Virtually Nobody Is Reporting Crypto Profits To The IRShttps://t.co/CWtbJDZrXP
— Infinite Unknown (@SecretNews) February 13, 2018
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The same day Bitcoin cracked its all-time high above $11,000, the government dealt its first blow to the crypto world…
On Wednesday, a federal judge in San Francisco ordered the popular Bitcoin exchange, Coinbase, to provide the IRS with information on over 14,000 account holders.
The taxman noticed that only 800-900 people reported gains related to Bitcoin in each of the years between 2013-2015. It seemed unusual given Bitcoin’s meteoric rise.
So the IRS went for its pound of flesh.
The American Center for Law and Justice (ACLJ) has won a years-long legal battle against the Internal Revenue Service in which the agency admitted that it wrongfully targeted Tea Party conservatives, during the Obama Administration, specifically because of their political viewpoints.
In issuing an “apology” to the clients represented by the ACLJ, the IRS admitted that it was wrong to use the United States tax code simply because of an entity’s name.
They also admitted the bombshell fact that this discrimination happened specifically because of the applicants political viewpoints. Keep in mind the fact that the mainstream media has spent years telling the American people that this didn’t happen.
In other words, outlets such as The Washington Post, CNN, and The New York Times directly lied to their readers and viewers to protect a Democratic president whose administration was openly breaking the law.
On top of an admission of guilt, the IRS apology also included:
The Inspector General for Tax Administration has discovered that under Commissioner John Koskinen, the Internal Revenue Service re-hired 212 employees it had previously fired for offenses including tax evasion, theft, and abuse of taxpayer data.
The title of the report makes it clear that the IRS “continues to rehire former employees with conduct and performance issues.” The inspection was requested by a U.S. Senator, who is not named in the report, although Senator Richard Burr (R-NC) introduced legislation to block the agency from rehiring such employees shortly after the report was released.
H/t reader kevin a.
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H/t reader squodgy:
“Looks about right. How cheeky/naive of them to assume they’d avoid paying taxes to our bankster masters…Tut tut tut.”
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The IRS seized millions dollars from innocent individuals and businesses because it was easier than targeting terrorists and drug dealers, a new report from the Treasury Department’s internal watchdog has revealed.
A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals and terrorists.
Having just filed his 2016 taxes, a Zero Hedge reader submits the following bizarre story.
On January 20, the reader filed his Federal tax return using Tim Geithner’s favorite TurboTax software, which the IRS formally accepted three days later, on January 24. One week later, on January 31, the IRS made an automatic deposit into the reader’s bank account, who then used the refund to pay down his credit card debt the very next day.
This is when things turned bizarre, because as our readers writes, just two days later, without warning, on orders of the IRS his bank empties out the bank account handing over its contents to the IRS:
“the IRS emptied our bank account February 3, 2017 for erroneous refund with no notice! (please see attached letter).
The passport provision is now official, as President Obama signed the 5-year infrastructure spending Bill. It adds a new section 7345 to the Internal Revenue Code. It is part of H.R. 22 – Fixing America’s Surface Transportation Act, the “FAST Act.” Why are passport covered in the tax code, you might ask? The title of the new section is “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The idea goes back to 2012, when the Government Accountability Office reported on the potential for using the issuance of passports to collect taxes.
It was controversial then, but this time sailed through, slipped into the massive highway funding bill, passed here. The section on passports begins on page 1,113. The joint explanatory statement is here, beginning on page 38. The law says the State Department can revoke, deny or limit passports for anyone the IRS certifies as having a seriously delinquent tax debt in an amount in excess of $50,000. Administrative details are scant. It could mean no new passport and no renewal. It could even mean the State Department will rescind existing passports.
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