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The IRS and Cryptocurrency Transactions
Both digital currencies and cryptocurrencies have been around for several years (Bitcoin since 2009), but only in the past couple of years has the IRS begun to really focus its enforcement on cryptocurrency transactions. So far the IRS approach has been focused on Enforcement and Punishment, rather than amnesty and voluntary prior year disclosure, a “Stick” approach (punishment) without the “Carrot” (reward). The current IRS approach presents both taxpayer risk and opportunity.
In 2014 the IRS issued Notice 2014-21 that rules virtual currencies (Cryptocurrency ...
Rules Today Mean an Understanding of Political Nomenclature
In the modern business-world, anticipating the future requires an understanding of political nomenclature and chaos.
The world recently changed for many business owners in the United States. If you’ve historically conducted a successful business in the U.S., you better keep your eyes and ears open on the latest legislative developments.
Good governance and in particular tax legislation has always been about ways to increase revenues at all times without killing the “golden goose”. Nobody wants to pay and everybody wants more things; so the pendulum swings ...
Espionage: Competitive Intelligence
Foreign interference of our elections reminds me of cigarette package warnings; expressly described and consciously ignored by its users and adopters.
I have often wondered if the Surgeon General’s warning has ever prevented smoking? Even the European versions that use horrific pictures of smoking’s dangers likely lack true preventive aspects. Note: I am not suggesting that anti-smoking campaigns, health education, government projects, social pressures, etc. haven’t impacted smoking, I am sure they have; rising prices and sin taxes simply may have been as ...
Consider: Blockchain Uses in Transportation
Blockchain, Distributed Ledger Technologies (DLT), and other “Modern” methods of transparent financial transactions have been at the top of my mind this year as it probably has yours too with all the latest headlines we’ve been reading.
Blockchain technology is well known for use with cryptocurrencies; however, it has broad potential in applications beyond that of banking and financial services. It is being evaluated for uses in the transportation industry where it has potential benefits ranging from more efficient business transactions to increased tracking ...
Blockchain and Distributed Ledger Technologies are more than “Just Currency”
Distributed Ledger Technologies (DLT) are simple in nature and complex in operations. DLTs hold real promise in their ability to reduce “Friction”. Friction can be an economic cost and expense that strips your liquidity by forcing buyers and sellers to navigate through the “sludge” by adding unnecessary Steps and Bureaucracy. Like the preferred clean oil in your car, reducing friction improves more than your engine.
Take the recent issue in the U.S. with tainted romaine lettuce. The romaine lettuce from Arizona was identified as dangerous for consumption ...
Goldman Sachs, Apple Team Up on New Credit Card
My prediction ApplePay “Crypto” is not too far away … Apple wants in the Crypto-Arena.
Goldman Sachs and Apple are preparing to launch a new joint credit card (WSJ May 10, 2018), a move that would mark the Wall Street firm’s first foray into plastic and deepen the technology giant’s push into its customers’ wallets.
The planned card would carry the Apple Pay brand and could launch early next year.
Assume for the moment you are the leader of one of the most valuable companies in the U.S. (Apple) and you know there are simply just so many iPhones ...
Forking the Crypto Highways: What? Why? When?
New Technologies and new Eras have several common defining aspects; one is the new language or refined definitions. Forking Crypto is one of them.
Take the era of the 45 music-single where B-Side became a common expression for the song on the flip side of the hit. Sometimes the B-Side became a hit, however, it’s DNA was always predicated based upon its early position relevant to Side-A, the “hit” side.
Crypto (cryptocurrencies) is no different. Language morphs and grows with the times; Cool changes with usage and with age. When new technologies explode ...
Another Cryptocurrency Primer of Our Cyber Universe: Who, What, and Why They Differ
Who are the major players I think you should be aware of
What’s a DAO (Decentralized Autonomous Organization)?
If Cyber Currency is so Great, Why are there so many challenges in the Community?
My Crystal Ball
The crypto exchange, or digital currently world is complex with a few core leaders and hundreds, if not thousands, of related active alternatives. All are predicated on the concept of the Blockchain or often referred to as the Distributed Ledger Technology (DLT). While the core history of Bitcoin and its related alternatives is fairly accessible via ...
Consumer Spending Hits a 6-Year High
As savings decline and consumer debt increases, the likelihood of future reductions in consumer demand will send shockwaves through the business economy as production will shrink, employment will decline, and recessionary impacts will further reduce consumer confidence. This will impact construction spending and manufacturing investments leading to a downward cycle until we hit a solid core and time allows an economic healing.
Looking ahead, we believe the Tax Cuts and Jobs Act will certainly modify people’s behaviors as companies determine how their revised cash ...
The Crypto Battlefield: Financial Visionaries vs. The Regulators
A Primer on Disruptive Technologies and the Regulator’s Positions
Mark Twain has been credited with expressing that “History doesn’t repeat itself but it often rhymes,” Regardless of who crafted the sentiment; it is clearly consistent with my experience associated with some disruptive technologies that are showing up in today’s financial markets.
Philosopher Arthur Schopenhauer once stated, “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
Distributed Ledger ...
