Taxes on trading income in the US - Tax rate info for ...

Can someone explain the scam?

I know this is a scam but I’m just trying to work out how they scam you, this is in the UK by the way
Someone has messaged me asking me if i can give him my card so he can transfer money from bitcoin (he buys and sells bitcoin) in to my account, it’s £8,000 and he said I can keep half.
I just need to go in to the bank and withdraw it and he can take half, he is doing this to avoid his tax bracket from changing by it keep going into his account.
He said I can empty my account so there is no money in there while he puts it in and I can cancel my card after and request a new one so the details aren’t valid and he has all the documents about the bitcoin sale Incase the bank ask me where it’s from
I get it’s a scam but which part?? It’s driving me mad! Thanks guys
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JPM - Early Look at the Market – Thurs 9.28.17- **PLEASE DO NOT FORWARD THIS DOCUMENT**

PAY F FOR RESPECT FOR HUGH HEFNER

J.P. Morgan Early Look at the Market – Thurs 9.28.17 Trading Desk Commentary; For Institutional Investors Only

PLEASE DO NOT FORWARD THIS DOCUMENT

Morning Levels

Trading Update

Top Headlines for Thursday

Calendar of events to watch for Mon Oct 2

Opinion/Interesting-but-not-immediately-impactful/intra-day boredom reading

Full catalyst list

  • Fri Sept 29 – China Caixin manufacturing PMI for Sept (Thurs night/Fri morning)
  • Fri Sept 29 – German jobs numbers for Sept. 3:55amET.
  • Fri Sept 29 – Eurozone CPI for Sept. 5amET.
  • Fri Sept 29 – US personal income/spending for Aug. 8:30amET.
  • Fri Sept 29 – US PCE for Aug. 8:30amET.
  • Fri Sept 29 – Chicago PMI for Sept. 9:45amET.
  • Fri Sept 29 – Michigan Confidence for Sept. 10amET.
  • Fri Sept 29 – Fed speakers: Harker
  • Fri Sept 29 – analyst meetings: CMP
  • Sat Sept 30 – China NBS manufacturing and non-manufacturing PMI for Sept (Fri night/Sat morning)
  • Mon Oct 2 – China mainland markets closed Mon 10/2-Fri 10/6 for the National Day holiday.
  • Mon Oct 2 – Eurozone manufacturing PMI for Sept. 4amET.
  • Mon Oct 2 – Eurozone unemployment rate for Aug. 5amET.
  • Mon Oct 2 – US manufacturing PMI for Sept. 9:45amET.
  • Mon Oct 2 – US manufacturing ISM for Sept. 10amET.
  • Mon Oct 2 – US construction spending for Aug. 10amET.
  • Mon Oct 2 – Fed speakers: Kaplan
  • Tues Oct 3 – Eurozone PPI for Aug. 5amET.
  • Tues Oct 3 – US auto sales for Sept.
  • Tues Oct 3 – analyst meetings: F/Ford (Ford CEO to host strategic update), INTU, NTAP, SHW
  • Tues Oct 3 – earnings before the open: PAYX, LEN
  • Tues Oct 3 – earnings after the close: IDT
  • Wed Oct 4 – Eurozone services PMI for Sept. 4amET.
  • Wed Oct 4 – Eurozone retail sales for Aug. 5amET.
  • Wed Oct 4 – RBI rate decision. 5amET.
  • Wed Oct 4 – US ADP jobs report for Sept. 8:15amET.
  • Wed Oct 4 – US services PMI for Sept. 9:45amET.
  • Wed Oct 4 – US non-manufacturing ISM for Sept. 10amET.
  • Wed Oct 4 – Yellen delivers opening remarks at Community Banking conf. 3:15pmET.
  • Wed Oct 4 – analyst meetings: BWXT, BXP, MNK, TTD
  • Wed Oct 4 – earnings before the open: AYI, MON, PEP, RPM, Tesco PLC
  • Wed Oct 4 – earnings after the close: CAFD, RECN
  • Thurs Oct 5 – ECB meeting minutes. 7:30amET.
