30 Aug '17, 4pm

Bitcoin users, the taxman wants to know what’s in your piggybank – Naked Security

Bitcoin users, the taxman wants to know what’s in your piggybank – Naked Security

by Taylor Armerding 0 Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn Share on Reddit Can Bitcoin help you escape the latter half of Ben Franklin’s famous declaration that the only certainties in the world are death and taxes? We’re likely to find out sometime in the coming months. While nobody has cheated death so far, some people figure the odds of avoiding taxes are way better – if the Internal Revenue Service can’t trace their profits. But the IRS, very much aware of that kind of thinking, is working just as hard to reduce the odds on taxes to the same as those on death. As is well established, Bitcoin – probably the best-known cryptocurrency – is widely used in the criminal underworld, since users can remain largely anonymous. But, besides the fact that the IRS demands that you pay your taxes on all income, including illegal income, it is going a...

Full article: https://nakedsecurity.sophos.com/2017/08/30/bitcoin-users...

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