity for working adults and families,” 41 Democratic senators wrote in a letter to President Biden in March. “Your forthcoming Recovery Plan is the opportunity we have to make the expansions of these credits permanent.“

Further Reading

Expanded Monthly Child Tax Benefit Will Begin Hitting Bank Accounts July 15 (Forbes)

Here’s Everything You Need To Know About The New Expanded Child Tax Credit (Forbes)

41 Democratic Senators Ask Biden To Support Permanent Child Tax Credit And Earned Income Tax Credit (Forbes)

How Much Money You Will Get From Stimulus Checks, Unemployment Benefits And Everything Else Inside Biden’s $1.9 Trillion Relief Bill (Forbes)

I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.

Source: IRS Releases Child Tax Credit Payment Dates—Here’s When Families Can Expect Relief

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Critics:

There have been important changes to the Child Tax Credit that will help many families receive advance payments starting this summer. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only.

The expanded credit means:

  • The credit amounts will increase for many taxpayers.
  • The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes.
  • The credit will include children who turn age 17 in 2021.
  • Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.

For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.

The increased amounts are reduced (phased out), for incomes over $150,000 for married taxpayers filing a joint return and qualifying widows or widowers, $112,500 for heads of household, and $75,000 for all other taxpayers.

Advance payments of the 2021 Child Tax Credit will be made regularly from July through December to eligible taxpayers who have a main home in the United States for more than half the year. The total of the advance payments will be up to 50 percent of the Child Tax Credit. Advance payments will be estimated from information included in eligible taxpayers’ 2020 tax returns (or their 2019 returns if the 2020 returns are not filed and processed yet).

The IRS urges people with children to file their 2020 tax returns as soon as possible to make sure they’re eligible for the appropriate amount of the CTC as well as any other tax credits they’re eligible for, including the Earned Income Tax Credit (EITC). Filing electronically with direct deposit also can speed refunds and future advance CTC payments.

Eligible taxpayers do not need to take any action now other than to file their 2020 tax return if they have not done so.

Eligible taxpayers who do not want to receive advance payment of the 2021 Child Tax Credit will have the opportunity to decline receiving advance payments. Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children. More details on how to take these steps will be announced soon.

The IRS also urges community groups, non-profits, associations, education groups and anyone else with connections to people with children to share this critical information about the CTC. The IRS will be providing additional materials and information that can be easily shared by social media, email and other methods.

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Bitcoin Taxes: Overview of the Rules and How to Report Taxes

https://i1.wp.com/onlinemarketingscoops.com/wp-content/uploads/2021/05/shutterstock_1060313306.jpg?resize=924%2C578&ssl=1

Bitcoin seems to be everywhere these days. From its mysterious origins in 2008, it has grown into a widely accepted currency, used for everything from investing to shopping to employees’ wages. But many Bitcoin users don’t realize that buying/selling, exchanging, and even using Bitcoin to pay for things has tax implications. Yes, you read that last phrase right. In some cases, just spending your Bitcoin could be considered a profitable investment — and taxable.

From how exactly it’s taxed to how to prepare for filing, here’s what you need to know about Bitcoin taxes.

How Bitcoin is taxed

Bitcoin and its comrade cryptocurrencies (Ethereum, Ripple, Tether, and Litecoin) appeal to users because they are secure and provide a degree of anonymity. It’s that anonymity, along with the growing value of cryptocurrency transactions taking place worldwide, that has increasingly drawn attention from the Internal Revenue Service (IRS) in recent years.

Since you can use Bitcoin and other cryptocurrencies for everything from online shopping to donating to charity, you might assume the IRS treats cryptocurrency like cash. That assumption can get you into hot water.

According to IRS Notice 2014-21, the IRS classifies cryptocurrencies as property, not cash or currency. That means it treats Bitcoin transactions like sales of stocks and other investments. Purchasing cryptocurrency with cash and holding on to it isn’t a taxable transaction, but selling, exchanging, or using it to purchase goods and services is.

For example, say you purchase 10 crypto coins for $10 (basically, $1 apiece) on December 1, 2020, and load them onto a cryptocurrency debit card. On December 20, 2020, that cryptocurrency is trading for $5 per coin, up from the $1 per coin you paid for it back at the beginning of December. On that day, you use your cryptocurrency debit card to pay for a $5 cup of coffee.

On your 2021 tax return, you are supposed to report a $4 short-term capital gain (“short-term” because it happened within one year). That’s the $5 per coin value you received when you purchased the cup of coffee, minus your $1 per-coin basis (what you paid for it) in the cryptocurrency.