  • Thurs Oct 5 – US factory orders and durable goods for Aug. 10amET.
  • Thurs Oct 5 – Fed speakers: Williams, Harker, George.
  • Thurs Oct 5 – analyst meetings: BKH, CLX, LUK, TWOU
  • Thurs Oct 5 – earnings before the open: ISCA, STZ=
  • Thurs Oct 5 – earnings after the close: COST, HELE, YUMC
  • Fri Oct 6 – German factory orders for Aug. 2amET.
  • Fri Oct 6 – US jobs report for Sept. 8:30amET.
  • Fri Oct 6 – US wholesale inventories/trade sales for Aug. 10amET.
  • Fri Oct 6 – US consumer credit for Aug. 3pmET.
  • Fri Oct 6 – Fed speakers: Bostic, Kaplan, Bullard
  • Sat Oct 7 – China FX reserves for Sept (Fri night/Sat morning)
  • Mon Oct 9 – China Caixin services PMI for Sept (Sun night/Mon morning)
  • Mon Oct 9 – German industrial production for Aug. 2amET.
  • Mon Oct 9 – Columbus Day holiday in the US (equities will be open while fixed income is closed).
  • Tues Oct 10 – German trade balance for Aug. 2amET.
  • Tues Oct 10 – analyst meetings: TECD, Santander, WDAY, WMT
  • Tues Oct 10 – PG shareholder meeting
  • Tues Oct 10 – earnings after the close: CUDA
  • Wed Oct 11 – US JOLTs report for Aug. 10amET.
  • Wed Oct 11 – Fed minutes from the Sept 20 meeting (2pmET).
  • Wed Oct 11 – analyst meetings: KR
  • Wed Oct 11 – earnings before the open: FAST
  • Thurs Oct 12 – Eurozone industrial production for Aug. 5amET.
  • Thurs Oct 12 – US PPI for Sept. 8:30amET.
  • Thurs Oct 12 – analyst meetings: BOX, HPQ
  • Thurs Oct 12 – earnings before the open: C, JPM, Tata Consultancy.
  • Thurs Oct 12 – earnings after the close: EXFO
  • Fri Oct 13 – China imports/exports for Sept (Thurs night/Fri morning)
  • Fri Oct 13 – US CPI for Sept. 8:30amET.
  • Fri Oct 13 – US retail sales for Sept. 8:30amET.
  • Fri Oct 13 – US Michigan Sentiment for Oct. 10amET.
  • Fri Oct 13 – US business inventories for Aug. 10amET.
  • Fri Oct 13 – analyst meetings: SAFM
  • Fri Oct 13 – European trading updates: Man Group
  • Fri Oct 13 – earnings before the open: BAC, PNC, WFC
  • Mon Oct 16 – China CPI/PPI for Sept (Sun night/Mon morning)
  • Mon Oct 16 – Eurozone trade balance for Aug. 5amET.
  • Mon Oct 16 – earnings before the open: SCHW
  • Mon Oct 16 – earnings after the close: NFLX, Rio Tinto
  • Tues Oct 17 – Eurozone Sept auto registrations. 2amET.
  • Tues Oct 17 – German ZEW survey results for Oct. 5amET.
  • Tues Oct 17 – US import prices for Sept. 8:30amET.
  • Tues Oct 17 – US industrial production for Sept. 9:15amET.
  • Tues Oct 17 – US NAHB housing index for Oct. 10amET.
  • Tues Oct 17 – earnings before the open: CMA, CSX, GS, GWW, HOG, JNJ, UNH
  • Tues Oct 17 – earnings after the close: BHP, CP, CREE, IBM
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits fro Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, MTB, USB
  • Wed Oct 18 – earnings after the close: AXP, SLG
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, DHR, GPC, KEY, PM, PPG, TRV, TXT, VZ
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – earnings before the open: BHGE, CFG, GE, SLB, STI, SYF.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
**J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.**
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J.P. Morgan Early Look at the Market – Mon 10.16.17 - **PLEASE DO NOT FORWARD THIS DOCUMENT**

