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RE: Visiting Local Bitcoin Businesses

in #politics7 years ago (edited)

Hi, welcome to Steemit.

Unfortunately, Washington (through Internal Revenue Service) has already decided to tax cryptocurrencies through Notice 2014-21. Of course this Notice carries much less than the full weight of a Congress-enacted Internal Revenue Code Section, so there is still time to fix the situation. There is already one piece of legislation floating around to limit adverse impacts of minimal personal crypto transactions, but regardless the people need some action ASAP through concrete relief and more guidance (forks!?).

The IRS Notice is short and to the point and does not address many of the complexities in crypto currency transactions. But when the dollar amount of the crypto currency market capitalization keeps increasing every day more than $150 billion I just get nervous that the IRS will eventually come down on unprepared people with wrath of fury. That was the inspiration for me to come out to this platform and try to educate people about the (very) general tax considerations. I hope that you/your economics team might find some of my educational materials useful while you are continuing brainstorming ideas for preventing government over-regulation of crypto currency.

Good luck!