The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label irs. Show all posts
Showing posts with label irs. Show all posts

Friday, April 7, 2017

As we get closer to tax day in the U.S., the IRS is paying close attention to Bitcoin traders paying their due

Tax day in the U.S. this year is April 18, and ironically it is on a Tuesday rather than Monday because of the recognition of 'Emancipation Day' on the 17th.  However this emancipation is tied to Lincoln's proclamation freeing the slaves back in 1863 rather than every American's emancipation from having to pay income tax or the myriad of other onerous government obligations.

Which brings us to the newest tax that must be paid by individuals who have conducted either commerce, or trade in the crypto-currency known as Bitcoin.  In a ruling by a Federal district court back in 2014, Bitcoin was deemed to be a security rather than money, and as such is to be taxed the same way one does with property.  Ie... if you made a profit from the difference when you bought and sold Bitcoin, you are required to pay taxes on those profits, and record it in your tax return.

Image result for taxes on bitcoin

Image use courtesy of Michael Carney/pondodaily
When you file your taxes this year, your accountant might ask if you own any bitcoin.
The popular digital currency recently hit an all-time high of $1,327 per coin, and while there arguably still hasn’t been a “killer app” (a mainstream purpose for a layperson to use bitcoin), its main use right now is as a speculative investment—and it has been a good investment. 
And if you’ve bought something using bitcoin, or sold something for bitcoin, or traded bitcoin for fiat currency, you should consider making that clear on your taxes.
Believe it or not, the IRS posted official language on digital currency back in 2014; it considers bitcoin to be property. “For federal tax purposes,” the IRS says in no uncertain terms, “virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.” 
If you’ve bought bitcoin simply to hold it as a speculative investment, you don’t need to disclose anything. But as with stocks, income from the sale of bitcoin would be taxed as capital gains, based on the value of bitcoin at the time you sold it. The same goes for if you receive bitcoin as payment, the IRS says: “A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in US dollars.” - Yahoo Finance
It is this recognition of Bitcoin as a security rather than as money that will make it more difficult to use Bitcoin in its original intention as a medium of exchange for goods and services.  Because in every single transaction you make, whether through the paying with or in the receiving of the crypto-currency, you have to keep a record of every transaction, and at the current market value of Bitcoin in U.S. dollars at the time of the transaction.

The IRS has stated recently that they are now planning to single out individuals who buy, sell, or use Bitcoin, and look closely to see if they are or have been recording their use of the crypto-currency on their tax returns.  And unfortunately this scrutiny will cause many who were considering buying some Bitcoin for commercial or investment purposes to think again as the government makes it nearly more trouble than its worth.

Monday, March 20, 2017

The empire strikes back as IRS expands hunt for Bitcoin users who don't report capital gains taxes

Sovereign governments around the world have instituted a number of different programs and processes to deal with the rise of crypto-currencies, and the use of ones like Bitcoin to function outside their controlled monetary systems.  In China for example, new guidelines were put in place for Bitcoin exchanges that now require identity checks and monitoring of all transactions.

But the U.S. has chosen a different path, and it stems from a ruling in 2014 by the U.S. district court of jurisdiction in Southern New York where judges determined that Bitcoin was an security rather than a currency, and as such was to be treated like an investment requiring the filing of capital gains taxes on the holder's tax returns.

And while little actual investigation or pursuit of individuals failing to file their Bitcoin profits with the IRS has taken place over the past two to three years, that appears to be changing now with the government's monitoring of exchanges like Coinbase and their ramping up of their intention to go after individuals who do not report their Bitcoin capital gains profits on their annual tax returns.