J.P. Morgan Early Look at the Market – Mon 10.16.17

SEC DISCLAMIER: PLEASE DO NOT FORWARD THIS DOCUMENT

Morning Levels

Trading Update

Top Headlines for Monday

Catalysts – big events to watch over the coming months

Full catalyst list

  • Wed Oct 18 – Fed speakers: Dudley, Kaplan.
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits for Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, Akzo Nobel, ASML, MTB, MTG, NTRS, Reckitt Benckiser, SVU, USB
  • Wed Oct 18 – earnings after the close: AA, AXP, BDN, BHE, BXS, CCI, CCK, EBAY, GHL, HXL, KALU, LLNW, SLG, SLM, STLD, TCBI, URI.
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, BK, BX, DGX, DHR, DOV, GPC, KEY, Nestle, NUE, Pernod Ricard, Philips Lighting, PM, PPG, Publicis, RCI, Roche, SAP, SNA, SON, Thales, TRV, TSMC, TXT, Unilever, VZ, WBC, WGO.
  • Thurs Oct 19 – earnings after the close: ASB, ATHN, ETFC, ISRG, LHO, MXIM, NCR, PBCT, PFPT, PYPL, WDFC, WERN.
  • Fri Oct 20 – BOJ’s Kuroda speaks. 2:30amET.
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – Yellen speaks to National Economists Club in Washington. 7:15pmET.
  • Fri Oct 20 – earnings before the open: Assa Abloy, BHGE, CFG, CLF, Daimler, DST, GE, GNTX, HON, InterContinental Hotels, KSU, MAN, PG, SLB, STI, SYF, TomTom, Volvo.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Mon Oct 23 – earnings before the open: HAL, HAS, ITW, KMB, LII, Philips, STT, STX, VFC
  • Mon Oct 23 – earnings after the close: ARNC, CR, JBT, OI, ZION.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – ECB bank lending survey. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Tues Oct 24 – earnings before the open: AMTD, Anglo American, BASF, BIIB, CAT, CLB, CNC, CVLT, ETR, Fiat Chrysler, FITB, GLW, GM, INFY, IPG, LLY, LMT, MAS, MCD, MMM, Novartis, PCAR, PHM, PNR, R, RF, SAH, SHW, SWK, UTX, WAT, WDR.
  • Tues Oct 24 – earnings after the close: AKAM, AMP, AXS, Canadian National Railway, CMG, COF, CYBE, DFS, ESRX, HLI, IRBT, IRM, MANH, NUVA, RGC, T, TSS, TXN.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Wed Oct 25 – Bank of Canada rate decision. 10amET.
  • Wed Oct 25 – Brazilian rate decision (after the close).
  • Wed Oct 25 – earnings before the open: ALK, ALLY, ANTM, Antofagasta, AOS, APH, BA, BAX, BTU, Capgemini, Dassault Systemes, DPS, FCX, FLIR, Fresnillo, HBAN, Heineken, IP, IR, KO, LEA, LH, Lloyds Banking Group, NDAQ, NSC, NYCB, OC, Peugeot, SIRI, SLAB, TMO, TUP, V, WBA, WEC, WYN.
  • Wed Oct 25 – earnings after the close: ABX, ACGL, AFL, AMGN, CA, CLGX, DLR, FFIV, FNF, FTI, KIM, LSTR, MC, MLNX, NOW, NXPI, ORLY, PKG, PLXS, RJF, SSNC, TSCO, TYL, UNM, VAR, WCN, XLNX.
  • Thurs Oct 26 – Riksbank decision. 3:30amET.
  • Thurs Oct 26 – ECB rate decision. 7:45amET press release, 8:30amET press conf.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Thurs Oct 26 – earnings before the open: ABB, ABX, Aixtron, ALLE, ALV, Anheuser Busch, APD, Bayer, BEN, BMS, BMY, BSX, BWA, CCMP, CELG, CHTR, CMCSA, CME, COP, Deutsche Bank, ENTG, EQT, EXLS, F, GNC, HLT, HSY, LUV, MMC, MKC, NEM, Nokia, OAK, ODFL, PX, Santander, Schneider Electric, SPGI, STM, TWTR, UNP, UPS, VC, VNTV, WM, XEL, XRX.
  • Thurs Oct 26 – earnings after the close: AIV, ATEN, CB, CDNS, CENX, CLS, EXPE, FLEX, FTNT, FTV, GILD, GOOG, HIG, INTC, LPLA, MAT, MSFT, NATI, PFG, PRO, SGEN, SIVB, SYK, VDSI, VRSN.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
