Will Congress Keep The Internet Tax Free?

Chances are, you might be paying Verizon to read this. Or Comcast. Or some other internet provider. But you’re not paying Uncle Sam. And you’re probably not paying your state or municipality. By law, federal, state and local governments may not tax internet access. The Internet Tax Freedom Act (downloads as a pdf), is part … Read more

The End Of The (Silk) Road For Bitcoin Millionaire As IRS, Fed Agencies Make Arrests

We used to assume that crime happened in predictable places: dark alleys and dicey street corners. In reality, some of the biggest crimes in the world are occurring in home offices and in family basements: some of the most sophisticated and damaging financial crimes just need an internet connection. A recent study by the Center … Read more

Will Overstock Force IRS To Make Up Its Mind About Bitcoin?

Overstock raised eyebrows earlier this month when the retailer announced it would accept Bitcoin as payment. While Bitcoin has slowly been making inroads into the U.S. economy, Overstock is by far the largest, most mainstream company to tout the currency as a legitimate means of payment. And it definitely paid off, with Patrick M. Byrne, … Read more

From Treasure To Trash: Man Tosses Out Bitcoin Wallet On Hard Drive Worth $9 Million

James Howell, a tech geek in the UK, made the painful realization that he had literally thrown away $9 million when he tossed out his computer hard drive. That hard drive stored 7,500 in bitcoins – an alternative currency that recently soared in value. But Howells’ folly is a good opportunity to talk casualty loss deduction: when can bad luck result in a tax deduction?