Image result for bitcoin government
The Internal Revenue Service revealed new details about its investigation into tax evasion related to bitcoin, filing court documents that suggest only a tiny percentage of virtual currency owners are reporting profits or losses in their annual returns. 
The new documents, filed Thursday in San Francisco federal court, come in the midst of a closely-watched legal fight between the IRS and Coinbase, a popular service for buying and selling bitcoins that hosts over a million customer accounts. 
The dispute began last year when the IRS issued a sweeping summons for Coinbase to turn over a vast amount of customer data, including every customer account as well as detailed transaction records. 
Coinbase claimed the IRS demands are illegally broad and refused to comply, which in turn led the IRS to file a federal lawsuit last week to enforce the summons. - Fortune

Wednesday, February 15, 2017

IRS quietly adjusts tax requirements in having to pay Obamacare mandate to follow President Trump's Executive Order

In a victory for personal choice and civil rights, the IRS has quietly adjusted their tax policies to not require individuals to fill out Line Item 61 which declares that you either have health insurance, or are required to pay the Obamacare mandate, in accordance with an Executive Order signed by President Donald Trump during his first days in office.

Called the Executive Order Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal, and signed on the very first day of Trump's inauguration, this Order repeals the forced tax mandate on individuals who either cannot afford, or choose not to get health insurance that coincides with the original Affordable Health Care law's mandates.

Image result for obamacare this is going to hurt
How much difference does a single line on a tax form make? For Obamacare's individual mandate, the answer might be quite a lot. 
Following President Donald Trump's executive order instructing agencies to provide relief from the health law, the Internal Revenue Service appears to be taking a more lax approach to the coverage requirement. 
The health law's individual mandate requires everyone to either maintain qualifying health coverage or pay a tax penalty, known as a "shared responsibility payment." The IRS was set to require filers to indicate whether they had maintained coverage in 2016 or paid the penalty by filling out line 61 on their form 1040s. Alternatively, they could claim exemption from the mandate by filing a form 8965. 
For most filers, filling out line 61 would be mandatory. The IRS would not accept 1040s unless the coverage box was checked, or the shared responsibility payment noted, or the exemption form included. Otherwise they would be labeled "silent returns" and rejected.
Instead, however, filling out that line will be optional. - Reason
In tax filings for 2016, the Obamacare mandate rose to either 2.5% of household income, or $695 per person, dependent upon which was higher.

Saturday, February 4, 2017

IRS ready to begin revoking passports from Americans who owe large tax obligations

Back in 2012, Congress attempted to pass legislation that would revoke passport privileges from anyone owing more than $50,000 in unpaid tax liabilities.  And while this rider attached to the HB1813 Highway appropriations bill failed to pass back in 2012, it was once again put up for a vote and signed into law in late 2015.

However, the controversy behind using tax laws to keep Americans from leaving the country had kept the Obama administration from implementing it over the last year of his administration, but now that Donald Trump has taken office the IRS on Feb. 3 is ready to begin going after 'deadbeat taxpayers'.

President Trump's executive order on travel may be generating big protests, but an IRS missive on travel and passports may not go down too well either. More than a year ago, in H.R.22, Congress gave the IRS a new weapon to collect taxes. Tax code Section 7345 is labeled, “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” The law isn't limited to criminal tax cases, or even cases where the IRS thinks you are trying to flee. The idea of the law is to use travel as a way to enforce tax collections. It was proposed and rejected in 2012. But by late 2015, Congress passed it and President Obama signed it. 
Now, over a year later, the IRS has finally released new details on its website.  
If you have seriously delinquent tax debt, IRS can notify the State Department. 
The State Department generally will not issue or renew a passport after receiving certification from the IRS. 
The IRS has not yet started certifying tax debt to the State Department. 
The IRS says certifications will begin in early 2017, and the IRS website will be updated to indicate when this process has been implemented. - Forbes via Zerohedge
Which leaves the American people to ask the question... will the IRS use this draconian law to only go after Trump supporters and conservatives like they did in 2014 with Lois Lerner?  Or will they implement the law honestly, which means that the first individuals they should revoke passport privileges from are Al Sharpton and Congressman Charlie Rangel.

Oh, and not to be forgotten... Timothy Geitner.

Wednesday, September 7, 2016

Be very careful in how you setup your gold IRA because the IRS is watching you

As the price of gold begins its newest leg of a long running Bull Market, an interesting investment plan has emerged which allows individuals to cash out their equity based 401K's and transfer the cash tax free (for the moment) into a gold IRA that is not only backed by physical metal, but can be located within reach.