That’s a level of record keeping that few taxpayers are willing to keep up with – if they’re aware of the requirement at all.

Why is Bitcoin taxed?

According to a survey conducted by The Harris Poll on behalf of Blockchain Capital, roughly 9% of American adults own Bitcoin. However, the IRS estimates that only a tiny percentage of them report crypto-related gains and losses on their tax returns.

In 2017, the IRS searched its database for the 2013 through 2015 tax years. It found:

  • 807 individuals reported cryptocurrency transactions in 2013
  • 893 individuals reported cryptocurrency transactions in 2014
  • 802 individuals reported cryptocurrency transactions in 2015

That discrepancy is why the IRS is making cryptocurrency taxes an enforcement priority in 2021. In fact, Form 1040 for the 2020 tax year includes a question about cryptocurrency on the front page. It asks whether you’ve received, sold, sent, exchanged or otherwise acquired a financial interest in any virtual currency.

If you check “no” to this question when you did, in fact, engage in cryptocurrency transactions, the IRS can consider that a willful attempt to avoid taxes, and you could face harsher penalties if the IRS uncovers your omission.

How to prepare and report Bitcoin tax filing

The IRS taxes Bitcoin as an investment. That means it’s subject to the same tax rate of capital gains and losses that other financial assets are subject to when you sell any holdings in it, realizing a profit or loss.

Step 1: Gather information for Bitcoin tax reporting

For each transaction, you need to know the following:

  • The amount (in dollars) you spent to buy the cryptocurrency
  • The date you purchased (or received) them
  • The date you sold or exchanged the coins
  • The amount in dollars the cryptocurrency was worth when you sold it (or value you received in the exchange)

When you sell stocks, at the end of the year, your broker will send you a Form 1099-B that includes all of the necessary information to report those sales on your tax return. But don’t expect the same service from a cryptocurrency exchange. Most crypto exchanges only send 1099 forms to customers with gross payments over $20,000 or more than 200 cryptocurrency transactions during the year.

However, you can typically generate reports through your cryptocurrency exchange platform that will include all buys, sells, sends, and receipts of cryptocurrency from the account. If all of your cryptocurrency transactions take place on one exchange, gathering the information you need for tax reporting should be relatively easy. If your cryptocurrencies are scattered across several exchanges, you’ll need to download separate reports from each of them.

Step 2: Calculate your Bitcoin gains and losses

Once you have all of the information on your cryptocurrency activity during the year, you need to determine whether you incurred a gain or loss on each transaction. To do this, you’ll need to decide which method you’ll use to value the cryptocurrencies you sell. Your options are:

  • First-in-first-out (FIFO). The coins you purchase first are the ones you sell first.
  • Specific identification. You select which coins you’re disposing of in each transaction.

The method you choose can greatly impact the amount of taxes you end up owing in a particular year.

Say you purchase 100 crypto coins for $1 each on January 1, 2021, and another 100 coins for $20 each on June 1, 2021. On February 1 of the following year, you sell 40 coins for $15 each.

Using the FIFO method assumes the 40 coins sold came from the January 2021 lot. As a result, you would have a long-term gain of $560. That’s 40 coins at $15 each less 40 coins at $1 each, or $600 – $40 = $560.

Using the specific identification method, you could decide that the four coins sold in February of 2022 came from the lot purchased in June of 2021. In that case, you would have a short-term loss of $200. That’s 40 coins at $15 each less 40 coins at $20 each, or $600 – $800 = -$200.

Some cryptocurrency exchanges provide a gain/loss report. However, these reports are typically only provided on the FIFO method, so you won’t be able to benefit from using the specific identification method if you rely on them.

Step 3: Report your Bitcoin transactions

Capital gain transactions are reported on IRS Form 8949. The form is divided into two sections:

  • Cryptocurrencies held for one year or less go in the short-term section. Short-term gains are taxed at the same rates as ordinary income, with the top rate being 37%.
  • Cryptocurrencies held for longer than one year go in the long-term section. Long-term gains qualify for more favorable long-term capital gains rates, which cap out at 20%.

Include your totals from Form 8949. If you sold other non-crypto investments, report those on a separate Form 8949. Carry the totals from all 8949 forms to IRS Schedule D.

The financial takeaway

You might have figured that investing in Bitcoin could have tax implications, especially if you make a profit on it. But it might surprise you to know that just spending your Bitcoin could trigger that taxable profit.

Purchasing cryptocurrency with cash and holding on to it isn’t a taxable transaction, but selling, exchanging, or using it to purchase goods and services is.

