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The IRS added a new question to the top of the 1040 tax form, aimed at identifying people who make money on cryptocurrency transactions. Cryptocurrency, or virtual currency, includes things like Bitcoin and is a digital representation of value that functions as a medium of exchange, according to the IRS.The question asks: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” The only options to answer are yes or no.The question is similar to one that was added to the form for 2019 tax filings. At the time the question was on a section used to report certain additional income or adjustments, called Schedule 1. However, not a lot of people file Schedule 1 forms with their return. In 2014, the IRS issued a notice that virtual currency should be treated as property for tax purposes. Tax experts say the move, putting the question on the main form, may signal that the IRS is serious about going after virtual currency investors who under-report their holdings.“In my view, the IRS is treating omitted virtual currency transactions in the same manner it pursues foreign bank accounts of U.S. taxpayers,” Lewis Taub, a certified public accountant and director of tax services at Berkowitz Pollack Brant Advisors + CPAs told Yahoo Finance. “By asking the question on the top of the first page of the return, the IRS is making it clear that any income from gains or losses from virtual currency must be reported on the return.”The question will appear at the top of the 1040 form, right below a person’s name and address.The IRS has increased their investigations into cryptocurrency investments, getting digital currency exchanges to release information about investors activity.Among recent high-profile cases was software mogul John McAfee, who was accused of tax evasion using cryptocurrency in October, according to FOX News. 1922
The largest wildfire in Colorado history grew overnight as high winds pushed the blaze through rural communities and the forecast predicts more “extreme fire behavior” on Saturday. Cass Cairns, a spokeswoman for the Cameron Peak fire efforts, says gusts of up to 70 mph overnight created “very significant” fire activity, especially along the southeast section. Officials say they're facing the same critical fire conditions today as yesterday. They’re expecting gusts of 60 mph midday. Boulder County fire officials warned of a new fire that forced the evacuation of Jamestown Saturday afternoon. 605
The New York Post is using Friday's cover to send a message to President Trump following the school shooting that took place in Parkland, Florida, on Wednesday. The message? "Please act."The newspaper's front cover on Friday used the headline "Mr. President, please act" along with a photo of two women crying. Under the Post's headline it reads, "The Post says: We need sensible gun control to help stop the slaughter."The front page stirred conversation on social media as soon as it was tweeted on Thursday night. Some users showed surprise that it was the Post -- which is owned by Rupert Murdoch -- that published the cover rather than its cross-town rival, the New York Daily News, which has in the past used its front page to take a stance on gun control.Tomorrow’s cover: Mr. President, it’s time to do something about guns https://t.co/OmSO1GhPPY pic.twitter.com/cYnS3pfdM3— New York Post (@nypost) February 16, 2018 933
The news of Sen. John McCain's passing has led to many questions over what happens to the lawmaker's Senate seat.The Seventeenth Amendment, which established the direct election of senators, also clarifies rules of filling seats left vacant due to a senator's death, resignation, or expulsion.The amendment allows state legislatures to empower the governor to appoint a replacement to fulfill the term, which means Gov. Doug Ducey's selection will serve until our next general election in November 2020.In Arizona's case, as with a handful of other states, the governor's appointee must be of the same political party as that of the vacating senator, meaning Ducey will fill the spot with a fellow Republican.A Friday report from the New York Times said Rep. Martha McSally and McCain's wife, Cindy, could be potential picks for Ducey to fill the open seat. 890
The judge in Bill Cosby's indecent assault trial ruled Tuesday a jury can consider as evidence the comedian's 2005 admission that he procured Quaaludes for women he wanted to bed.Accuser Andrea Constand is one of dozens of women who have accused the former TV star of drugging and sexually assaulting them, an allegation Cosby denies.Judge Steven O'Neill's decision came amid a more than hourlong hearing, during which the jury was not present. The hearing dealt with attorney-client privilege, Fifth Amendment concerns and Cosby's defense team's plans to call one of Constand's civil attorneys to the stand, as well as a toxicologist who will dispute her account of how the drugs affected her. 702