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Barely anyone is reporting their Bitcoin gains to the IRS

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According to a recent study from Credit Karma Tax, a very small percentage of the people who own cryptocurrency are actually reporting it to the IRS.

Fewer than 100 of 250,000 federal tax returns prepared and filed so far this year through the company have reported cryptocurrency gains and losses, Credit Karma told CNBC on Tuesday.

“Generally, Americans with more complex tax situations file later in the tax season, especially if they expect that they’ll owe money. However, given the popularity of Bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting,” Credit Karma Tax General Manager Jagjit Chawla said in a statement.

According to the study, 52 percent of the company’s tax filers this year were millennials, and just 14 percent are 55 or over.

For anyone who has been interested in cryptocurrency for a while, the fact that people are surprised that no one is paying their taxes is strange, considering the fact that this has always been one of the primary advantages of cryptocurrency and one of the main reasons for its growing popularity.

Even crypto traders who actually intend on paying their taxes have no clue how to actually claim their earnings because the government has been vague about their policies, and they continue to make the record keeping more difficult, which is pushing many traders to avoid filing altogether.

Under new rules passed by the IRS this year some owners of cryptocurrency would be forced to pay up to 60% of their earnings.

For now, there isn’t much that the government can actually do about this, considering the fact that cryptocurrency is anonymous by its very nature. However, the government can seek out centralized exchanges as they have in the past with companies like Coinbase.

Earlier this year a court ordered Coinbase to give the government information on all of its customers who had over $20,000. It is highly likely that the government will continue to do this, but these companies are free to leave the US, and many of them are already based in countries that are more hands-off with cryptocurrency.

A survey from LendEDU and conducted by Pollfish taken in November suggested that less than half of those polled were not planning to report their cryptocurrency holdings to the IRS.

It will be interesting to see how things play out as IRS tax collectors are preparing to fight against a technology that they don’t understand and may be powerless to stop.


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Jeff Bezos Thanks Amazon Workers And Customers For Paying For His Flight To Space

Elias Marat

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The billionaire space race chalked up one more ignoble milestone on July 20 when the world’s richest man, Jeff Bezos, boarded a reusable rocket his company Blue Origin built and funded, flew to the edge of space for a moment of weightlessness, and came back down to earth.

You can watch the flight and learn more about the journey here.

The Amazon founder has faced withering criticism for accumulating his massive fortune on the backs of an exploited workforce that is subject to harsh working conditions and low pay in warehouses or Fulfillment Centers where staffers must urinate in water bottles in order to meet their quotas.

In his press conference following the launch, Bezos thanked that same workforce for helping him to shoot himself into space in a move that many critics have described as a simple “joyride.”

“I want to thank every Amazon employee and every Amazon customer because you guys paid for this,” he told the crowd, which responded with laughter. “Seriously, for every Amazon customer out there and every employee thank you from the bottom of my heart very much. It’s very appreciated.”

Critics on Twitter responded with derision, noting that Bezos was able to enjoy the trip at the expense of his hard-working employees.

“Thing is, employers are supposed to pay their employees, not the other way around, but that’s basically how Amazon works,” one user tweeted.

While another tweeter asked: “Maybe they’re searching space for signs of a livable wage or a way to pay their fair share of taxes?”

On Tuesday, Bezos blasted off in the sub-orbital New Shepard rocket from Texas. The date for the launch was chosen to coincide with the 52nd anniversary of the Apollo 11 moon landing.

Members of the crew, which included his brother mark and 82-year-old female astronaut Wally Funk, brought a number of historic items on the flight, including a piece of canvas from the conceptual plane originally flown by the Wright brothers, the goggles Amelia Earhart used to fly across the Atlantic, and a brass medal made from the first hot air balloon which flew in 1783.

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Good News

Keanu Reeves Praised As Video of Him Offering Seat to Lady in Subway Resurfaces

Elias Marat

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Keanu Reeves is an actor who has long been loved by audiences —and not necessarily due to his acting skills, but due to how nice the John Wick star is.

And now, Reeves is once again earning praise as a “true gentleman” after resurfaced video footage shows Reeves giving up his seat on the subway.

The clip was shared by Instagram film fan account Cinemonkeys where it has since earned nearly 45,000 likes.

The video footage dates back to 2011, when it was shared on YouTube by a user of the video-sharing platform.

At the time, Reeves was already a superstar riding on the fame he earned from the Matrix, Speed, and a number of other blockbuster hits.

When Reeves notices a woman carrying a heavy bag, he quickly points to his seat and asks if she would like to sit. The woman accepts and Reeves gets up without hesitating to let her take his seat.

Reeves, ever the model citizen, then stands and holds onto a subway pole while carrying his bag.

The video has since been watched over 27 million times and was even cited in a 2019 Time magazine profile of the actor describing Reeves as the “soul mate” of the internet.

The resurfacing of the clip on Instagram once again impressed users of the platform.

“This human being’s soul honestly shines so bright,” wrote one user.

“OMG I love him in every single way,” another person commented.

His kindness knows no bounds,” commented someone else.

Keanu is set to reprise his role as Neo in the upcoming fourth Matrix film directed and written by Lana Wachowski, who co-directed the earlier trilogy with her sister Lilly. He will also return to the silver screen in John Wick: Chapter 4, which will be released in 2022.

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Animals

Drunk Man Rescues Injured Baby Bird By Sending It To Animal Shelter… In An Uber

Elias Marat

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An injured baby bird received a new lease on life after a young man who was inebriated had the good sense to send the little creature to an animal shelter because he and his friends were too drunk to drive.

In the Summer of 2019, a small lesser goldfinch suddenly appeared by itself at the Wildlife Rehabilitation Center of Northern Utah. The center’s chairman, Buz Marthaler, was notified by a volunteer who sent him a photo.

“It was a picture of this bird, and it had come by Uber,” Marthaler told FOX13. “It was just crazy.”

As it turns out, the tiny bird – which was only two weeks old – indeed rolled up to the site by its lonesome, the sole passenger in an Uber vehicle called by concerned citizens who found the injured creature.

Among those good Samaritans was Tim Crowley, who had been “day drinking” on that Saturday before he and his buddies witnessed the little bird fall from the sky.

“Impromptu, sitting in some camp chairs, hanging out, having a few drinks when we had a visitor fall out of the sky,” he explained.

Crowley then snapped a photo of the bird and sent it to the WRCNU, which instructed him to immediately bring the bird in. However, the group obviously couldn’t drive since they had been guzzling booze all day.

So Crowley decided he’d hail a cab for the creature.

“At first it was a joke, like, ‘Hey, maybe we should just call Uber!’” he said. “Then we were like, ‘No, really. Why not? We’re paying them.’”

As it turns out, the bird – since named “Petey Uber” by staff at the rescue center – likely would have perished if not for Crowley’s quick thinking.

Marthaler remains impressed by Crowley’s move and shared the news on its Facebook page.

“While we feel we’ve seen it all and can’t be amazed by anything, there is always someone out there to prove us wrong,” the shelter’s post read. “Thank you to the rescuer who helped this little one get the care it needed in a timely manner and thank you for keeping yourself safe and others on the road safe as well.”

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