Kevin Thompson CPA says “the problem is, it’s going to be hard to determine if a call is legitimate or a fraud because the callers will be from third party companies. I laud this effort by the IRS. I’d like to see this underfunded bureaucracy utilize public-private partnerships to make them more efficient. They’d also have the opportunity to become more in touch with taxpayers and resolve many of these collection matters.”

The Better Business Bureau has been voicing concern about calls from the IRS because of the trust factor. Thompson says “there’s a lot to do here to reduce the opportunity for crooks to continue to mislead US taxpayers.”

Crooks have been using spoofing technology to convince victims they are from the IRS which has cost victims a pretty penny. The scam makes them think they owe back taxes and they are told to wire the money to avoid arrest or deportation.  It cost taxpayers over $50 million dollars in 2016. Thompson says “these guys called me on my mobile. I agreed that I owed back taxes and asked them for their account number so I could wire into their account. Of course, the reply was for me to give them my information. I laughed and said, “not in this lifetime.”

The BBB is concerned that scam artists will align themselves with third party companies and take advantage of the situation to further bilk innocent taxpayers. “This is fraught with failure,” says Thompson. “How will the unassuming taxpayers know?”

The IRS will use four different private and contracted collection agencies who will call those who owe back taxes and direct them to pay using the website IRS.gov.  They will not ask for payment, wire transfer, or prepaid payment card. Also, taxpayers will receive a written notice in the mail before receiving a call. “How long until the crooks start out sending the letters?” said Thompson. “This has to be comprehensively structured and reviewed.”

Still, the public is urged to be vigilant about taking any supposed calls from the IRS that seem suspicious or demand payment directly.

Collection agencies may begin the calling process immediately so be forewarned. Make sure you receive a letter first from the IRS and do not wire or pay using a gift card. Thompson says “I hope this is amazingly successful and leads to other Public-Private partnerships with the IRS. This would include working with the tax preparation profession for a more timely and orderly process to resolve controversy.

Right now, a taxpayer receives correspondence from the IRS regarding differences between the information contained on their tax returns and information provided to the IRS by third- parties. Of course, the IRS always assumes that the third-party information is correct and sends a detailed report including a proposed balance due. The report will give the taxpayers 30 days to respond before the balance is sent to tax court for resolution.” Thompson goes on to say “the challenge is the IRS does not have the resources to open and reply to this correspondence in 30 days. Often, it takes 8-12 weeks for the service to respond to your communication. Unfortunately, the IRS does not put a collection hold on the account awaiting their own internal resolution. And once this matter gets procedural, most taxpayers and their representatives are outmanned and lose to technicalities not to evidence.”

As for the first foray into these partnerships, the IRS will keep taxpayers updated about scams and include tips on how to protect yourself from cons. For more information, visit IRS.gov and look for the “Tax Scams and Consumer Alerts” page. Thompson advises, “Don’t venture down this path without your representation. It would be fun to tour the Amazon but not without a tour guide.”

If you have a tax collection or other controversy matter, please contact Thompson CPA.

The post Will Calls from the IRS be Real or Fake? appeared first on Action Tax.

She introduced herself to him as he was standing in the lobby and mentioned that she had read his remarks and was concerned about them. She told him it was causing her to lose sleep. Thompson says “I can see where this might be disconcerting to young professionals. A wise man like Cuban might be onto something. And if this is your career of choice, you might have to sweat thinking about it.”

He laughed and they had a short 10-minute conversation to clear things up.  She shared some of the ways that CPA’s have embraced technology to create new ways of servicing clients and that the technology itself allows them to provide better service. It also frees up entry level and junior staff to focus on other responsibilities to serve their customers.

Andrew Chamberlain, the chief economist for GlassDoor, remarked last year that “Even as technology has helped to automate some aspects of the tax and insurance markets, the remaining jobs in those fields require lots of human judgment and creativity that is very difficult to automate.” Thompson says, “this is what I tell my Associates and clients all the time. My 40 years of acumen and experience can enhance technology just as much as technology enhances me.”

This is true in many other industries and professions. Applying expertise as a job function is less likely to be automated than data collection and processing. CPA’s provide individual advice and can analyze data is a much more sophisticated and customized way than ever than before.

