Many of you have been asking me what I think of this, so let’s review the latest IRS Letter Ruling, 2019-24: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions Although I haven’t been able to locate this in the Federal Register, maybe someone else is better at searching it than me. The following has always been my premise on the matter and […]
The IRS is now sending letters to try and scare and trick people into responding or reporting cryptos when they are not reportable. It’s a form letter, Form 6174 titled “Reporting Virtual Currency Transactions”. This is nothing but a sales letter. It begins with, “We have information that you have or had one or more […]
In the late nineties I began “re-organizing” assets and income for people and small businesses having both large debt and large windfall situations. Referring to myself as “I”, is just for convenience, and many of you know my organization as Singleton Press, PMA (a private membership association). These strategies were part of various solutions that […]
Many of us are anticipating substantial windfalls on this next crypto-rally near August and September, and we have a need to take short term profits, but not with $20,000. Many of us need a way to manage $10,000,000 or more. It’s easy enough to go into a stable coin, but the adage of never put […]
Listen to my latest conference call on this subject: December 20th 2018 Receiving a 1099-K and How to Avoid the Taxes https://fccdl.in/w4Uh0GXJTr Did you know that transactions between crypto-currencies are not re-portable by the exchanges in which they are held. The 1099-K is deliberately erroneous so that people will mistakenly include the information on their […]
Imagine for a moment that we had a taxing framework and did impose taxes upon the use and ownership of crypto-graphic currency. As all income tax systems operate, anywhere in the world, the taxpayer is the owner of the thing being taxed. We all understand very well that if we don’t own it, we don’t […]