Monthly Archives: March 2014

The Bitcoin Taxman Cometh

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“At least one entrepreneur sees opportunity here that would take advantage of the public nature of Bitcoin activity. ‘Accountants are going to want a very accurate transaction history and value of Bitcoin at the time it was purchased and used or sold,’ says Jake Benson, 25. At least one Bitcoin tax service — Bitcointaxes.info — invites users to manually enter their Bitcoin trades to calculate taxes, or to import it their trading activity from their chosen wallet service, such as Coinbase, Bitstamp or (eek) Mt. Gox. Founder Colin Mackie, a Seattle-based software engineer, started the service after he realized he needed it himself.”

http://www.forbes.com/sites/kashmirhill/2014/03/25/bitcoin-taxman-cometh-this-start-up-wants-to-help-crypto-investors-pay-the-irs/

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Bitcoin Currency Use Impeded by IRS Property Treatment

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“The Internal Revenue Service’s decision to treat Bitcoin as property will make tax consequences part of every transaction involving the virtual currency.  So much so that Bitcoin users and analysts say the IRS guidance announced yesterday complicates people’s ability to use it as a currency.  The IRS, faced with a choice of treating Bitcoins like foreign currency or property, chose property. Exchanging Bitcoins for goods, services or dollars will generate taxable income or losses, depending on what the Bitcoin investor paid.  Purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of gross income for the coffee shop.”

http://www.businessweek.com/news/2014-03-26/bitcoin-currency-use-impeded-by-irs-property-treatment-taxes

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Governments Worldwide Adopting FATCA Style Legislation

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“Russia’s Ministry of Finance (Minfin) published last week draft amendments to the nation’s Tax Code relating to the taxation of foreign companies controlled by tax residents of Russia. It is basically the Russian version of FATCA – an all-encompassing tax regime aiming to bring Revenue to the Russian government via legal corporate and investment entities outside of Russia. They even have a name for this new regime: ‘de-offshoring.’  China has also pledged to make international efforts to fight ‘tax base erosion and profit shifting’ by moving funds to low-tax jurisdictions.  This is all part of the G20’s pledge to combat the global practice of shifting funds to low-tax jurisdictions to evade taxes.”

http://dollarvigilante.com/blog/2014/3/24/governments-worldwide-adopting-fatca-style-legislation.html

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US Citizen? No Foreign Bank Account For You!

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“Banks around the world are turning away US passport holders, ‘No bank account for you!’ But you don’t even have to do anything wrong other than having been born a US citizen.  Decades ago holding a US passport was a ticket to worldwide opportunity.  Today it is nearly the opposite. First it started with the erosion of the US’s reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.  Faced with draconian penalties, countless banks worldwide are deciding it is easier and safer to just turn away all US customer business.”

http://dollarvigilante.com/blog/2014/3/25/us-citizen-no-foreign-bank-account-for-you.html

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Frenchman Persecuted for Mentioning Bitcoin in a Conversation

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“He planned to land in London Heathrow, United Kingdom less than in 3 hours. Boarding time has passed unnoticeably during an informal conversation with his friend.  Both have never thought that there might be prohibited topics not to be touched on in a chat. The friend of Ethève was willing to know more about Bitcoin, from someone competent. Pierre Ethève has never hidden the fact he was a Bitcoin enthusiast as it is no crime or plague.  The conversation has evolved during the individual control, when Pierre Ethève was asked to proceed for a detailed examination. Finally, the person in charge of the process of BAU claimed:  ‘You’re under arrest, come with me.'”

http://cointelegraph.com/post/frenchman_persecuted_for_mentioning_bitcoin_in_a_conversation

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IRS employee brought home ‘sensitive’ data on 20,000 individuals

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“An Internal Revenue Service employee took home an unencrypted thumb drive containing ‘sensitive’ data about thousands of agency current and former employees in 2007, IRS Commissioner John Koskinen on Tuesday. The agency stressed that the incident was not a breach of their security system but a single employee erroneously connecting the thumb drive onto a home computer. The data does not contain ‘general taxpayer information or records,’ the IRS said in a statement.”

http://www.politico.com/morningtax/0314/morningtax13340.html

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UK tax office to get power to raid bank accounts without court order

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“At the moment, if HMRC want to seize your property or cash, they have to take you to court, win and then get a court order. Now, after a couple of warning letters and a phone call, they apparently can do it at the flick of a switch. Crucially, there’s no safeguard built into this system – where’s the appeal process?  To repeat, if HMRC decide you owe them cash, they just take it. If you haven’t managed to reach agreement with them, then you’ll just wake up one morning, check your bank account, and find the money’s gone.  We’re told that ‘a minimum of £5,000 will be left across debtors’ accounts.’ That’s a very low threshold – especially for a business or a pensioner.”

http://blogs.telegraph.co.uk/technology/willardfoxton2/100012871/did-you-spot-this-budget-gives-hmrc-power-to-raid-your-bank-account-like-wonga/

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Aggressive Police Tactics Threaten Innocent Citizens

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“The reason for the raid? Barbering without a license.  And if you think that’s insane, consider that U.S. SWAT teams have repeated this sort of outrage while raiding a DJ’s studio to enforce copyright law, a private home in search of stolen koi fish, a meeting of Buddhist monks suspected of overstaying their visas, an Amish dairy farm for selling unpasteurized milk, a private poker game … and an animal shelter in search of a baby deer (which they then killed).  Welcome to The Land of the Free, folks, where you are eight times more likely to be killed by a police officer than by a terrorist.  It’s starting to look like there is only one sure solution to this madness.”

http://thesovereigninvestor.com/2014/03/26/aggressive-police-tactics-threaten-innocent-citizens/

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89% of Venetians vote to secede from Italy, form independent state

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“Inspired by Scotland’s separatist ambitions, 89% of the residents of the lagoon city and its surrounding area, opted to break away from Italy in an unofficial ballot.  The proposed ‘Repubblica Veneta’ would include the five million inhabitants of the Veneto region and could later expand to include parts of Lombardy, Trentino and Friuli-Venezia Giulia.  The 1000 year–old democratic Serenissima Repubblica di Venezia was quashed by Napoleon and was subsumed into Italy in 1866.  Wealthy Venetians, under mounting financial pressure in the economic crisis, have rallied in their thousands, after growing tired of supporting Italy’s poor and crime ridden Mezzogiorno south, through high taxation.”

http://www.dailymail.co.uk/news/article-2586531/Venice-votes-split-Italy-89-citys-residents-opt-form-new-independent-state.html

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Marijuana Sector Update – March 24th, 2014

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“GreenGro Technologies (GRNH) announced the private placement of $875,000 to fund pipeline growth including its Vertical Hydrogarden stores and a greenhouse project. Shares of the small $68 million firm were down marginally by 1.7% over the week.  GrowLife Inc (PHOT) and Vape Holdings (VAPE) announced a joint venture to fund research and development of technology for pharmaceutical grade extractions. Vape Holdings is expected to provide process technology and concentrate formulas while GrowLife will supply equipment manufacturing. The two companies have yet to negotiate the terms of the agreement, expected to be executed on or before April 20, 2014.”

http://www.thedailybell.com/market-commentary/35146/Marijuana-Sector-Update–March-24th-2014/

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