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| March 25, 2018

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Left in a Bush, She Uncovered Her Parents 80 Years Later

March 25, 2018 |

It’s a seemingly unsolvable mystery that has been solved, partially, some eight decades later: What were the origins of a 9-month-old girl abandoned, with her hands tied in front of her, in a blackberry bush in Worthing, England? That Anthea Ring survived is thanks to Margaret Dodd, a British mother…

Fiancee denies fondling infamous ‘Shawshank’ escapee, saying she was checking for ‘lump in his groin’ instead

March 25, 2018 |

The fiancé of convicted murder David Sweat, who became famous for his “Shawshank Redemption”-style escape from a prison, has denied engaging in sexual acts with the inmate during a visit, instead saying she was checking for a “lump in his groin area.”
FOX News

Zoo Unravels Mystery of Lioness Who Sprouted a Mane

March 24, 2018 |

Lab results have revealed the answer to a mystery at an Oklahoma zoo: Just what caused a female lion to sprout a mane. The Oklahoma City Zoo says in its March newsletter that testing at the University of Tennessee found the African lioness named Bridget has an elevated level of…

IRS Reminds Taxpayers to Report Virtual Currency Earnings

March 24, 2018 |

IRS Reminds Taxpayers to Report Virtual Currency Earnings

The United States Internal Revenue Service (IRS) recently published a document reminding taxpayers that income derived from virtual currency transactions must be reported on income tax returns. The IRS states that taxpayers who fail to report virtual currency earning may be audited or made liable for “penalties and interest.”

Also Read: Bitcoin Adoption Grows in Ugandan Capital City of Kampala 

IRS Reminds U.S Crypto Investors of Tax Obligations

With the U.S tax deadline of April 17 fast approaching, the United States Internal Revenue Service has sought to remind citizens profiting from virtual currency transactions of their looming tax obligations.

The IRS states that “Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency.” The regulator notes that “Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.”

Undisclosed Crypto Income May Incur Penalties

IRS Reminds Taxpayers to Report Virtual Currency EarningsThe IRS states that “income from virtual currency is reportable on […] tax returns,” adding that “Virtual currency transactions are taxable by law just like transactions in any other property”. Should taxpayers fail to accurately report income earned in the form of virtual currency “can be audited for those transactions and, when appropriate, can be liable for penalties and interest”.

The IRS states that in “extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.” Said criminal charges “could include tax evasion and filing a false tax return”. The IRS added that “Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $ 250,000,” and “Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $ 250,000.”

Due to its tax status as property, “virtual currency is subject to information reporting to the same extent as any other payment made in property” in the U.S.

Do you think that the U.S tax regime for cryptocurrencies is fair? Share your thoughts in the comments section below!

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The post IRS Reminds Taxpayers to Report Virtual Currency Earnings appeared first on Bitcoin News.

Bitcoin News


Police officer wounded in France attack dies

March 24, 2018 |

A French police officer who asked a gunman to let him take the place of a hostage in a supermarket attack has died. – RSS Channel – World


DJ Paul Says We Need Guns to Protect Ourselves in the Future

March 24, 2018 |

DJ Paul has a very dark and scary vision of our future, which is why he says we need guns … including assault rifles. We got the Memphis rapper at LAX Saturday and asked him about gun control, the hot-button issue of the day with March for Our…

United Airlines’ favorability rating was rebounding until dog died in overhead bin

March 24, 2018 |

United Airlines’ reputation is in the dumpster following yet another customer-service blunder, but the good news for the carrier is that the fallout is not as bad as last time.

United has worked hard to rebuild its reputation after security agents dragged a passenger off a flight to Louisville,…

L.A. Times – Business

Stocks End Worst Week in Years

March 24, 2018 |

U.S. stocks suffered their worst week in more than two years, signaling mounting investor anxiety over whether factors from restrictive trade policies to rising interest rates could disrupt the nine-year bull market. What’s News Asia

Russia: Asking for OK Before Taking Organs Is ‘Inhumane’

March 24, 2018 |

At least two lawsuits filed at a top European court claim Russia violated Europe’s Human Rights Convention by removing organs from the recently dead without telling relatives. Russia’s response: Asking relatives’ permission would be “inhumane.” Documents provided to the AP detail how Russia is fighting charges over the way it…

In the World’s Most Crowded City, the ‘World’s Worst Job’

March 24, 2018 |

New York is America’s most crowded city , at about 27,000 people per square mile. That’s downright airy compared to Dhaka, Bangladesh, which ranks as the planet’s densest city at 115,000 people per square mile. And as the Guardian reports, it’s not just overflowing with people. Dhaka has a…