White House Petition to AMEND IRS NOTICE 2014-2 Taxing virtual currency/Bitcoin
In response to the IRS announcing how they will treat Bitcoin and virtual currencies for tax purposes a petition to the White House, has been started to get it amended. This is Due to the overly burdensome way miners would have to keep track of earnings and unclear procedures for doing so. The petition has just been started, so it needs lots of signatures to get looked at by the White House and taken seriously. Here is what the petition states. WE PETITION THE OBAMA ADMINISTRATION TO: AMEND IRS NOTICE 2014-2Taxing virtual currency/bitcoin as property stifles new technology & creates....
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A petition to amend Internal Revenue Service (IRS) Notice 2014-2 - the new guidance released on 25th March that announced digital currencies would be treated as property for tax purposes - has been filed on WhiteHouse.gov. Managed by the presiding presidential administration, the official website of the White House allows for the filing of public petitions on all manner of subjects, from whether Election Day should be a designated holiday, to whether Alaska should secede from the US and join Russia. Petitions that cross a certain threshold of signatures then generally garner a White House....
A longshot effort from the community hopes to solicit an official White House response As token prices plunge and Ripple prepares for court, a band of XRP enthusiasts have rallied around a petition that may force a White House statement on the recent SEC lawsuit alleging Ripple conducted an unregistered securities offering. A petition filed on the White House-run We the People website titled “We the People ask the federal government to deem XRP, the virtual currency, a currency,” has now crossed 10,000 signatures. Created by the Obama administration in 2011, We the People allows users to....
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A French parliament member has signed a petition to amend the laws to enable the central bank of France to buy and hold bitcoin as well as other cryptocurrencies. The petition urges lawmakers to urgently consider the matter, warning that not owning bitcoin will put France “in a financially weak position within 5-10 years.” Petition to Allow Central Bank to Buy Bitcoin Jean-Michel Mis, a member of the French National Assembly, the lower house of parliament, announced in a tweet Friday that he has signed a petition to amend the laws to enable the Banque de France, the....
The IRS released a technical notice this week which definitively affirmed Bitcoin's taxability in the United States and clarified how transactions involving Bitcoin and other so-called virtual currencies should be reported by US taxpayers. Notice 2014-21 declared that bitcoins should be treated as property, not as currency, echoing guidance provided by taxing authorities in most other western countries. Other matters addressed by this notice include the following:· Mined bitcoins are taxable as ordinary income at the time of receipt, not at the time of conversion to dollars. · Profits from....