Many companies that are offering these plans also state that you can setup the account in such a way that you can actually hold the metals in your possession as long as they are separate from any other income or wealth you control.

But this addendum to the gold IRA is not completely accurate, and the IRS is now on watch for anyone who does not follow the process to the letter, and attempts to keep their gold or silver 'at home' and not in a regulated storage location.
Image result for gold if you don't hold it you don't own it
The Internal Revenue Service isn’t too keen on the recent advertisements suggesting retirement savers store their tax-free individual retirement account funds in gold at their house or in safety-deposit boxes, the Wall Street Journal writes. 
Storing Gold at Home: Legal, But with Caveats 
The statement from the IRS comes in response to a number of ads online and on the radio, such as one from Hartford Gold Group, suggesting investors can avoid stock market turbulence by investing IRA accounts in gold coins and bullion they can store where they like, including their home, according to the Journal. 
But the law on such practices is cloudy, the publication writes. 
For example, IRA assets can’t be stored in collectibles such as antiques, gems, artworks or wine, according to the Journal. On the other hand, it’s legal to keep IRA investments in coins and bullion-quality bars in metals such as gold, silver and platinum, the publication writes. 
But few IRA investment providers offer the option — Vanguard and Charles Schwab don’t allows their clients to invest IRAs in physical metals, according to the Journal. 
The IRS may be taking issue with just how difficult and expensive investing in physical gold could end up for the investor. Fidelity, which allows IRA investing in some coins and bullion, charges up to 2.9% to buy and 2% to sell the assets, and a further 0.125% quarterly storage fee, the publication writes. 
And keeping the gold at home is not an option: out of tax compliance considerations, Fidelity requires physical metals to be stored at a qualified facility and doesn’t let IRA investors take the gold out or even view it without notification from the IRA custodian, the Journal writes. 
Proponents of store-at-home gold say that IRA owners can legally keep their gold in a safe-deposit box or at home if they are the owners and managers of a limited-liability company that uses the funds from the IRA to obtain the gold, according to the publication. 
Some attorney says this structure would allow investors to store coins owned by the LLC at home — but for bullion, they would still have to store it in an LLC-owned safety-deposit box, the Journal writes. 
Home storage can get pricy, too: one professional whose company provides paperwork for at-home storage of IRA gold charges $400 to $1,200 to set up such an LLC, according to the publication. 
And because the issue of LLC ownership by IRA has no legal precedent, companies advertising home storage of IRA gold are careful to note that they don’t provide legal advice, the Journal writes. - Wall Street Journal

Tuesday, April 19, 2016

IRS head condones illegal’s use of fraudulent social security cards since they use them to pay taxes

As a wise author in the bible once stated over 2000 years ago, the love of money is the root of many evils.  And when you fast forward this to the 21st century, the parallel concept of means justifying the ends is an apt description of how both men and governments will condone illegal activity if it results in the accumulation of more money.
On April 12, the head of the Internal Revenue Service spoke before Congress on the topics of taxes and the allowance of illegal aliens using social security cards.   And in a stark moment of truth, IRS Commissioner John Koskinen told the Senate that the agency condones the use of fraudulent social security cards by illegal aliens because the benefit is that they pay taxes, which in turn benefits the government.

Read more on this article here...

Sunday, February 21, 2016

After two years, IRS finally returns money taken from honest business owner

Fatca, Civil Forfeiture, and deposit restructuring are just some of the obscure and draconian laws and regulations that have come out of Washington since the ideological ‘war on terror’ was introduced a decade ago.  And despite the fact that the U.S. government has spent over one trillion dollars in collecting just $13.5 billion from foreign bank account holders, you would think that well paid bureaucrats would have a modicum of intelligence in determining the difference between a simple business owner, and a drug dealing cartel.
Apparently not.
civil forfeiture
Read more on this article here...

