Americans didn’t file cryptocurrency transaction to tax authorities

Less than 100 people out of 250,000 reported such transactions in federal tax files
16 February 2018   167

The Internal Revenue Service considers cryptocurrency as a property. With that position any gains and losses in cryptocurrency should be treated as capital gains and losses. Credit score startup Qualtrics did a survey last month and the results are as follows: 57% of approximately 2,000 Americans polled have made some gain out of cryptocurrency. The study also concluded that nearly half of that percentage understood how the cryptocurrency would affect their taxes.

In 2017 cryptocurrency market surged enormosly in price. Yet it is still unclear how many Americans hold the cryptocurrency. And the legislation for the virtual currency is still building up. According to the earlier article, from January 1, 2018 all cryptocurrency trading will become taxable due to a new US tax code signed by D.Trump.

On top of that, on February 10, 2018 IRS has set up a special team of criminal agents to investigate possible tax evasion cases, according to the recent news. And that is 2 months prior the tax filing deadline. However, Americans with complex tax situations do tend to file closer to the deadline.

Given the popularity of bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting.


Jagjit Chawla

General manager for Credit Karma Tax

Atlanta's computer network infected with Bitcoin ransomware

Hackers breached the governmental computer network in Atlanta to infect with ransomware and demand payment in Bitcoin
23 March 2018   133

Cryptocurrency ransomware of different flavors has been around practically as long as cryptocurrencies themselves. And now the city of Atlanta, US has come under the attack.

The governmental computer system has been infected by the ransomware virus early in Thursday, and this has caused a massive disruption in several departments. In particular the bill payments and court information services has been affected. Later in the morning several city employees found a ransom letter on their computers with demands for $51,000 in Bitcoin.

In the afternoon of the same day officials held a press-conference, but were unable to provide any particular information about the attack since the investigation was just commenced and in the early stages. The question whether or not they were going to pay the ransom were also left unanswered.

Atlanta is one the major economics hubs in the Southern US with several large international companies and the world's busiest airport located in the city. Apparently, the city officials have no qualms about going for all the available help in such a high-resonance case, hence the US Department of Homeland Security, the FBI and even the Secret Service authorities are now on the ground.

Of course, there is little chance of systems being unlocked even if the ransom is paid, the security experts say. So, the city is probably in for a long road to full recovery of its computer facilities. The officials have even started making plans in preparation for long and tedious recovery process.