One thing a CPA can do is become a key ally in cybersecurity threats. In fact, the AICPA will be releasing a new reporting framework that a company can use to assess the effectiveness of their risk of cyber-attack and the effectiveness of their systems. The reporting framework provides the first common language in the marketplace and aligns with the many ways companies are designing cybersecurity risk management programs.

CPA’s will also be able to aid in some non-financial areas such as vendor/supply chain and sustainability.  This includes energy goals, emission requirements, environmental safety, and water recycling.

These services require specialized knowledge and skills and assure that the accounting profession will still be viable and needed in the future. The demand for these skills is being implemented in the Uniform CPA Exam to reflect competencies that newly licensed CPA’s will need. These are the same skills that Mr. Cuban says are necessary for a profession to go on thriving in the age of advanced technology.

The AICPA, CPA firms, and other stakeholders are always looking for better ways to incorporate technological practical understanding into accounting and auditing services. The AICPA feels that the audit, “the core of the profession”, may transform in the next 5-10 years because of technology and other factors. Thompson says “I believe in technology and I believe that technology will be smart enough to perform more of the audit function.”

CPA’s themselves are working to affect change. Many use technologies such as artificial intelligence, virtual reality, and drones to increase efficiency and become more effective. They no longer must compute information manually and can see and collaborate with companies in real time.

So, Mr. Cuban, you are wrong in assuming the accounting profession is dead. It is very much alive and innovating.

Original Article

The post The Future of CPA’s and Why Mark Cuban is Wrong appeared first on Action Tax.

The court concluded that the physician was responsible and acted in a willful manner.  You can still be considered “willful” even if you don’t have an evil motive or intent as in the case of employee embezzlement. Thompson says, “it’s almost evil how onerous and vindictive the IRS penalty structure has become.”

The physician’s business had to shut down operations and remit its remaining receivables to pay the IRS penalty. No matter what the employee did, the owner was responsible. “The IRS justifies this closure by saying that the taxpayer was a bad business owner,” says Thompson.

The IRS gets aggressive when it comes to payroll taxes and some people can face imprisonment when they aren’t paid. The agency is being encouraged to prosecute more payroll violations because it is trust fund money that belongs to the government. The charge is serious.

The IRS doesn’t consider using the money to pay suppliers or to keep the business from closing as a good reason to avoid paying payroll taxes. A payroll service will make sure that an employer doesn’t use the funds inappropriately, but there is still the chance the service may take the money.

It’s important to make sure the payroll service is reputable. If there is a shortfall, the IRS will make personal assessments on everyone who is “responsible” and that includes owners or signatories of the company and its payables. It can assess a Trust Fund Recovery Assessment (100-percent penalty) against everyone who is responsible.

You assume liability even if you have no knowledge that the IRS hasn’t been paid and IRS can go after you personally. The penalty equals the taxes that haven’t been collected. It can also be assessed against all responsible persons to see who comes up with the money first. Thompson says “this is the scariest part of the whole transaction. That Doctor was supposed to know that problem. And the Doctor may have acted like he was in an emergency room – stop the bleeding and then deal with the cause. Unfortunately, as he discovered he tried putting a Band-Aid on a severed limb.”

When all responsible parties face tax bills, they usually try to deflect the blame to someone else. Sometimes one person ends up paying the entire amount while the others pay nothing. Meanwhile, the IRS will still attempt to collect from the company that has withheld on the wages.

To make sure it doesn’t happen again, the IRS may try to shut the company down so the problem doesn’t get worse. It may also seek criminal penalties. However, in most cases, it will seek an injunction to make sure the agency gets its money back and to prevent the company from pyramiding. (going deeper and deeper into debt.)

If a company is only paying back what they owe at a minimal rate, the IRS may try to enforce compliance. The DOJ will seek an injunction to ensure timely deposits and payments of all employment taxes that were withheld and to file all employment tax returns in a timely manner.

Thompson says “payroll and payroll taxes are a serious matter with the Department of the Treasury. Under no circumstances should you fall behind and if you are, get the IRS and your tax attorney involved immediately. Your CPA may be necessary to unravel all of the intricacies of this case but remember that your conversations with your CPA are not confidential or protected.”

It’s important that as a business owner you avoid this type of situation. Make sure to get help as soon as possible and stay abreast of your payroll taxes. Hire a payroll service that will not allow you to use the payroll tax money for anything other than to pay the tax.

Contact your tax preparer for any questions you have regarding this matter.

