IRS says it’s sending warning letter to US cryptocurrency owners


The U.S. Internal Revenue Service (IRS) announced Friday that it has begun sending letters to taxpayers who own cryptocurrency, advising them to pay any back taxes they may owe or to file amended tax returns regarding their holdings.

In a news bulletin, the agency said that it began mailing what it called “educational letters” last week. According to the statement, there are three variations of the letter that were sent.

The IRS further said that it will have sent such letters to “more than 10,000 taxpayers” by the end of this month,” adding that “the names of these taxpayers were obtained through various ongoing IRS compliance efforts.”

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Obamacare will cost the average American family $20,000 a year: IRS

The cheapest plan for family will cost $20,000 per year.

American families will be forced to buy conventional health insurance that primarily benefits the pharmaceutical industry under Obamacare. By 2016 the cheapest health insurance plan available will cost a typical American family $20,000 a year, according to the IRS.



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Complexity of U.S. tax code runs amok

U.S. tax code complex

If anybody has the right to tell people “I told you so,” it’s Nina E. Olson, the national taxpayer advocate.  She recently submitted her annual report to Congress and top on her list of things that need to be fixed is the complexity of the tax code, which she called the most serious problem facing taxpayers.



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Foreign banks turn away U.S. millionaires


UBS, the world’s biggest non-U.S. private bank, said in 2008 it would discontinue offshore accounts for U.S. citizens.

Some of the world’s largest wealth-management firms are wanting American millionaires to go away ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS Group all say they have turned away business.

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IRS Gives Tax Breaks to Breastfeeding Moms

breastfeeding moms

IRS says breastfeeding expenses are tax write-offs.

Breastfeeding is easier on the planet because formula takes energy to produce, transport, and it wastes space in landfills. Not to mention that breastfeeding is the most natural means of giving your baby the best possible start. Michelle Obama even promoted breastfeeding as a means of reducing childhood obesity down the line. And most recently, the Internal Revenue Service (IRS) announced tax breaks for breastfeeding moms.


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Average Tax Refund Up 10% to a Record $3,036


The average income tax refund is up nearly 10% from a year ago, reflecting tax credits included in last year’s economic stimulus package, according to IRS Commissioner Douglas Shulman.  Vice President Biden is expected to announce the increase Monday as part of a month-long effort to promote tax benefits available through the Recovery Act of 2009.

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Over 36% of American’s Owe Zero Tax Even As Uncle Sam Runs Up Record Debt


51.6 million filers paid no income tax in 2008

It’s just over a month until tax day — April 15 — typically one of the most dreaded days on the calendar for Americans.  But that red-letter day is of diminishing significance to an increasing percentage of Americans every year, even as Uncle Sam runs up record amounts of red ink. The implications of this divergence are extremely important to the future of the spending debate and to the health of our economy.


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American Tax Dodgers No Longer Shielded By Swiss Banks


UBS has admitted that it schemed to defraud the U.S. government by helping Americans hide money in secret Swiss accounts

If your secret Swiss bank account was small enough, you can breathe easier: A landmark deal between the United States and Switzerland to expose American tax dodgers does not call for the Swiss to blow your cover.