Friday, January 25, 2019

Uncle Sam's smiling💰

January 25, 2019

Coinbase Has Integrated With TurboTax to Make Tax Filing Easier

Last year, just after the crypto market's peak, tax season came around and many in the United States were clueless on how to file correctly.

Actually, it was so confusing that an estimated 46% of crypto holders decided they weren't going to complete the process at all.

Now, however, Coinbase is making it easy to pay Uncle Sam by integrating with TurboTax and offering simple guidelines.

Ending headaches

Since each trade is a taxable event, the new update will allow users to automatically import transaction history into the system.

This part alone ends headaches for millions of traders - especially those with crypto-to-crypto trades.

The guidelines then pick up the slack and help users understand how to report the subsequent gains or losses from those trades.

Still no clear direction

Outside of Coinbase's new resources, crypto classification is still confusing from a regulatory standpoint.

While the IRS classifies crypto as property, other organizations regulate crypto as a security or commodity - both of which bring their own unique consequences.

To make things more confusing, the crypto market actually has characteristics of all three.

LEAK

$11 Million IOTA Later, A Thief is Finally Arrested

Since January 2018 a 36-year-old man has been emptying the wallets of IOTA investors using a fake seed generator.

Each time a victim would generate a new seed, the system would point them to a wallet with a private key that he owned.

Within a year, 85 fell victim to the scam as the thief netted more than $11 million in IOTA profits.

Mission complete

That little fun came to an end though when a search warrent let police seize a handful of electronic devices in Oxford, U.K.

Following the event, the man was swiftly arrested and charged with money laundering, fraud, and theft.

t's unclear when he will face trial.

GOVERNMENT

40% of Investors Think Blockchain Is The 'Most Transformative' Tech Since the Internet

Revealed at the World Economic Forum (WEF) this month, the Global Blockchain Business Council (GBBC) told CoinTelegraph its latest find.

According to a new survey of investors, 40% of them believe that blockchain could be "could be the most transformative technology since the internet."

Becoming the norm

Following the same positive sentiment, just under a third of investors think that businesses will need to find a head of blockchain within the next five years.

GBBC CEO Sandra Ro commented on the finding:

"Increasingly, the winning organisations of the future will be those that have a clear and comprehensive strategy for blockchain and those that are committed to implementing and using it to transform their organisations."

BITS