Mo Money Mo Problems: Backup Planning for Bitcoin Bros The combination of zealous politicians and the IRS getting serious about collecting taxes on cryptocurrency gains means trouble for unprepared clients.
David Lesperance | Apr 05, 2021
In 1996, the Notorious B.I.G. released what was to become his post-humous classic rap single: “
Mo Money, Mo Problems.”
In 2009, Bitcoin was released to the world at the now-astonishing price of 10,000 Bitcoin for two Papa John’s pizzas. Given the current price of those pizzas is $15, then each of those coins would have been worth $0.15 cents. And over the last year the values of Bitcoin and other cryptocurrencies have skyrocketed. At the time of writing, each one of those original Bitcoins would be worth $59,325, with the 10,000 being worth almost $600 million.
IRS Lawsuit To Get Crypto Account Holder Information Signals It Is Time For Kraken Crypto Account Holders To Get Taxes In Order forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Earlier this week, Tesla Inc (NASDAQ: TSLA) announced that customers could now buy a Tesla with Bitcoin (CRYPTO: BTC), but Ark Invest s Cathie Wood isn’t so sure investors should use it as a means of payment.
What Happened: In a webcast hosted by CBOE, Wood said that those that. Read More.
Criminal and Civil Enforcement of PPP Loans natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
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Under President Biden s administration, wealthy individuals
may face a much greater risk of getting audited by the IRS. The
president s agenda is reflected in recent legislation
introduced by Democratic lawmakers to expand the IRS s audit
capabilities as part of a broader tax overhaul. The focus on
high-wealth taxpayers is also reflected in the IRS s
announcement of new campaigns launched by the Large Business and
International ( LB&I ) division targeting high-wealth
individuals with especially complex tax returns and a campaign
launched by the Small Business/Self-Employed division targeting