Tracking the ins and outs of cryptocurrency transactions can be challenging. If you own cryptocurrency and have many transactions, it’s a good idea to talk to a CPA or other tax professional familiar with cryptocurrency tax reporting. They may be able to recommend software to help track transactions and ensure you’re properly accounting for them on your tax return.

Related Coverage in Investing:

Alternative investments are exotic assets that can diversify your portfolio — here are the five major kinds and everything you should know about them

What are liquid assets? A guide to the investments that are easiest to cash in, and why they’re important

How to diversify your portfolio to limit losses and guard against risk

‘I have changed my mind’: A top market strategist and long-time crypto skeptic explains why he now believes bitcoin should be in investor portfolios

Reddit cofounder Alexis Ohanian and tennis star Serena Williams backed a startup which helps people calculate taxes on crypto, without seeing a pitch deck

Source: Bitcoin Taxes: Overview of the Rules and How to Report Taxes

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For more information, Checkout our Complete Guide To Cryptocurrency Taxes: https://www.cryptotrader.tax/blog/the… To learn how to import your cryptocurrency data into TurboTax: https://www.cryptotrader.tax/blog/how… To learn more about the “Cryptocurrency Tax Problem”: https://www.cryptotrader.tax/blog/cry… To learn how Cryptocurrency Mining is Treated for Tax Purposes: https://www.cryptotrader.tax/blog/how…
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Tax Attorney Facing Prison For Allegedly Helping Billionaires Robert Smith And Bob Brockman Dodge The IRS

It’s a new legal development for private equity billionaire Robert F. Smith and his onetime mentor Bob Brockman, already accused of the biggest tax evasion in U.S. history.

Yesterday, the U.S. Department of Justice announced the indictment of Carlos E. Kepke, a Houston tax attorney who prosecutors say conspired with Smith to hide $225 million in untaxed capital gains from the IRS between 1999 and 2014 — during the years when Smith was rapidly growing Vista Equity Partners.

Prosecutors say that Smith paid Kepke $1 million since 2007 for his services, which included assisting in the preparation of Smith’s false 2012-2014 tax returns and setting up offshore entities to aid in tax evasion.

Prosecutors allege Kepke created for Smith a limited liability company in Nevis called Flash Holdings, as well as an offshore trust based in Belize, called Excelsior Trust. Excelsior was set up to own Flash. Thus, when Smith’s portion of capital gains from Vista funds was deposited into accounts held in Flash’s name in Switzerland and the British Virgin Islands, the money could be routed to the offshore Excelsior trust, away from the eyes of the IRS.

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When billionaire Robert Smith ended his 2019 Morehouse College commencement speech by vowing to pay off student debt for the entire graduating class, cheers of “MVP, MVP, MVP!” rose from students and faculty on the Atlanta campus.
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According to the DOJ’s press release, Kepke enabled what Smith has admitted to as an illegal scheme. Thanks to Kepke’s work, “Smith was able to hide this income because Excelsior, and not Smith, was the nominal owner of Flash. Smith then allegedly failed to timely and fully report his income to the IRS.”

An official indictment is not yet available from U.S. District Court for the Northern District of California, in San Francisco. Kepke is scheduled to be arraigned April 22. According to the announcement, he faces 5 years in prison on one conspiracy count and 3 years on each of 3 counts of preparing false tax returns. There was no answer at the number listed for Kepke’s Houston law office. A University of Texas law school graduate, he appears to have been admitted to the Texas bar in 1964.

This indictment looks to be the next step in the DOJ’s unraveling of a decade’s long financial fraud against U.S. taxpayers perpetrated not just by Robert Smith but also, allegedly, by his mentor and financial backer Bob Brockman. Brockman in 2000 agreed to put up $1 billion to fund the startup of Smith’s private equity group, which now has $73 billion under management.

Last October Smith entered into a “non-prosecution agreement” with the DOJ, in which he admitted to felony tax evasion and the wrongful use of roughly $30 million in charitable trust funds for his personal benefit. Smith agreed to fork over $139 million in taxes and penalties, and to cooperate against affiliated scofflaws like Brockman, and Kepke. U.S. Attorney David L. Anderson said at the time that despite having committed “serious crimes,” Smith’s cooperation had “put him on a path away from indictment.”

Kepke’s indictment comes as no surprise to Smith’s camp, who insist Smith is now out of legal jeopardy. “This indictment is not a new development as top Robert Smith. He resolved his situation last year with the government and this in no way affects that resolution,” says Smith attorney Emily Hughes

Indeed, prosecutors are no doubt focusing their attentions on Kepke’s primary client, Bob Brockman. Indicted by the DOJ for evading taxes on some $2 billion in gains from Vista Equity Partners investments, Brockman does not appear to be in a position to cut a deal like Smith did. Especially with Smith providing evidence against him.