  • Fri Oct 27 – earnings before the open: B, MRK, PSX, SC, TRU, Volkswagen, WY, XOM.
  • Mon Oct 30 – US personal income/spending and PCE for Sept. 8:30amET.
  • Mon Oct 30 – US Dallas Fed index for Oct. 10:30amET.
  • Mon Oct 30 – analyst meetings: CSX
  • Mon Oct 30 – earnings before the open: HSBC
  • Mon Oct 30 – earnings after the close: AVB, CGNX, RE, RTEC, VNO
  • Tues Oct 31 – BOJ rate decision (Mon night/Tues morning).
  • Tues Oct 31 – US Employment Cost Index for Q3. 8:30amET.
  • Tues Oct 31 – US Case-Shiller home price index for Aug. 9amET.
  • Tues Oct 31 – US Chicago PMI for Oct. 9:45amET.
  • Tues Oct 31 – US Conference Board Sentiment readings for Oct. 10amET.
  • Tues Oct 31 – earnings before the open: ADM, AET, Airbus, AMT, Barclays, BNP, CMI, ECL, FIS, GGP, K, MA, OSK, PFE, XYL.
  • Tues Oct 31 – earnings after the close: APC, CHRW, CXO, PLT, WFT, X
  • Wed Nov 1 – US ADP jobs report for Oct. 8:15amET.
  • Wed Nov 1 – US Markit Manufacturing PMI for Oct. 9:45amET.
  • Wed Nov 1 – US Manufacturing ISM for Oct. 10amET.
  • Wed Nov 1 – US construction spending report for Sept. 10amET.
  • Wed Nov 1 – US auto sales for Oct.
  • Wed Nov 1 – FOMC meeting decision. 2pmET.
  • Wed Nov 1 – earnings before the open: AGN, APO, CEVA, CLX, EL, GRMN, HFC, LFUS, Novo Nordisk, ORBK, Standard Chartered, TAP, TRI.
  • Wed Nov 1 – earnings after the close: ALL, BHF, BXP, CACI, CAVM, CSGS, EGOV, FB, LNC, MANT, MET, MUSA, OXY, PRU, QCOM, ULTI, XPO.
  • Thurs Nov 2 – BOE rate decision. 8amET.
  • Thurs Nov 2 – US nonfarm productivity and unit labor costs for Q3. 8:30amET.
  • Thurs Nov 2 – earnings before the open: ADP, AN, BCE, CI, Credit Suisse, DISCA, H, ICE, LDOS, Royal Dutch Shell, Sanofi, Swiss Re, WRK.
  • Thurs Nov 2 – earnings after the close: AAPL, AIG, ATVI, CBS, CRUS, FLR, HLF, JCOM, RMAX, SBUX, UNIT.
  • Fri Nov 3 – US jobs report for Oct. 8:30amET.
  • Fri Nov 3 – US trade balance for Sept. 8:30amET.
  • Fri Nov 3 – US factory orders and durable goods orders for Sept. 10amET.
  • Fri Nov 3 – US non-manufacturing ISM for Oct. 10amET.
  • Mon Nov 6 – Fed’s Dudley speaks at The Economist Club of New York.
  • Tues Nov 7 – RBA rate decision. Mon night/Tues morning.
  • Tues Nov 7 – US JOLTs jobs report for Sept. 10amET.
  • Tues Nov 7 – US consumer credit for Sept. 3pmET.
  • Thurs Nov 9 – US wholesale trade sales/inventories for Sept. 10amET.
  • Fri Nov 10 – US Michigan Confidence preliminary numbers for Nov. 10amET.
  • Tues Nov 14 – US PPI for Oct. 8:30amET.
  • Wed Nov 15 – US CPI for Oct. 8:30amET.
  • Wed Nov 15 – US Empire Manufacturing for Nov. 8:30amET.
  • Wed Nov 15 – US retail sales for Oct. 8:30amET.
  • Wed Nov 15 – US business inventories for Sept. 10amET.
  • Thurs Nov 16 – US import prices for Oct. 8:30amET.
  • Thurs Nov 16 – US industrial production for Oct. 9:15amET.
  • Thurs Nov 16 – US NAHB housing index for Nov. 10amET.
  • Fri Nov 17 – US housing starts and building permits for Oct. 8:30amET.
  • Mon Nov 20 – US Leading Index for Oct. 10amET.
  • Tues Nov 21 – US existing home sales for Oct. 10amET.
  • Wed Nov 22 – US durable goods for Oct. 8:30amET.
  • Wed Nov 22 – US final Michigan Confidence numbers for Nov. 10amET.
  • Wed Nov 22 – FOMC 11/1 meeting minutes. 2pmET.
  • Fri Nov 24 – US flash PMIs for Nov. 9:45amET.
J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.
submitted by SIThereAndThere to wallstreetbets [link] [comments]

