A financial analyst was recently featured in Paul Peters’ Positive the Facts article titled “Ted Bauman Explains Why Cryptocurrency Investors are Worried About the IRS.” The article discusses that despite the gains many investors collected by investing in cryptocurrency, they will also have to pay their fair share of taxes, like any other investment.
Ted Bauman reveals that the millionaires who enjoyed the 1,500% gain in cryptocurrency may feel intimidated by the tax bill they owe to the IRS. He is a financial writer for Banyan Hill where he puts out three different investment newsletters that discuss asset protection and low-risk investment. He has a background in asset protection and security, which makes him an expert in helping the cryptocurrency millionaires protect their assets.
Many investors didn’t recognize the possible tax implications of their investments before cryptocurrency suffered in early 2018. The stocks took a nosedive after seeing buyer fatigue and negative press. There were also rumors of China’s restrictions on products for domestic buyers. The stock has dropped nearly 50% since its highest point in early 2018. Many investors sold a large section of their investments, but because they had capital gains, they will need to pay the IRS.
In a recent article to his readers, Ted Bauman revealed that many bitcoin investors have never paid taxes on their investment in cryptocurrency, including their transactions. Some even mentioned they did not plan to pay taxes in the future. The famous cryptocurrency, Bitcoin, was created by Satoshi Nakamoto as a way to create a currency that was free from government oversight. The blockchain technology was created to provide anonymity to the investors.
Hiding from the IRS requires more than blockchain technology. In 2013, the IRS created a dedicated team to learning everything about cryptocurrency and its effect on tax avoidance. The IRS revealed that it had 14,000 identities of people purchasing the investment from Coinbase who traded $20,000 or more.
Ted Bauman was also featured in the Forbes’ article “Here’s How the Bull Market Dies” written by contributing author, Kenneth Rapoza. The article reveals that people who have invested in U.S. international companies will need to be worried about the possible trade war.