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To: Errant
"Any CPA worth her salt should be able to calculate what you owe in taxes as long as you keep good records, as the law requires - no?"

Yes, I understand more than you can imagine...and when the IRS has a couple of bitcoin audits producing adjustments to income, congress will gin up a slew of regulations to "help" the taxpayer comply. Don't think vendors that deal in bitcoin will not be forced to surrender the names of their bitcoin customers. Forms 1099-B,C,MISC,INT,DIV,R,S are the products of the evolution of various "systems" which are now compelled to report with "good records". Bitcoin will be just as regulated in two years time. So what have we gained? A system that still transacts benchmarked by the US$, but operated by private persons and creates an entirely new level of surveillance. Sounds like a great innovation.

57 posted on 01/15/2014 2:07:42 PM PST by Dutchboy88
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To: Dutchboy88
Sounds like a great innovation.

Well now, maybe you are being to understand! It's private enterprise verses central control - is there any doubt who the final winner will be? :-)

For additional edification: Overstock CEO Slams "Unethical" Krugman; Hopes "Bitcoin Destroys Central Banking"

58 posted on 01/15/2014 2:19:10 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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