According to a December 2020 motion by Brockman’s attorneys to move his case from San Francisco to Houston, Smith has already told prosecutors that Kepke “had a central role in establishing the trusts and assisting Mr. Brockman with asset planning.”

Kepke’s name also appears in a secret 2017 memo written to Brockman by his money man and former trustee Evatt Tamine (submitted as evidence), in which Tamine writes about meeting with Smith, his attorney and Carlos Kepke in order to help cover their tracks: “I worked through their files and identified areas of concern.”

In that same memo, Tamine describes traveling to see the widow of a recently deceased Brockman confidant from whom he collected and destroyed “drives, disks or documents” with incriminating financial information.

With Smith and Tamine already cooperating against Brockman, this new indictment could be aimed at getting Kepke to talk as well.

Meanwhile in Bermuda, oversight of the multi-billion-dollar A. Eugene Brockman Charitable Trust, remains in limbo, as attorneys for Brockman and his wife Dorothy argued recently to the Bermuda appelate court that they ought to appoint a new independent trustee to oversee the trust, replacing anyone connected to former trustee Tamine. According to attorneys, Cayman Island-based trust specialist Maples Group has agreed to take on the job.

Entities owned by the Brockman trust control Reynolds and Reynolds, the provider of software solutions to auto dealerships which Brockman ran until his retirement last year. According to court documents, he and his attorneys are now focused on convincing prosecutors and court-appointed psychiatrists that he is suffering from dementia too far advanced to allow him to stand trial.

Source: Tax Attorney Facing Prison For Allegedly Helping Billionaires Robert Smith And Bob Brockman Dodge The IRS

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Digital Currency: Why Do Central Banks Want to Launch CBDC? – Goodreturns
[…] CBDC also aids government agencies in combating illegal activities such as tax evasion and bribery […]
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IRS Is Catching Crypto Tax Cheats Via John Doe Summons

In this photo illustration the cryptocurrency electronic...

The IRS is actively hunting for crypto tax cheats by demanding cryptocurrency exchanges release user information through “John Doe” summons. Once John Doe summons are issued, exchanges are legally required to release requested user information to the IRS. On March 30, 2021 a John Doe summons was issued to Kraken. On April 1, 2021, another John Doe summons was issued to Circle (owner of the cryptocurrency exchange Poloniex).

The John Doe summons issued to Kraken and Poloniex require exchanges to release user information from 2016 to 2020 on accounts with at least $20,000 in transaction value in any of those years. According to the IRS Commissioner Chuck Rettig, “The John Doe summons is a step to enable the IRS to uncover those who are failing to properly report their virtual currency transactions. We will enforce the law where we find systemic noncompliance or fraud.”

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You should pay your cryptocurrency taxes, but if someone wanted to avoid crypto tax…I guess this is how they would avoid the crypto capital gains tax. Sure, the taxation of cryptocurrency seems strange. But taxes on crypto are something that is going to happen when there’s so much money out there. 00:00 How to avoid crypto taxes 00:33 Avoid KYC Exchanges 04:06 Pay for things with crypto (from a non-KYC exchange) 06:12 Crypto Taxes 07:54 Bitcoin ATM 09:16 Sell your crypto on eBay 11:31 Crypto Shopping
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The IRS also believes that these summons will also encourage non-compliant crypto holders to be compliant with crypto taxes. “Tools like the John Doe summons authorized today send the clear message to U.S. taxpayers that the IRS is working to ensure that they are fully compliant in their use of virtual currency,” said Commissioner Rettig.

Usually, summons issued to crypto exchanges are followed by the IRS sending out tax notices to individuals under investigation. For example, last year the IRS sent out Letter 6173, 6174 and 6174-A to American taxpayers in the aftermath of a previous John Doe Summons issued to Coinbase.

Taxpayers who have properly filed their crypto taxes during the years under investigation (2016 – 2020), should not be concerned about these subpoenas. However, those who have failed to file crypto taxes should consider filing delinquent tax returns. If any cryptocurrency transactions were omitted or misreported in previous filings, taxpayers can also consider amending those returns after consulting with a qualified tax professional or cryptocurrency tax software.

Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

Shehan is the Head of Tax Strategy at CoinTracker.io (bitcoin & crypto tax software). He is one of the handful of CPAs in the country who is recognized as a real-world operator and a conceptual subject matter expert on cryptocurrency taxation. He is a CPE instructor who has been awarded with various awards: 2019 CPA Practice Advisor 40 under 40 accounting professionals, Outstanding Young CPA of the year & Among 21 accountants mentioned on Accounting Today who will be helping shape (and reshape) accounting in 2020 and beyond by Accounting Today

Shehan is a renowned speaker who has done speaking engagements with many organizations including Google, Coinbase, Lyft, AICPA, American Bar Association, and State CPA Societies.

Source: IRS Is Catching Crypto Tax Cheats Via John Doe Summons

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What are Security Tokens and Security Token Offering (STO)? | by Koma Live | Coinmonks | Mar, 2021
medium.com – March 31
[…] s vs x Crypto Copy Trading Platforms CoinLoan Review | YouHodler Review | BlockFi Review The Best Crypto Tax Software | CoinTracking Review Best Crypto Lending Platforms | Leveraged Token BlockFi vs Celsius | […]
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CryptoTrader.Tax — The #1 Crypto Tax Software
cryptotrader.tax – March 31
[…] Tax is the simplest and most reliable crypto tax software and calculator […] Rest assured that you are paying the correct amount and minimizing your crypto tax liability […] Get Started For Free Product Crypto Tax Calculator How It Works Reviews Pricing Tax Professional Suite Company Careers Accountant Directory […]
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Gaming On NEAR Protocol. This article is created to give you an… | by I for business | Coinmonks | Mar, 2021
medium.com – March 31
[…] s vs x Crypto Copy Trading Platforms CoinLoan Review | YouHodler Review | BlockFi Review The Best Crypto Tax Software | CoinTracking Review Best Crypto Lending Platforms | Leveraged Token BlockFi vs Celsius | […]
0
TRX Price Analysis: Uptrend Continues With Bullish Breakout to $0.10
kriptopsi.com – March 31
[…] 01 Apr 2021 Judge Hands Convicted Crypto Tax Evader 3-Year Sus […]
0
BNY Mellon Report Compares Bitcoin and Gold, Study Says ‘Gold Is the Only Globally Accepted Currency’
coincryptoexchanges.com – March 31
[…] 01 Apr 2021 Judge Hands Convicted Crypto Tax Evader 3-Year Sus […]
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Crypto and NFT Taxes – A Brief Guide —
odifinancial.com – March 31
[…] io/blog/crypto-tax-guide https://cryptotesters […]
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Fintech Focus For March 31, 2021
[…] 1099B is the standard for crypto tax […]
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CryptoTrader.Tax — The #1 Crypto Tax Software
cryptotrader.tax – March 31
[…] Tax is the simplest and most reliable crypto tax software and calculator […] Rest assured that you are paying the correct amount and minimizing your crypto tax liability […] Get Started For Free Product Crypto Tax Calculator How It Works Reviews Pricing Tax Professional Suite Company Careers Accountant Directory […]
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Koinly — Free Crypto Tax Software
koinly.io – March 31
Download your tax documents Whether you are filing yourself, using a tax software like TurboTax or working with an accountant. Koinly can generate the right crypto tax reports for you. Form 8949, Schedule D. If you are filing in the US, Koinly can generate filled-in IRS tax forms. Comprehensive tax report. Generate a full crypto tax report with all your long/short term disposals. Guaranteed to pass audits. View sample reports
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PayPal launches Crytocurrencies Hub, dance around touching butts themselves : Buttcoin
http://www.reddit.com – March 31
[…] fees (because the merchant isn’t touching butts either, of course) probably sales tax and crypto tax, whatever that may be And then PayPal may say “lol, irreversible” if theres a dispute, remember, no […]
0
Mini Bitcoin Futures, UK Crypto Tax Guide, Michael Jordan & NFTs + More News
cryptonews.com – March 30
Major derivatives marketplace CME Group said it will expand its suite of crypto derivatives with the introduction of a new Micro Bitcoin futures contract on May 3, pending regulatory review.
1
Lavinia D. Osbourne on LinkedIn: #cryptoasset #tax #taxplanning
Call it great timing, but further to my crypto tax and estate planning call yesterday, HMRC updated their #cryptoasset documentation regarding #ta […]
0
