Class 5: Blockchain Technology & Cryptocurrencies technology and you

Just buy $algo and forget about it. This thing will blow!

One word: Dogecoin 🙂

The IRS recently released new guidance about virtual currency—the first in 5 years—which mainly dealt with whether taxpayers have gross income from two cryptocurrency events: hard forks of cryptocurrency the taxpayer owns and an airdrop of a new cryptocurrency following a hard fork, if the taxpayer receives units of new cryptocurrency. If you own virtual currency, no matter whether these terms sound like a foreign language to you or you are familiar with them, you may need to account for these events on your tax return for the year when they occur. As a crypto investor, you face significant risks regarding taxation and the IRS. These risks can be mitigated, however, with the help. Most accountants have no clue. Lance Wallach receives hundreds of calls for help. Google him and your advisor. WHO do YOU trust? 516-236-8440

Since micro-captive insurance companies were placed on the IRS “Dirty Dozen” list of tax scams in 2014 and identified as a transaction of interest in 2016, the IRS has continued to expand its enforcement efforts of what it views as abusive micro-captive insurance arrangements.

The IRS has been gathering information on taxpayers and instituted a new virtual currency compliance program in 2019. Here is an excerpt from one of their notices:

“We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.”

New IRS Notice 6174-A

The IRS clearly sees noncompliance on virtual currency transactions as a threat to the tax system.

As if the onslaught of recent losses in Tax Court was not enough, investors in syndicated conservation easements now have more to worry about. On August 25, 2020, the Senate Finance Committee released a bipartisan report condemning syndicated conservation easements as abusive and encouraging the IRS to take further action to ferret out such abuses.

Lance Wallach has received hundreds of calls, 516-236-8440 to fight IRS and sue the promotors of conservation easement, captive, and cryptocurrency plans. Google him and your advisor, who do YOU trust? Wallachinc@gmail.com

Gold, Silver, or Money, as Prof. Gary Gensler stated, are only a symbol as a devise for exchange. All follow the basic law of supply and demand. Imagine your wake up in the morning and everyone do not want gold, silver, or money. If there is no demand, then how much is it worth? Can it still be a symbol as a devise for exchange?

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