Original Article

The post Lending to a Business to Pay Payroll taxes can Lead to Penalties appeared first on Action Tax.

Generally, the cost of commercial real-estate improvements is recovered over 39 years using the straight-line depreciation method with three exceptions: qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.  Together, these exceptions are known as “qualified real property.”

Qualified real property allows a quicker recovery period of 15 years when using the straight-line method. However, before the PATH act, this was a temporary allowance that was extended periodically. Having most recently expired for property placed in service until after Dec 14, 2014. Thompson says “this is HUGE. Being able to recapture the cost of investments and match it against current income is one of the great advantages to business and property owners. And being able to recapture 24 years sooner is a boon to that sector.”

Property is considered qualified leasehold improvement property if the improvement is made pursuant to a lease, is Sec 1250 property (structural), not the result of a lease between related parties, the interior of the building or portion of it was occupied exclusively by the lessee or sublessee, and it was placed into service more than 3 years after the building was.

Not included is the enlargement of the building, elevators and escalators, structural components that benefit a common area and internal structural framework.

If 50% of a Sec. 1250 restaurant property building’s square footage is devoted to the preparation of meals and has seating for on-premises consumption, it is considered to be qualified.

Retail improvements that are qualified include improvements to inside portions of a nonresidential building open to the public and used in retail trade or the business of selling tangible personal property to the public. Improvements must be placed in service for more than three years after the building has been placed in service.

The PATH act makes the 15-year recovery period permanent. However, this is not elective. If a taxpayer fails to properly depreciate qualified real property over 15 years it puts other 15-year property at risk for reclassification and longer recovery periods. It’s a complicated matter best left to a tax professional. Thompson says “there is no such thing as a permanent tax law. Every administration and every newly seated Congress can write NEW laws that make permanent laws irrelevant. So take advantage while you can. Seldom are tax laws retroactive so use these accelerations to your advantage while you can.”

PATH allows a taxpayer to treat qualified real property as Sec 179 property

The aggregate cost of the qualified real property that a taxpayer can elect to expense was subject to an annual limit of $250,000.  Under the PATH Act, the treatment of qualified real property is extended as Sec. 179 property, applicable retroactively to 2015. Beginning after Dec. 31, 2015, it also removes the annual $250,000 limitation for a qualified real property with a dollar-for-dollar phase-out threshold of $2,030,000 (2017) which continues to apply.

Extension of the Bonus Depreciation

To be eligible for bonus depreciation, an asset must be qualified property. (recovery period of 20 years or less, depreciable software other than Sec. 197 software and water utility property.)

Starting in 2016, the PATH Act substituted for qualified leasehold improvement property a new category of assets called “qualified improvement property.” This is any improvement to the interior part of a building that is nonresidential real property if the improvement is placed in service after the date the building was first placed in service.

This does not include improvements that enlarge a building, any elevator, escalator, or the internal structure of a building.

Quality improvement property is more taxpayer friendly in the larger description of the types of properties that don’t qualify. Qualified improvement property doesn’t require that the improvement be subject to a lease. Any interior improvements made by the owners or an owner-occupied building that meets the other requirements for qualified improvement property will qualify for bonus depreciation.

Removing the lease requirement means that any improvement made to a property in a situation involving a related-party lease could qualify for bonus depreciation.  Improvements made under a related-party lease may not qualify for the 15-year recovery period but may qualify for bonus depreciation. Also, there is no longer a three-year waiting period.

Under the PATH Act, the improvement is eligible for bonus depreciation any time after the building is first placed in service and there is no common area restriction.

For taxpayers who are in the restaurant industry, retail or with business leasehold improvements, PATH Act provisions may be advantageous new ways to claim real property assets or accelerate depreciation. “If you are not having this discussion with your CPA, then have that conversation with this CPA,” says Thompson. “I’m always in the market for smart, new clients keeping up with the times.”

Original Article

The post THE PATH ACT – Protecting Americans From Tax Hikes – Depreciation appeared first on Action Tax.

Kevin Thompson, CPA says “for aggressive taxpayers, it’s a great time to be alive.” Your chances of a tax audit are at a low level right now. There has been a six-year decline in audits with only 1,000,000 taxpayers selected. The number of people being audited dropped 16% between 2015 and 2016. In the last 12 years, fewer people were audited and the population of U.S. taxpayers has expanded by approx. 30 million people.