Defi Crypto Tax: Taxes for Crypto Lending, Loans, and More | TokenTax
tokentax.co – March 30
[…] given specific guidance for DeFI taxes, so this article bases DeFi tax treatment off of existing crypto tax guidance […]
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Sovos to Provide Automated Tax Information Reporting for Celsius Network in 2020 Tax Season and Beyond | News | wfmz.com
http://www.wfmz.com – March 30
[…] today announced that cryptocurrency P2P lending platform Celsius has selected Sovos for its 1099 crypto tax information reporting needs […] exchange platforms – such as Bitstamp, Paxos and BlockFi – that also use Sovos for high-volume crypto tax reporting […]
0
Understanding Different Cryptocurrencies | by Alexandra Martinez | Coinmonks | Mar, 2021
medium.com – March 30
[…] s vs x Crypto Copy Trading Platforms CoinLoan Review | YouHodler Review | BlockFi Review The Best Crypto Tax Software | CoinTracking Review Best Crypto Lending Platforms | Leveraged Token BlockFi vs Celsius | […]
0
Why the Form 1099B is emerging as a ‘gold standard’ for crypto tax reporting
A lack of standards on which forms exchanges need to send to the IRS has created additional headaches for all involved.
0
Crypto Video: Crypto Tax Experts Answer Everything About Crypto Taxes
[…] airdrops? How do I report DeFi income in my tax report?   Find out more about why these two top crypto tax experts came together for their crypto tax clients.   Why Did Crypto Tax Expert, Dennis Wohlfarth, Build The Accointing Platform And Why Partner With CryptoTaxAudit?   Crypto Tax Expert, Dennis Wohlfarth of Accointing […] com Founded By Crypto Tax Expert, Clinton Donnelly? And Why Partner With Accointing?   Crypto Tax Expert, Clinton Donnelly, CryptoTaxAudit […]
2
How to lower your taxes on Bitcoin: Alexis Leondis
[…] By Penny Crosman February 23 The main way now to defer crypto tax bills for 2020 is to invest in an opportunity-zone fund […]
1
Meeting Registration – Zoom
us02web.zoom.us – March 28
Meeting Register Page Meeting Registration  Microsoft (Outlook) Topic Crypto Tax & Estate Planning Description FREE WEBINAR: Many people are jumping into the crypto market […]
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New Crypto Tax Guidance To Be Issued By UK Tax Authorities Next Week
insidebitcoins.com – March 27
Tax guidances were updated back in December of 2019, and the crypto space has vastly changed within that small time frame, already.
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Good info for those who sold some Bitcoin this year, and concerned about Capital Gains Tax and the IRS. ⋆
http://www.reddit.com – March 26
[…] The main way now to defer crypto tax bills for 2020 is to invest in an opportunity-zone fund […]
1
Crypto Accounting Resources – Gilded
blog.gilded.finance – March 26
[…] The Ultimate Crypto Tax Guide – Tax isn’t our thing, but our friends at CryptoTrader […] Business – A learning series for businesses presented by Joey Ryan, CPA and Andrew Gordon, CPA and Crypto Tax Attorney Blockchain for Accountants – Webinar 1 – Our CFO Joey Ryan, CPA discusses what accountin […]
0
Crypto-focused software firm Lukka raises $53M in funding round
cointelegraph.com – March 26
[…] As the adoption of digital assets rises, many users have expressed their concerns about crypto tax management […] The firm is already providing crypto tax software to the fifth-largest accounting firm in the United States, RSM […]
6
IS STELLAR [XLM] GOING TO HIT THESE PRICE TARGETS??? Cryptocurrency Trading & Analysis 2021
http://www.bocvip.com – March 26
[…] on Coinbase //$$ Receive $10 in BTC when you sign up and purchase $10 in BTC with the link below: CRYPTO TAX PREPARATION (Use code “CRYPTOTAX10” for 10% off) ���� MERCHANDISE ���� �� // CONNECT WITH ME O […]
0
Crypto Tax Preparation! ZenLedger Vrs. Cointracker!
lumin8crypto.com – March 26
Watch the video: How are you planning to prepare your Cryptocurrency Capital Gains to file your taxes? The first year I had to file Capital Gains Tax with Cryptocurrency was for 2018. Every year putting together my taxes has been a painful, time-consuming event.
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Crypto Inflows Decline, Bitcoin’s Taproot Has A Date + More News ⋆
cryptonewmedia.press – March 25
[…] activity,” adding that it would continue to monitor the possible need for amendments to existing crypto tax laws […]
0
Crypto Inflows Decline, Bitcoin’s Taproot Has A Date + More News
cryptonews.com – March 25
[…] activity,” adding that it would continue to monitor the possible need for amendments to existing crypto tax laws […]
1
How to Calculate Taxes with Bitcoin Dollar-Cost Averaging?