Tuesday, February 9, 2016

Global debt now so great nations will be forced to reprice gold higher to backstop it

Since 1971, gold has been moved into the realm of a simple commodity and away from its 5000 year old status as money.  In fact, if you currently own or sell gold the IRS designates the metal as a collectible, similar to art or classic car.  But there is one thing that may be the catalyst to force gold back to its historical and long-standing place as money, and that catalyst is debt.

Global debt is now sitting between $230 and $550 trillion (dependent upon which statistics are measured), and which is almost three to eight times greater than the world's annual GDP.  And as we see country's like Japan, Switzerland, and Sweden enact negative interest rate policies to protect themselves from insolvency, and banks like Deutsche in Germany sitting on the time bomb of $70 trillion in derivatives, assets are desperately needed to backstop this debt before it simply implodes in a tidal wave of monetary destruction.

And gold can not only be this backstop, but its inevitable repricing will be the only thing to stave off collapse on a global level.



Sunday, May 24, 2015

U.S. territory Puerto Rico on verge of bankruptcy as home to the I.R.S. close to bond default

As the mainstream media continues to parrot the faux economic recovery, one important territory within the United States has been absent in the Fed’s artificial growth explosion.  And while Puerto Rico does not figure into the nation’s unemployment and GDP growth numbers, the island protectorate does contain one of the most lucrative government facilities, which of course is the I.R.S.
However, even the private corporation that was setup to backstop the Federal Reserve appears unable to aid in the inevitable default that awaits Puerto Rico, as a coming bond payment due by July 1st threatens to bankrupt the island and perhaps even trigger a cascade of derivatives that are tied to every security in the global economy.
 
Read more on this article here...

Saturday, May 2, 2015

I.R.S. continues to be the arm of the war on cash as agency steals money from convenience store owner

It is not only banks that have declared a war on cash, but for years now the government has instituted illegal policies and used its muscle to intimidate and steal from individuals and business owners who simply prefer to transact in legal tender.  And in a new and absurd occurrence that took place, the Internal Revenue Service took (stole) money tied to a convenience store owner simply because his deposits ‘appeared’ to be tied to some unknown criminal activity that the business owner has yet to be cited for, or charged with.
Using the ‘War on Drugs’ spurious law known as Civil Forfeiture, the tax agency seized $107,702 from Lyndon McLellan simply because his nightly deposits were below the $10000 reporting threshold, and gave the appearance of being the proceeds of some illegal activity like perhaps selling sodas and candy bars.
 

Sunday, January 18, 2015

Remember Facta? Now meet the IRS database to manage everyone’s bank accounts

When Congress and the the President sought to institute a measure of capital controls on the people of the United States, and keep the public from rushing outside the country to move their money for protection, they came up with a scheme known as FACTA.  FACTA is the Foreign Account Tax Compliance Act, and under this draconian piece of legislation is the demand on any foreign bank that does business with the U.S., or utilizes SWIFT to trade in dollars, that they must provide the Internal Revenue Service all personal and financial information on any America having an account outside of the U.S..
The ramifications of this became felt almost immediately as foreign banks began closing customer accounts and halting any future programs that allowed Americans to transact, invest, or deposit money offshore.
And on Jan. 13, the next phase of FACTA came online as the IRS announced the initiation of a database to monitor in real time customer accounts of sovereign and foreign banks.  Known as the International Data Exchange Service, this colossal repository will now treat anyone with a bank account as a suspect and person of interest, and assume guilt no matter if any financial crime or evidence of tax evasion has occurred.

Tuesday, September 2, 2014

Government so afraid of Americans leaving they jacked up price to emmigrate

While not on the scale of Mexicans and other Central American aliens flocking to to the U.S. for the opportunity for jobs and free benefits, the first six months of 2014 has seen more Americans give up their citizenship to emmigrate elsewhere than all of 2013 combined.  And with more and more people thoroughly disgusted with the direction for both the political and economic futures in the land of the free, the government has apparently recognized this as a growing threat to their power and control, and is making it much harder to leave by jacking up the price to emmigrate over five times its normal fee.



Read more on this article here...