The cause of the decline

The IRS has experienced budget and funding cuts in recent years and that has resulted in a decrease in IRS employees and enforcement agents. Because a citizen’s chances of a tax audit are lower the government has received less in revenue. IRS commissioner John Koskinen reported that about 2 billion in revenue has been lost as a result. Thompson says “if there was ever a time when REAL tax reform should be implemented, now is the time. The Internal Revenue Code is too complicated, contains too many loopholes and, in many instances, is unmanageable as the IRS has experienced.”

Weighing your chances of a tax audit

Those in a higher income bracket are at greater risk of a tax audit. The more money you have the more the government assumes it will find errors. 5.8 % of those with incomes over a million dollars were audited in 2016 as opposed to only 1.7% who were audited with incomes over $200,000.

For those with high incomes, it’s recommended that you keep detailed records so you’ll be ready to respond quickly. It’s best to consult your accountant to determine your chances of a tax audit.

Corporate audits were down by 17% in 2016 and only 0.49% were investigated. Republicans in Congress began defunding the IRS in 2010 and a reversal isn’t expected under the Trump administration.  It’s particularly unlikely given the fact he hasn’t released his tax returns due to his ongoing audit.

What you need to do

Even though your chances of a tax audit are lower than in previous years, you still must continue to keep accurate records. Consult your tax preparer to avoid mistakes that could trigger an audit even though your chances are minimal. And, Thompson says “under no circumstance should you represent yourself. Examinations are a serious matter and should be handled accordingly.”

Original Article

The post What are your chances of a tax audit by the IRS? appeared first on Action Tax.

8 questions were given to a group of average Americans regarding IRS rules. Out of the group, only 25% of the questions about basic tax rules were answered correctly.  Half of them had no clue what tax bracket they were in and 58% thought a tax extension meant they could delay paying their income tax by the due date. Thompson says “I guess they know now that they can extend filing but not payment. I say I “GUESS” because we discover every year yet another client unaware of the onerous penalty system imposed by the IRS and their voracious appetite for those penalties.”

71% were correct in knowing they could adjust their federal withholdings at any time during the year and 61 % knew mileage driven for volunteer work was deductible. Thompson says “not every employer will allow you to change your withholding at any time. Many give you a window of time at the beginning of the year.”

Below are other questions they were asked about basic tax rules

Are gambling losses deductible on federal income tax?  Over half were wrong. 34 % correctly stated that they could take deductions if the amount wasn’t more than they won.

When is the deadline to make a tax-deductible contribution to a traditional IRA for 2016 taxes? 41 % knew the deadline was April 18^th but the rest had no idea. Thompson says “remember its 4/18 in 2017 but that date will change annually. For instance, in 2018, I believe the date will be 4/17.”

True or False: A paid federal income tax return preparer doesn’t need a valid Preparer Tax Identification Number. Surprisingly, over half weren’t sure. Thompson says, “how can taxpayers know this when the IRS is unsure of proceeding with this process. There are tax preparation sites on virtually every corner strip mall in this country. How can they know the difference?”

True or False: Contributions to a 529 college savings plan are deductible on federal income taxes. 89% thought the answer was true. Thompson says “the contribution is not deductible but the growth in the account is tax-free if used for education. If not, they act just like an IRA and the income will be taxable when withdrawn.”

Which of the following best describes a W-4?  Only 43% knew it was a form to notify employers how much income tax to withhold from a paycheck. 3 % thought it was a special designation to allow them to prepare taxes for others.

Original Article

Are tax rules confusing to you?  Make sure to contact a qualified tax preparer. Kevin E. Thompson CPA says “fees paid to a competent professional for tax preparation and planning advice is money well-spent and, in most cases tax deductible. Most taxpayers shy away from this as it is daunting and can be expensive. We created the Action Tax (www.action-tax.com)  division to provide lower cost services for American taxpayers.”

The post Basic Tax Rules – A Struggle for the Average Joe and Jane appeared first on Action Tax.

It can also be perceived as more work or a risky venture. No one wants to risk an audit if they can help it and will try to avoid doing anything that would trigger an audit.

The fact is: Disclosure can help prevent risk in many cases. Thompson says “we are looking to avoid two types of risk. First and foremost, appropriate disclosure of certain transactions can avoid an examination. Second, it can reduce the incidence of penalties.”