blog.cointracking.info – March 25
[…] Follow our weekly AMAs on Twitter where our expert CPA, Sharon Yip answers your crypto tax questions […] or preparing your US tax returns, check out our CoinTracking Full Service, provided by a team of crypto tax professionals led by Sharon Yip, the export CPA who helped us put together these insights […]
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The Coin Detective
thecoindetective.com – March 25
Crypto Tax Preparation! ZenLedger Vrs. Cointracker! | Lumin8 Crypto By lumin8crypto.com on March 25, 2021 Watch the video: How are you planning to prepare your Cryptocurrency Capital Gains to file your taxes? The first year I had to file Capital Gains Tax with Cryptocurrency was for 2018. Every year putting together my taxes has been a painful, time-consuming event. In this vital video, I will talk with you about the […] Go to lumin8crypto.com
0
CryptoTrader.Tax — The #1 Crypto Tax Software
cryptotrader.tax – March 25
[…] Tax is the simplest and most reliable crypto tax software and calculator […] Rest assured that you are paying the correct amount and minimizing your crypto tax liability […] Get Started For Free Product Crypto Tax Calculator How It Works Reviews Pricing Tax Professional Suite Company Careers Accountant Directory […]
0
Potential Buyers Divided on the Wisdom of Spending Bitcoin on a Tesla
usanewslab.com – March 25
[…] Crypto Investors – Bitcoin & Crypto Taxes In US: When to Sell and When to Hodl – Japanese Crypto Tax Evader Hit with Year-long Jail Sentence
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Potential Buyers Divided on the Wisdom of Spending Bitcoin on a Tesla
cryptonews.com – March 25
[…] Crypto Investors – Bitcoin & Crypto Taxes In US: When to Sell and When to Hodl – Japanese Crypto Tax Evader Hit with Year-long Jail Sentence
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Crypto Tax Report Pricing | CryptoTrader.Tax
cryptotrader.tax – March 25
Crypto Tax Report Pricing Reports available from 2010 – 2020 […] Get Started For Free Money-Back Guarantee If you aren’t satisfied with your crypto tax report, we will refund your full payment […] Get Started For Free Product Crypto Tax Calculator How It Works Reviews Pricing Tax Professional Suite Company Careers Accountant Directory […]
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Welcome to CryptoTaxAudit
Defend Yourself From The IRS CryptoTaxAudit provides the most advanced tools available to protect yourself. From early audit warnings and IRS account statements to pre-paid audit defense and courses to do your own crypto tax return, we’ve got your back! Get Started
2
Blog | The Complete DeFi & Yield Farming Crypto Tax Guide | ZenLedger
March 23, 2021 The Complete DeFi & Yield Farming Crypto Tax Guide Our DeFi crypto tax guide breaks down how all DeFi transactions are taxed including yield farming, lending, wrapping, liquidity pools, governance tokens, and more.
1
Swan Bitcoin Tax Forms | CryptoTrader.Tax
cryptotrader.tax – March 23
[…] In this guide, we discuss how you can generate your necessary crypto tax forms from your Swan Bitcoin transaction history […] Tax To automatically generate your necessary crypto tax forms from your Swan Bitcoin transaction history, you can simply import the file into you […] Tax automates the crypto tax reporting process right here […]
0
EY launches cryptocurrency tax calculator for US customers
blockchaintechnology-news.com – March 23
[…] Individuals can use the calculator to streamline and automate their crypto tax processes in one centralized location,” said Michael Meisler, the leader of EY’s Cryptocurrency Tax […] individuals with a centralised management technology to simplify the challenges associated with crypto tax,” added EY global blockchain leader, Paul Brody […]
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Experts say new South Korean crypto rules will create a monopolized market
cointelegraph.com – March 23
[…] swath of new compliance requirements for crypto firms, South Korea will also implement a new crypto tax rule in the future, due to come into effect in January 2022 […]
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Navigating the World of Crypto Tax Reporting | Whitepaper | CPA.com
http://www.cpa.com – March 23
Navigating the World of Crypto Tax Reporting Crypto assets have swiftly emerged as a new presence in many clients’ portfolios […] If you haven’t already encountered crypto tax reporting needs from your clients, you probably will soon […] educate and inform the profession on the emerging role they play in ensuring client compliance on crypto tax, including: The current crypto asset landscape Key challenges in crypto tax reporting The CPA’s role as strategic advisor Critical attributes of crypto-focused technolog […]