The Regulatory/Legal Environment

Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article.
Cryptocurrency Regulations across Major Countries
Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble.
This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry.
Canada
Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA)
There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test).
The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well.
If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan
Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies.
China
The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading.
China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework.
“ “The United Kingdom & European Union
Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders.
The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money.
This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries
Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies:
-Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore.
Countries with the most stringent and negative cryptocurrency regulation:
-Venezuela. -South Korea. -India. -Russia.
Did you know?
It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan.
Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA
Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement.
The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law.
On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain.
Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe
The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways:
-Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved.
-Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state.
This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws.
The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””.
The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2
Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association.
The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home.
Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets.
There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain.
Country-by-Country Cryptocurrency Adoption
Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption
Estonia
Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”.
As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange.
This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world.
Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment.
This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption
The United States of America
The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs.
Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape.
Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology.
For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption
Denmark
When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies.
Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark.
With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption
Sweden
Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time.
Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations.
Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption
The Netherlands
The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City.
There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands).
The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay.
The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption
Finland
Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin?
Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy.
Canada
Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”.
Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences.
There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption
United Kingdom
The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment.
It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US.
In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption
Australia
The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts.
The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”.
The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency
Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return.
Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations.
Belarus
Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley.
The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry.
“ “Taxation and Cryptocurrency
Portugal
Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains.
The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation.
From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal.
China
China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment.
But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency
Netherlands
Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime.
Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective.
Germany
Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too.
Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product.
Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO
Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed.
Estonia
This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem.
The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO
Singapore
Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO.
The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system.
Where to Base Your ICO
Slovenia
Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business.
Switzerland
Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general.
Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co
Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

X-Post from r/Bitcoin - 40% - 50% Tax on Bitcoin Trading in the UK - is anyone else paying this?

Hi All
I posted this yesterday on Bitcoin and someone there suggested that this might be a fruitful sub to post on. I am looking for confirmation that the advice I have received is correct, or alternative approaches I could adopt. Thank you in advance for any replies.
I am posting this for two reasons, firstly, because after looking around I have not seen real information about how UK HMRC is likely to treat Bitcoin trading gains on a tax return. Most people seem to think it will be Capital Gains Tax which is not what I have been told. And secondly, although I can't do anything about it this for last year I may be able to take (some) mitigating action for this financial year and in the future, so it might help someone else. I realise that I am lucky to have made the money so I am not moaning - just sharing.
For those not in the UK, our tax year runs from 6th April 2016 - 5th April 2017. In that year, more to do with the increase in value than good trading, I made a healthy profit (£40k - £50k). I think it would probably be a good idea to pay tax, so that when I drop large amounts of cash from an overseas exchange into my account, I have some answers if anyone starts asking questions, and I don't want to wait until the HMRC get wise enough to track UK account holders bitcoin addresses in overseas exchanges. I do realise that I could put it all into Monero and keep quiet, but I would quiet like to pay off some of my mortgage.
Anyway, on to the source of my 'first world problem'. I have spoken to two pretty experienced tax advisors and they have advised me that this will be treated as Income Tax by HMRC. I have an income pretty much at the top of the 20% bracket, which means that all of the Bitcoin gains will be at 40%. Not only that, but as income I will also need to pay Class 4 NI which could be as much as 9%. In addition if you earn over £100k your personal allowance starts to go down. All of this means that I will be paying at least 40% on the gains and possibly up to 50% or higher effective rate.
I am aware that the HMRC paper from 2014 says it will treat trading like trading other currency (forex) and from this I assumed that it meant that it would be treated as capital gain tax. Both of the tax advisors I contacted said that it would clearly fall into the Income Tax definition.
Has anyone else been down this route, have your professional advisors said the same thing or something different? Advice that I should have found all this out earlier, while true, does not help much. Any feedback gratefully received. Thanks. [Tax]
submitted by Love-to-pay-tax to UKPersonalFinance [link] [comments]

Paying 40 - 50% Tax on Bitcoin Trading in the UK - what are you going to pay?