What is disclosure?

Disclosure is an “explanation” of income or expense. How much should be disclosed depends on what your legal requirements are and what you do. Sometimes the IRS requires one especially if a point is in question on an item you are claiming.

There are multiple instances in which it is beneficial even though it may not be required. It may get you out of paying penalties and can prevent the IRS from extending a usual three-year limitation period for the assessment of your income tax.

You could get a penalty if you underestimated your income tax.  However, you can avoid the penalty if you make a disclosure. A disclosure plus a reasonable basis for your tax position is a better strategy.

How to make a disclosure

The best way is to use an IRS form 8275 or 8275R. In most cases, Form 8275 is preferable. If you use form 8275R, it is recommended that you get professional advice as it may trigger audits while form 8275 will not. How much you disclose is also important as many people tend to go overboard.  Do not send attachments or long-winded arguments about the law.  The IRS will ask you for more information if it is needed. You want to disclose enough detail to satisfy the IRS, but still, make your disclosure short and clear.

Thompson says “Navigating the Internal Revenue Code is difficult. It’s best to consult your tax professional about any disclosures you may need.”

Original Article

The post What you Need to Know About Tax Return Disclosure That Does Not Trigger Audits appeared first on Action Tax.

However, in 2016, there wasn’t a COLA and Medicare premiums increased because of expenditures. There will be a COLA in 2017 but it will only be a tiny 0.2%. Medicare trustees announced in June that a 22% increase in Part B premiums may be mandatory.

This will affect the wealthy but others may also be affected and face a stiff increase in their Medicare Part B premiums. They will need to fall into certain categories in order to be protected. Kevin E. Thompson, CPA says “I have seen three (3) taxpayers thus far that have seen significant increases driven by their income levels.”

In 2017, premiums will be based on 2015 Medicare expenditures. (a 2-year “look back”) 75% will be paid from the general fund. (where Medicare taxes is generally collected.)  25% is paid using premiums that are charged to beneficiaries. Because the “hold harmless” was triggered in 2016, there are two base premiums. If you’ve already been paying for Medicare Part B in 2015, you will pay just short of $105 monthly. If you are a new Medicare beneficiary for 2016 you will be paying $121.80 per month. Both bases will see their fees increased in 2017.

Higher end seniors pay more in Medicare because there is a surcharge based on income. This is determined by adjusted gross income plus tax-exempt income. There are now 5 Medicare income brackets. The highest brackets (over $428,00 in annual income) pay about $390 per person per month. The lowest bracket pays $105 per month for Part B.

It’s possible that the “hold harmless” provision will be triggered again in 2017 even though there is likely to be a small COLA. That’s because Medicare premiums will need to increase to more than the net amount of the Social Security increase. The majority of Medicare beneficiaries will only have a small increase because they will be in the “hold harmless” groups.

1. Those who are not already Medicare beneficiaries will be the ones to make up for the shortfall. They will be divided into the following groups.
2. New Medicare beneficiaries who enroll as of November 2016.
3. Medicare beneficiaries who do not have premiums withheld from their SS checks (includes people 65 and older who are on Medicare but are not receiving Social Security)
4. Those with incomes that exceed the first level of income – $170,000 for a couple and $85,000 for an individual.

The following will not see an increase.

1. Those who are receiving Social Security benefits in Nov and Dec 2016, AND
2. Have Medicare premiums for December deducted from their SS checks, AND
3. Have incomes lower than the first level of income.

The increase is estimated to be as high as 22%.  It’s possible to pay as much as $467 per month per person in the highest income bracket of over $428,000 per couple and $214,000 for an individual.

Why you need an advisor who is able to understand the laws and how it will affect you.

It’s a complicated scenario. Kevin E. Thompson, CPA is here to help you understand the maze that is the Social Security System.

It’s important that your advisor determine whether or not you fall into the “hold harmless” group and will help you decide whether claiming Social Security by November 2016 and giving up delayed retirement credits of 8% is better than paying an increase in Medicare

The post There May be Another Medicare Hold Harmless in 2017 so Beware appeared first on Action Tax.

However, they are not faulting the IRS, as much as Congress, who have cut the agency’s budget. Reduced funding has subjected compliant taxpayers to mediocre service and has made it harder for the IRS to pursue delinquent taxpayers.