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ProBit Exchange Remains One of the Last Korean Exchanges Standing Following ISMS Certification Approval | by ProBit Exchange | ProBit Exchange | Mar, 2021
medium.com – March 23
[…] Law officially went into effect on March 17, 2021, and represents the first implementation of crypto tax measures as well as guidelines covering operations between validated VASPS and commercial banks […]
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BIG NEWS & OUTLOOK FOR RIPPLE (XRP) PRICES AND SEC LAWSUIT!!!
http://www.bocvip.com – March 23
[…] on Coinbase //$$ Receive $10 in BTC when you sign up and purchase $10 in BTC with the link below: CRYPTO TAX PREPARATION (Use code “CRYPTOTAX10” for 10% off) ���� MERCHANDISE ���� �� // CONNECT WITH ME O […]
0
NFL Star & Penn Professor Brandon Copeland — Tackling Financial Education Through “Life 101” | by Ryan Zauk | Wharton FinTech | Mar, 2021
medium.com – March 23
[…] has a Telegram chat where Brandon and the community engage each day to talk about market events, crypto, tax strategies, the news, and most importantly, help each other with Q&A […]
1
Crypto Taxes: Bitcoin Investors Get An Additional Month To File From IRS
[…] Related Reading | If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS For those that have bought Bitcoin, but done nothing but hold, you’ve got nothin […] who needs to report what, but there’s no substitute for advice from a certified CPA who understands crypto tax law […]
3
What are Smart Contracts? | Definition and explanation | by Lukas Wiesflecker | Coinmonks | Mar, 2021
medium.com – March 22
[…] s vs x Crypto Copy Trading Platforms CoinLoan Review | YouHodler Review | BlockFi Review The Best Crypto Tax Software | CoinTracking Review Best Crypto Lending Platforms | Leveraged Token BlockFi vs Celsius | […]
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IRS Guidance On Cryptocurrency For 2021 – Crypto Taxes U.S.
accointing.com – March 22
[…] the smoke and mirrors of the new FAQ that creates more questions than answers when it comes to your crypto tax return […]     Related Reading: Crypto Tax Expert details IRS Cryptocurrency Timeline What Is The Hierarchy Of The IRS Guidance?  It’ […] Related Reading: 3 Reasons Why Crypto Traders Should Have Crypto Tax Audit Defense CryptoTaxAudit […]
5
Crypto.com Unveils Crypto Tax Feature for Canada
Advancing in its mission to facilitate global crypto adoption as well as foster the transition from fiat to cryptocurrency, leading cryptocurrency exchange Crypto.com has unveiled a new feature that makes it easier for Canadians to file crypto taxes.
1
WILL THETA (THETA) CRYPTO PRICES CONTINUE HUGE BULLISH RUN??? Cryptocurrency Analysis & Trading
http://www.bocvip.com – March 22
[…] on Coinbase //$$ Receive $10 in BTC when you sign up and purchase $10 in BTC with the link below: CRYPTO TAX PREPARATION (Use code “CRYPTOTAX10” for 10% off) ���� MERCHANDISE ���� �� // CONNECT WITH ME O […]
0
Why SPACs Succeed
[…] Defi Crypto Tax: Taxes for Crypto Lending, Loans, and More < https://tokentax.co/guides/defi-crypto-tax/ > […]
0
Crypto.com Unveils Tax for Canada Feature
[…] CO/VCNZTABJOG TAX FOR CANADA ���� ✍️ SIMPLIFY CRYPTO TAX FILING �� 100% FREE-OF-CHARGE AND SUPPORTS MULTIPLE WALLETS/EXCHANGES ✅ SPECIFICALLY DESIGNED FO […] Notably, the new feature will enable users in Canada to get accurate, detailed, and organized crypto tax reports, including transaction history as well as records of capital gains and losses […] com Tax for Canada service, one Twitter user, Thomas, described the new crypto tax tool as an amazing addition […]
1
Demystify the dark forest on Ethereum — Sandwich Attacks. | by Liyi Zhou | Coinmonks
medium.com – March 21
[…] FTX Crypto Exchange Review The Best Bitcoin Hardware wallet Crypto Copy Trading Platforms The Best Crypto Tax Software Best Crypto Trading Platforms Best Crypto Lending Platforms Ledger vs Trezor Bitsga […]
1
Cryptocurrency Tax Software | Crypto Tax | TokenTax
tokentax.co – March 20
TokenTax has been rated best software for calculating and filing your crypto taxes. Connect any exchange, track your gains, and automatically create your tax forms.
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DeFi Crypto Tax Guide (2020) | CryptoTrader.Tax
cryptotrader.tax – March 20
In this article, we dive into these questions and share the fundamentals of DeFi taxes as they relate to lending, borrowing, yield farming, liquidity pools, and earning.
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