Inspector General: IRS Needs to Overhaul Bitcoin Tax Strategy
The US Internal Revenue Service needs to overhaul its strategy for bitcoin and other digital currencies, the agency's inspector general (IG) warned in a report released today. Originally prepared by the Treasury Inspector General for Tax Administration (TIGTA) in September, the report casts a gloomy portrait of the US tax agency’s efforts to oversee and tax digital currency transactions. According to the TIGTA, there is "little evidence" that US tax officials have moved to create a broader, more cohesive strategy in the two-and-a-half years since the agency declared its intention....
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The Federal Deposit Insurance Corporation or FDIC, a federal agency that provides deposit insurance to depositors in US banks, has recently faced mounting pressure to address the potential risks arising from the volatile world of cryptocurrencies. The Office of the Inspector General, responsible for overseeing the FDIC, issued a report on Wednesday emphasizing the urgency […]
The US Internal Revenue Services, IRS, has agreed to three key recommendations made by the US Treasury Inspector General for Tax Administration (TIGTA), which may introduce changes to virtual currencies such as Bitcoin. The currencies are presently used for tax purposes, especially by businesses in the US, according to a newly released tax review report. The TIGTA now views virtual currencies - especially Bitcoin which it says controls 82 percent of the entire virtual currency market - as allowing taxpayers to pay for goods and services in the same way as traditional currencies. The review....
Dear Washington DC, It has recently come to my attention that you've misplaced anotherSIX BILLION DOLLARS. This time it was the State Department. Where did it go? The Washington Times reports the Inspector General'saudit uncovering the details that look like gross mismanagement or corruption. Although uncovering mismanagement and fraud is the department's job it can also be politically dangerous. AngryDemocrats turned on this same Inspector General following their report about possible use of the IRS as anintimidation tool to benefit the Obama election. Washington, we've seen this before.....
A former employee of the Federal Reserve Board of Directors has fined $5,000 and put on probation after being caught mining bitcoins on a server owned by the US central bank. The Fed’s Office of the Inspector General said today that Nicholas Berthaume, who previously worked as a communications analyst for the board before being fired in light of the incident, had been placed on 12 months of probation after accepting a plea deal on 27th January. He plead guilty to one count of unlawful conversion of government property, a misdemeanor. Court documents show that Berthaume, who was indicted....
According to various sources, a Federal Reserve employee was caught using the central bank’s internet server to mine bitcoin. Nicholas Berthaume, who worked for the Federal Reserve Board in Washington, was sentenced to a year of probation and fined $5,000 for using unauthorized Bitcoin software on a federal server. Fed Employee Mines Bitcoin Using the....