Nonfilers account for at least $26 billion of the $458 billion estimated tax gap.  In the course of a year, the IRS will typically send delinquency notifications to approximately 7 million nonfilers. But the TIGTA has found that programming errors, bad management decisions, and lack of resources have contributed Treasury losses. In 2012 and 2013 the IRS collected $433 million and $290 million compared to $4.3 billion and $3.6 billion for 2010 and 2011.

Nonfilers are tracked by third party reporting such as 1099 Misc, (self-employment) and 1099-B (stocks) forms.  They also look at taxpayers who have filed in the past but failed to later on.

In 2012, programming errors overlooked nonfilers with expired extensions and at least ½ were not identified. Most had high incomes and owed significant amounts in taxes. The nonfiler program is standalone so it is unlikely, those nonfilers will be reassessed.

The IRS fixed most of the program errors they found in 2013.  However, because of funding cuts, the agency stopped sending out notifications to delinquent taxpayers and established installment agreements. The TIGTA took issue with this because the agency is required to issue notifications regardless of balance due. They are saying that notifications would have brought in at least $3.8 billion in collections and is recommending that the IRS reinstate it. The IRS agreed to review 127,000 high priority cases but still only expects $2.7 billion in collections.

Kevin E. Thompson says “personally, I think it’s great they keep reducing the IRS budget and demand more from less. This IRS will continue to struggle and this means less and less impact on the US taxpayers.” There are many implications to a lowly-funded IRS and one of them is fewer audits. This is good for the US Taxpayers who fear examinations. “Professionally, I think it time the IRS enters into a Public-Private partnership with tax preparers (TP). These TP’s would be well-trained and can resolve many of the IRS issues with taxpayers quickly and more economically than the IRS can. Look for my book this summer on this topic.”

Contact Kevin Thompson CPA

kevin@kevinthompsoncpa.com  or call him @ (310) 450-4625 x102

The post Reduced funding for the IRS has Resulted in Lower collections from High Income Nonfilers appeared first on Action Tax.

Kevin E. Thompson CPA says “I began looking at the Bitcoin phenomenon maybe 5 – 7 years ago. My long-time business associate said I should check this out and the Burger King on Pico and 20^th started accepting Bitcoin. So, I did. I am not normally a risk-averse person but this stuff had risk written all over it. The rest of this article validates why I stayed away.” Thompson says “but that doesn’t mean everyone stayed away.”

Coinbase currently has nearly 5 million users. Their main concern is that they will be required to turn over their customer’s financial records. The IRS has previously targeted banks but didn’t require them to turn over data on most of its account holders. What they are asking Coinbase to do is much broader. The company is concerned that innocent as well as fraudulent customers will have their privacy violated.

For instance, if you have bought books, considered to be politically incorrect, the government will have a record of it. The IRS feels that most Bitcoin users are suspect because cryptocurrency doesn’t require using third parties to report information to the government. This increases non-compliance.

Coinbase, known for its “know your customer” and monitoring practices has said it will appeal the John Doe summons if it goes to court.

Generally, the company adheres to law enforcement requests if they are reasonable. However, what the IRS is asking for, goes beyond those boundaries. The have demanded that Coinstar give them information on their customers for a three-year period.

Though the summons allows the agency to go after anonymous tax evaders, it cannot investigate specific individuals according to the IRS internal Revenue Manuel.  They also cannot issue that information be released to conduct “fishing expeditions” based on assumptions.

Some say the IRS is doing the right thing asking for Bitcoin customer data. They believe it would be a way for them to sense how the digital currency is being used by taxpayers to avoid paying taxes. It would also help them determine the size of the market and what percentage of customers are reporting transactions on their tax returns.

Transactional analytics for the Bitcoin market are controlled by local, national, and federal regulations.

Government officials are pressuring the IRS to crack down on Bitcoin tax evasion. Whenever a customer makes a profit they are liable for capital gains tax, which needs to be reported.

Those watching the Bitcoin market are questioning whether the IRS is attempting to go after both individual tax evaders and the companies themselves. Others would rather they spent time on more important concerns because the profit levels of digital currency is low.

Bitcoin users may be driven away from companies like Coinstar, who offer attractive services such as currency conversion and storage services because of privacy concerns.

The post Bitcoin User Data Being Sought by IRS appeared first on Action Tax.