I am posting this for two reasons, firstly, because after looking around I have not seen real information about how UK HMRC is likely to treat Bitcoin trading gains on a tax return. Most people seem to think it will be Capital Gains Tax which is not what I have been told. And secondly, although I can't do anything about it this for last year I may be able to take (some) mitigating action for this financial year and in the future, so it might help someone else. I realise that I am lucky to have made the money so I am not moaning - just sharing.
For those not in the UK, our tax year runs from 6th April 2016 - 5th April 2017. In that year, more to do with the increase in value than good trading, I made a healthy profit (£40k - £50k). I think it would probably be a good idea to pay tax, so that when I drop large amounts of cash from an overseas exchange into my account, I have some answers if anyone starts asking questions, and I don't want to wait until the HMRC get wise enough to track UK account holders bitcoin addresses in overseas exchanges. I do realise that I could put it all into Monero and keep quiet, but I would quiet like to pay off some of my mortgage.
Anyway, on to the source of my 'first world problem'. I have spoken to two pretty experienced tax advisors and they have advised me that this will be treated as Income Tax by HMRC. I have an income pretty much at the top of the 20% bracket, which means that all of the Bitcoin gains will be at 40%. Not only that, but as income I will also need to pay Class 4 NI which could be as much as 9%. In addition if you earn over £100k your personal allowance starts to go down. All of this means that I will be paying at least 40% on the gains and possibly up to 50% or higher effective rate.
I am aware that the HMRC paper from 2014 says it will treat trading like trading other currency (forex) and from this I assumed that it meant that it would be treated as capital gain tax. Both of the tax advisors I contacted said that it would clearly fall into the Income Tax definition.
Has anyone else been down this route, have your professional advisors said the same thing or something different? Advice that I should have found all this out earlier, while true, does not help much. Any feedback gratefully received. Thanks.
submitted by Love-to-pay-tax to Bitcoin [link] [comments]

Bitcoin losses - tax gains?

I don't know if any one here knows much about Bitcoin tax + UK HMRC but I wanted to ask if I could offset my losses against my income tax?
I'm lucky enough to be in high tax bracket 40% but unfortunately lost about 5K from BTC purchase, can I use this to soften the blow on my income tax ?
submitted by dfrancouk to bitcointaxes [link] [comments]

Bitcoin profits UK?

Hi all, I'm in the UK I recently dug out an old harddrive that had some Raiblocks on it. I've sold some of these for Bitcoin and then sold those Bitcoins on localbitcoins for GBP.
Does anyone know how the law/accountancy works in the UK for profits from bitcoin? Technically this wasn't an investment as originally Raiblocks were given via a faucet/form and no payment was passed.
I'm so confused and not sure where to even go for advice on this at current I've sold around £34,000 worth which is more than double my yearly salary so not sure if this will effect my tax bracket etc?
Any help or advice would be great!
submitted by NeedHelpMonies to legaladvice [link] [comments]

Bitcoin profits?

Hi all, I'm in the UK I recently dug out an old harddrive that had some Raiblocks on it. I've sold some of these for Bitcoin and then sold those Bitcoins on localbitcoins for GBP.
Does anyone know how the law/accountancy works in the UK for profits from bitcoin? Technically this wasn't an investment as originally Raiblocks were given via a faucet/form and no payment was passed.
I'm so confused and not sure where to even go for advice on this at current I've sold around £34,000 worth which is more than double my yearly salary so not sure if this will effect my tax bracket etc?
Any help or advice would be great!
submitted by NeedHelpMonies to LegalAdviceUK [link] [comments]

First upgrade in 5 years almost ready to go (I hope)

