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  1. #1

    The Internal Revenue Service has a message

    Hank Tucker
    Crypto & Blockchain
    I cover primarily cryptocurrencies and enterprise blockchain news

    The Internal Revenue Service has a message it wants to get out to recreational bitcoin investors who think they can dodge taxes on their cryptocurrency gains — it knows what’s going on, and people won’t be able to get away with it for long.

    Gary Alford, the IRS special agent who gained national attention for helping solve the Silk Road online drug trafficking case that led to the 2013 arrest of kingpin Ross Ulbricht, spoke at a panel in New York hosted by global accounting firm EisnerAmper about the tax consequences of cryptocurrencies. Now a cyber-crime coordinator for the IRS, Alford said his agency is ready to start moving past sensational money laundering cases and into more routine enforcements of tax law involving cryptocurrencies.

    Speaking from a seat in front of a luxurious fireplace at the Columbus Citizens Foundation townhouse on Manhattan’s Upper East Side, Alford said:

    “We’re usually behind the curve — history is made and then we react to it. But in this case, we are ahead of the curve. We were there on ground zero, and we were waiting for the rest of the world to catch up to what we already knew... We already are aware that there were cases to be made, we just didn’t know if we were at the point where we can bring it for criminal prosecution. We believe we are at that point now. If we had 12 jurors and told them someone made all their money in bitcoin, we believe that they would understand.”

    Gary Alford

    Alford, EisnerAmper tax partner Walter Pagano and moderator Dara Albright, a digital finance consultant, clarified existing regulations and discussed what the IRS still needs to resolve when it releases new guidance for cryptocurrencies in late June or July. Pagano said one of the biggest questions that has emerged since the IRS last released guidance in the space in March 2014 is how to deal with cost basis when a hard fork occurs, like when bitcoin cash split from bitcoin in 2017.

    For now, Pagano urged the financial advisors in the audience to ask clients about cryptocurrency gains if they aren’t already doing so, because those profits can generally be taxed in the same way capital gains on stock investments are taxed.
    “A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. But the tumult soon subsides. Time makes more converts than reason.”
    ― Thomas Paine, Common Sense

  2. #2
    Copyright Infringement

    Saturday’s 6-pack
    Over/under win totals for the baseball season (60-game season)

    38.5— Bronx

    35.5— Astros

    34.5— Rays, Twins

    33.5— Indians, A’s

    32.5— Red Sox

    31.5— White Sox, Angels

    Americans who have died from COVID-19: 125,950

    Quote of the Day:
    “We know that COVID-19 will be with us for the foreseeable future,. And we are left with no choice but to learn to live with this virus.”
    Adam Silver

    Saturday’s quiz
    Who was the oldest golfer to win a PGA Tour event?

    Friday’s quiz
    In the last 20 years, 2001 Seattle Mariners won the most regular season games in one season, going 116-46.

    Thursday’s quiz
    Six NFL teams wear white helmets; Colts, Titans, Jets, Dolphins, Chargers, Cardinals.


    Saturday’s Den: Random thoughts on a summer day…….

    13) NBA released its schedule for Orlando Friday night; games start July 30:
    July 30: Jazz-Pelicans, Clippers-Lakers
    July 31: Magic-Nets, Grizzlies-Blazers, Suns-Wizards
    Celtics-Bucks, Kings-Spurs, Rockets-Mavericks

    12) Games will start during the afternoon; latest tip-off time seems to be 9pm.

    11) Playoffs start August 17; NBA Finals are expected to begin September 30.

    10) In 2001, the Seattle Mariners went 116-46, but lost the ALCS in five games to New York. How did a team that won so many games not win the AL title?

    Mariners had Ichiro Suzuki, Edgar Martinez, John Olerud; damn good lineup.

    33-yea old pitcher Paul Abbott went 17-4; his career record was 43-37. Lot of things went Seattle’s way that year, but the playoffs are more of a crapshoot. Anything can happen in a short series, which is part of what makes this year’s 66-game regular season very intriguing.

    ’97 Mariners went went 90-72, won the AL West, but lost the ALDS to Baltimore; that Seattle team had Ken Griffey Jr, Edgar Martinez, Alex Rodriguez, Jose Cruz.

    Pitchers Randy Johnson, Jamie Moyer went a combined 37-9.

    Seattle hasn’t made the playoffs since 2001.

    9) Speaking of Seattle, how do they have a WNBA team, but not have an NBA franchise?

    SuperSonics moved to Oklahoma 12 years ago, a terrible decision by the league, but Seattle wouldn’t build a new arena, so they lost their team. Seattle is getting an NHL expansion team, because they finally built the new area. Go figure.

    8) Best wishes to SK Wyverns’ manager Youm Kyoung-youb, who passed out in the dugout during the first game of a doubleheader Thursday- he came to in the ambulance on the way to the hospital. Wyverns split the twinbill, are 13-31 this season.

    No matter what country you’re in, losing is stressful.

    7) For the first time in five years, Dodger baseball won’t be blacked out in Las Vegas anymore, very good news for sports books in the desert.

    I was there a couple nights the last few years when the Dodger game was the last game of the night, but wasn’t on TV in Las Vegas because of stupid blackout rules, which cost the sports books some action, and cost MLB some much-needed attention.

    6) NFL cancelled the Cowboys-Steelers Hall of Fame exhibition game, and postponed the Hall of Fame induction ceremonies until next summer.

    5) There are people who want Washington DC to become the 51st state; I have absolutely no opinion on this, but it would help companies who make/sell American flags- they’d have to make new masks. with 51 stars on them.

    4) Collin Morikawa missed the cut in Hartford Friday; his streak of 22 straight made cuts to start his PGA career stops three shy of Eldrick Woods’ record of 25 straight to start a pro career.

    3) This week in 1996, Golden State Warriors drafted Todd Fuller two spots ahead of a high school kid named Kobe Bryant.

    Fuller averaged 3.7 ppg in his five-year career. No bueno.

    2) When former North Carolina basketball coach Dean Smith passed away five years ago, he left each one of his former players $200 apiece in his will— thats around 180 players in all.

    1) Here is an interesting fact:
    Over the last two weeks, COVID-19 cases have risen by 84% in states where wearing a mask in public isn’t mandatory.

    In states where masks in public are mandatory, COVID-19 cases are down 25%.

    My conclusion? Please wear a mask in public.
    TV highlight of the day: E! Channel ran a marathon of the TV show Las Vegas with James Caan. I had never seen it before, so enjoyed that the last couple days.

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