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TDV Week in Review: March 30th, 2014
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As if Americans weren't busy enough hurrying to put in order the endless forms and fees they will have to pay this tax season, the IRS made the succesful bitcoiners busier than they heretofore already were.
In time for the April 15 tax deadline, the IRS issued guidance on bitcoin at the end of March. Bitcoin is considered property, by the IRS, not a currency. But that's not the whole story. FinCen's guidelines still stand. If you're going to buy-and-sell bitcoins, you're a money transmitter. There are guidelines you have to follow from them, too.
It is no mystery that the US government is regulating bitcoin in every way imaginable. Banning it would be a cruel outmoded way of putting a “chilling” effect over any market. These days it is much more effective to profit from and social engineer a counter-culture market.
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While you will be responsible for capital gains (no surprise), you won't be able to recoup unlmited loss treatment. Instead its capital-loss treatment is limited to $3,000 per year.
As is no surprise, merchants and users of bitcoin will have to compare the market price on the date bitcoin is used to make a purchase vs. the market price on the date you acquired that bitcoin, which equals the difference is a capital gain or loss on property.
If you use bitcoin, as was clear from the start, you would be entering into an unknown territory, devoid of regulation, sure, but this does not absolve one of their taxpayer status. Think about marijuana stocks, for instance. A booming, lightly regulated industry (which we cover in the TDV Newsletter, specifically HomeGrown), yet one that has several questions marks over it. For instance, if marijuana is illegal federally, could investing in such companies become a crime?
As Jim Karger has been hounding Jeff Berwick and I about, bitcoin is not going to free the world. It will become a part of the greater historical narrative. While it is a great evolution towards freedom, eventually the minds of the people will have to be freed before a path towards peace is pursued. Until then, bitcoin (or at least bitcoiners) will be at the mercy of government.
But, that is not to say that bitcoin is no boulder along the path towards peace.
There is no doubt that bitcoin appeals to the broad base of people who consider themselves anti-mainstream (even though so many of these people have had their ideas formed by the mainstream so, that they have practically been “activated” by the dominant culture to unwittingly promote it).
For me personally, as an individual active in the bitcoin space, the words from up-on-high and have done little to alleviate my concerns. I operate within full purview of the law, but the problem is, the entire law is not in full view. Whenever FinCen or the IRS comes up with a new model for bitcoin regulation, it is retroactive. This endangers entrepreneurs not only in bitcoin and marijuana, but all over the spectrum.
That's why Jeff Berwick and I have written our bitcoin report, which will be released in April. In it, you'll be prime on bitcoin for home and business. Thinking about accepting bitcoin in your business? This report will give you the tools you need to start down that path. What's more, if you already subscribe to the TDV Newsletter, you'll receive this report, and others, free. We go into deep details about US and world regulation of bitcoin as it currently stands.
Regards,
Justin O'Connell, Head Researcher
Before we get to the review, you should really look into this:
A PERSONAL INVITATION FROM JEFF BERWICK TO CRISIS CONFERENCE CABO
“Dear Vigilantes,
It has never been more important to take control of your own financial affairs than it is today. At The Dollar Vigilante we are deluged daily with news of governments worldwide cracking down on their tax slaves…”
Learn more here, and we’ll se you in Cabo. Early bird registration to save $500 on the Crisis Conference registration fee ends on Wednesday. Take advantage of this offer here.
Also, a quick reminder that if you’re interested in receiving articles beyond what you read here everyday, consider our weekly subscriber-only publications, like our Issue, Dispatches, and Homegrown. You may subscribe here.
On to the review…
Monday March 24
GOVERNMENTS WORLDWIDE ADOPTING FATCA STYLE LEGISLATION
Jeff Berwick on governments stealing your money.
“It seems the US has created a new model for the world of draconian taxes and penalties. New powers at HM Revenue and Customs (HMRC) in Britain allow the body to “raid the bank accounts” of anyone who owes more than £1,000 in tax or tax credits. Under the new system, HMRC would have the power to seize money from bank accounts after they contacted the debtor several times.
The tax authority will not be able to empty these individuals' accounts, as they will have to leave a minimum of £5,000 in the account.”
Tuesday March 25
US CITIZEN? NO FOREIGN BANK ACCOUNT FOR YOU!
Berwick with more on foreign holdings.
“Decades ago holding a US passport was a ticket to worldwide opportunity. Today it is nearly the opposite. First it started with the erosion of the US's reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.
Faced with draconian penalties on foreign banks who accept US citizens countless banks worldwide are deciding it is easier and safer to just turn away all US customer business. Not to mention much cheaper.”
Wednesday March 26
AN EASY SOLUTION TO OWNING GOLD OFFSHORE IN YOUR IRA NOT MANY KNOW ABOUT
Jeff Berwick with some invaluable advice.
“Throughout the years we've covered the dwindling options Americans (in particular) have to protect their savings amidst the insanity of overbearing and destructive regulation, busybody “authorities” (remember when they were 'public servants'?) and poor economic policy. As I've gone back through the blog over the years, I am pleased to see many themes that are more relevant today than they were then. For one, since 2010 we've been writing about how the US would make it exceedingly difficult to bank (or live) offshore. With less than 100 days until FATCA is implemented, I've been right.
But, one of the most prescient and valid solutions we've offered is to buy gold. Those who purchased precious metals from 2009-2011, as we recommended to do, did well. Those who also took the advice of Ed Bugos, in our paid newsletter, did well during the turbulent consolidation period precious metals have seen since 2011. ”
Thursday March 27
“ACCIDENTAL AMERICANS” IN THE AGE OF FATCA
More from Jeff Berwick on the evil of FATCA.
“Accidental Americans are particularly flustered by the new American tax regime, FATCA, which comes into effect in less than 100 days. It seems every couple of years the IRS has to change the tax code for Americans abroad. Goes to show how incompetent and disorganized government agencies are, and also why they must depend on violence. This new regime entails a worldwide push to get every last penny out of Americans abroad, as well as everyone holding dual citizenship…even if they don't know about it!”
Friday March 28
In this week’s feedback: Passports, gold, Cabo, and more…
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Remember, if you have any questions, concerns, or issues with what you've read on TDV, write us at: [email protected].
Thanks as always for reading or subscribing!
Managing Editor
The Dollar Vigilante is a free-market financial newsletter focused on covering all aspects of the ongoing financial collapse. The newsletter has news, information and analysis on investments for safety and for profit during the collapse including investments in gold, silver, energy and agriculture commodities and publicly traded stocks. As well, the newsletter covers other aspects including expatriation, both financially and physically and news and info on health, safety and other ways to survive the coming collapse of the US Dollar safely and comfortably. You can sign up to receive our FREE monthly newsletter, our Basic Newsletter ($15/month) or our Full Newsletter ($25/month) with specific stock recommendations and updates at our Subscriptions page on our website at DollarVigilante.com.
Source: http://www.dollarvigilante.com/blog/2014/3/30/tdv-week-in-review-march-30th-2014.html#6294
