Since they don't teach proper history in school anymore, a discussion on how totalitarian rule begins has been eliminated or is just used as a footnote somewhere along the line. But to those of us who do like to learn from history, there are two things that precede dictatorships - even those that pretend to be democracies. Those two things are:
Virtual currency is a digital representation of value, other than a representation of the U.S. dollar or a foreign currency ("real currency"), that functions as a unit of account, a store of value, or a medium of exchange.
-IRS
While virtual currency has been around since 2009, it has become better know over the last couple of years. Although there are now dozens of them, some of the most popular names are bitcoin, ethereum, dogecoin and litecoin.
All convertible currency such as cryptocurrency is considered a capital asset for most taxpayers. You invest in virtual currency in the hopes that it will increase in value.
The price of a cryptocurrency is based on one unit, and the pricing is based on the per-unit value, which goes up and down just as a unit of stock would on a stock exchange.
Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases, the money raised through crowdfunding is solicited by crowdfunding organizers on behalf of other people or businesses. In other cases, people establish crowdfunding campaigns to raise money for themselves or their businesses.
Some identity thieves use taxpayers' information to file fraudulent tax returns. By requesting Identity Protection PINs from the Get an IP PIN tool on IRS.gov, taxpayers can prevent thieves from claiming tax refunds in their names. Seeing that it is free, this is a no brainer.
The Social Security Administration has just released a streamlined process for obtaining standard replacement Social Security Cards for lost cards; however, if you need to make a change to your card (name change, etc.) you cannot use the new process.
To utilize this new feature, constituents must have a valid, unexpired US driver’s license or state id, a working web camera, a valid email address to receive a Microsoft Teams invitation, and a computer. Participants must download Teams prior to their scheduled appointment with a Social Security Administration representative. To set up an appointment and use this feature, please call 1-888-397-5325.
As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt. These businesses, often called Offer in Compromise mills, make huge claims about reducing unpaid taxes for pennies on the dollar. Unfortunately, these companies sometimes don't deliver and charge large fees.
An Offer in Compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. The offer program gives eligible taxpayers a path toward paying off their debt when they otherwise couldn't or would face financial hardship.
From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a business.
According to a Government Accountability Office report, in 2018, there were 2,148 law enforcement officers working for the IRS’s Criminal Investigation Division. They were armed with 4,461 weapons, including 15 fully automatic weapons and more than 5 million rounds of ammunition.
The division investigates “potential criminal violations of the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the tax system and compliance with the law.”
WHT do they need machine guns and 5 million rounds to do THAT? This year alone, the IRS has purchased $725,000 worth of ammunition!