Tuesday, April 22, 2014

President Obama wants to raise taxes to over 19% of entire GDP

It doesn’t matter which political party is in power, for the ability to finance their careers in office by stealing from the citizens will always be a massive temptation, especially when they find themselves short on funds due to their own corruption.  President Bush Sr. did this, President Clinton did it, and of course, the self-proclaimed Marxist Obama is doing it.
But as the budget deficit continues to grow astronomically, and the national debt climbs to levels more than 110% of our annual output, the Obama doctrine of wealth confiscation may be taking an even greater turn.  In a recent budget proposal to Congress the President offered a new baseline where he would seek to increase taxes by more than 1.6%, and equate government revenues from the people to over 19% of America’s total Gross Domestic Products (GDP).
 

Friday, March 14, 2014

Terrorist sympathizer hiding as executive in Obama’s I.R.S.

Move over Muslim Brotherhood, for President Obama has found an upgrade.  In a shocking new discovery, a terrorist sympathizer and abettor for Al Qaeda has been found to be working within the Internal Revenue Service (IRS) as a Financial Management Analyst for the Deputy Chief Financial Officer.
While the Internal Revenue Service was investigating Tea Party patriots in the run-up to last year’s presidential election, it dispensed with basic background checks and hired a convicted Islamist traitor as a high-level official.



Read more on this article here...

Friday, September 27, 2013

Abuse from IRS in Obamacare slush fund costs millions to taxpayers

It did not take long, but the first financial abuses in Obamacare are being reported on Sept. 25 in a new investigation conducted by the Treasury Inspector General for Tax Administration.  In the report, a healthcare slush fund controlled by the Internal Revenue Service (IRS) is missing $67 million that the agency is unable to account for, and is a disturbing start to the multi-billion dollar program that has yet to even have its first patient processed.



Read more on this article here...

Friday, March 23, 2012

Bill in Congress could suspend your passport if you own taxes to the IRS

There is a new bill in Congress that is expected to pass that would allow the government to suspend your travel outside the country if you own taxes to the IRS.

Senate Bill 1813 (Highway trust fund), which was passed by the Senate last week and is now pending in the House of Representatives contains a provision that would allow the IRS to order the State Department to refuse to grant, refuse to renew, revoke or restrict the passport of any US citizen which the IRS certifies owes the IRS $50,000 or more in unpaid taxes. There is no requirement that the tax payer be guilty of or even charged with tax evasion, fraud, or any criminal offense - only that the citizen is alleged to owe the IRS back taxes of $50,000 or more.



With Capital Control measures expected to be implemented in 2013, which would force Americans to keep their money from going offshore, the laws being legislated are now affecting the average citizen far more than any action against terrorists, or in support of the 'War on Terror'.

Thursday, December 29, 2011

Tax the rich? Why not go after foundations that use tax code to profit themselves

501(c)3 corporations were created to help organizations such as churches and small charities avoid taxation for the work they do in helping the American people.  Unfortunately, the tax code is now so convoluted, that organzations such as the AARP can sell themselves to endorsements, to the tune of $600 million, and call it 'charitable benefits'.

Congress is attempting to fight back, but in this case, AARP may have the upper hand.  As a billion dollar non-profit, they have the resources to defend themselves quite easily from what is being deemed as an attack by the government to have the IRS re-evaluate their non-profit status.

Three members of Congress have shot a cannon at the American Association of Retired Persons (AARP). Republicans Herger (CA), Boustany (LA) and Reichert (WA) sent a letter to the head of the IRS asking that the tax status of AARP be reviewed. - Bruce Krasting via Zerohedge

AARP has come under fire in recent years for using its funds to support Obamacare, which will have a vastly negative result for their customers and members.  And like most Unions, foundations that act under the tax-exempt 501(c)3 protection end up being cash funnels for politicians, at the detriment of citizen representation.

Taxing the rich is a feel good proposition, but if you want to protest organizations that rake in serious dollars at the detriment of the common man, 501(c)3's may be the first place to look.
Just go ask your local mega-church Pastor who lives in a million dollar home, with private jets, and compounds while their congregations are without jobs and income.