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#taxcode

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the giant pot of bitcoins bought with leverage and the money of retail suckers that masquerades as a company known as #MicroStrategy (#MSTR) has a massive tax problem and has run to the IRS for help. They teamed up with #Coinbase and wrote a 76 page Very Angry Letter about how they cannot possibly be expected to follow the tax code as written.

(tl;dr the value of their bitcoins went up and they don't want to pay taxes on them despite taking an absolutely *massive* tax impairment a year or two ago when their bitcoins had gone down)

For bonus points consider that the CEO of MicroStrategy #MichaelSaylor was personally busted for massive tax fraud and had to pay a $51 million fine just a few months ago.

* WSJ: wsj.com/finance/currencies/mic
* no paywall: archive.ph/U4LQC
* 76 page letter: legacy.www.documentcloud.org/d

#IRS#taxes#crypto

#Hacking the #TaxCode
Estimates are that U.S. companies like #Google and #Apple avoided paying nearly US$200 billion in #taxes in 2017 alone. In the tax world, vulnerabilities are called #loopholes. Exploits are called tax avoidance strategies. And there are thousands of black-hat researchers who examine every line of the tax code looking for exploitable vulnerabilities—tax attorneys and tax accountants.
schneier.com/blog/archives/202

www.schneier.comHacking the Tax Code - Schneier on Security