It's been a long time since I've been on here, that's for sure.
Looking to build a new gaming PC to game on a two monitor setup (just 1080p monitors, no 1440p or 120hz or whatever).
I've tried to speak to people and do my reading, and I've come to the below as my part list for my next build. Preferably I'd maybe get a better graphics card with this money, but I know GPU and RAM prices are messed up right now, so not too much that can be done about that.
Just looking for another set of eyes to look over this part list and see if I've made any critical mistakes. Some points I was thinking:
  1. Will the cooler I've chosen fit the motherboard without needed a mounting bracket/adaptor? I'm trying to avoid that if possible
  2. Is it really worth getting the 1600x over the 1600? There's a non-zero chance I will overclock this in the next 5 years, but I hear the 1600 can also be overclocked (even with the stock cooler some say), so the extra ~15 plus money for the cooler could be saved potentially
  3. How does the 1050ti line up against the 3gb 1060? Those damn bitcoin miners have driven prices up so I don't want to shell out for a 6gb 1060, but I'm willing to consider alternatives to this card that are around the same price (I haven't given AMD too much consideration there to be fair)
PCPartPicker part list / Price breakdown by merchant
Type Item Price
CPU AMD - Ryzen 5 1600X 3.6GHz 6-Core Processor £169.96 @ Aria PC
CPU Cooler Noctua - NH-L9x65 33.8 CFM CPU Cooler £44.99 @ Overclockers.co.uk
Motherboard MSI - B350 PC MATE ATX AM4 Motherboard £72.50 @ Box Limited
Memory Corsair - Vengeance LPX 16GB (2 x 8GB) DDR4-2666 Memory £158.39 @ Aria PC
Storage Crucial - MX500 250GB 2.5" Solid State Drive £66.94 @ Amazon UK
Video Card Gigabyte - GeForce GTX 1050 Ti 4GB Windforce OC Video Card £199.99 @ Overclockers.co.uk
Case Corsair - 200R ATX Mid Tower Case £57.75 @ Amazon UK
Power Supply Corsair - RMx 550W 80+ Gold Certified Fully-Modular ATX Power Supply £76.97 @ Amazon UK
Operating System Microsoft - Windows 10 Pro OEM 64-bit Purchased For £43.20
Wireless Network Adapter TP-Link - TL-WDN4800 PCI-Express x1 802.11a/b/g/n Wi-Fi Adapter £24.98 @ PC World Business
Prices include shipping, taxes, rebates, and discounts
Total £915.67
Generated by PCPartPicker 2018-02-25 09:38 GMT+0000
And of course if it's all wrong feel free to tell me and I'll try and come up with something better. Any help is of course appreciated.
submitted by Simbojimbo to buildapc [link] [comments]

[Table] IamA lawyer who creates trust funds for millionaires.

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-10-22
Link to submission (Has self-text)
Questions Answers
I've been thinking about getting into law after school, and with first round Uni-placements just a couple of moths away, I must commend you on your excellent timing. When you first thought about getting into law, was this line of work exactly what you had in mind? I.e, A lot of people are going to get into undergrad law with the vague idea that they may become a Human Rights, Criminal Law Barrister like some bastard Geoffrey Robertson/Atticus Finch hybrid, only to realize what a limited aperture on their prospective career that is. Was this the case for you? First, I realize from the terminology and syntax you used in your question that you are from the UK. Let me preface by saying that I am not from the UK (I am American), and I cannot attest to the legal education process / career prospects for a UK licensed attorney. That said, I had no idea that I would end up doing what I do. In fact, it was not until my second year of law school (three years post-graduate in America) that I fell in love with the tax laws, primarily because they are so complex, and I viewed them as an unconquerable puzzle. I went to law school because every successful person I met my entire life was a lawyer, although none of them practiced law. I met countless people when I was young (family friends, friends' parents) who all owned their own businesses (none of them involving the practice of law), but they all held J.D.s (American law degrees). I realized from a young age that there was something very different about those people, and it wasn't until recently (with the benefit of hindsight) that I realized what made them different and gave them the ability to succeed. Law school trains you to think in a way nobody but another lawyer can relate to. Just as a musician may view the world-at-large in terms of rhythm and measures, or just as a mathematician may recognize patterns and formulas in society that are unrecognizable to the layperson, lawyers are trained to view the world with cold, refined logic. Although, at first glance, that may sound unappealing, the practical effect is that we are trained to look at a mountain of information, immediately slice through and filter out everything that is bullshit, and analyze the relevant facts in order to determine what the most logical, efficient, and best course of action to pursue is in any given situation. We are trained at all times to look at a situation and think "what is the best and most-likely-to-work course of action to pursue." That is why, in my opinion, a legal education is invaluable, and that is why a legal education allows you to out-think the next guy without a law degree, even if you are not practicing law.
Seems very similar to the outlook of engineers, mathematicians and physicists (my degree) develop over the course of their academic life with regards to logic and cutting through mountains of data. Would you say that the logic that very analytic sciences provide are one of the reasons why those individuals score so highly on the LSAT? Also a question for myself as a current student. What do you think the prospects are of a scientist (specifically physicist) who is very interested in law becoming a lawyer or attending a highly regarded law school. Are most law schools heavily biased when it comes to their applicants' academic backgrounds? If you have any type of hard science / mathematics background, you will have a MAJOR advantage in getting into law school, and a MAJOR advantage in terms of job prospects upon job graduation. The scientists / engineer lawyers are always the first ones employed.
Most interesting thing about your job? Also, most interesting story in dealing with rich people. Most interesting part about my job is seeing the absolutely crazy things completely anonymous people can make millions of dollars doing. You don't need to be famous or be a CEO of a Fortune 500 company to be filthy rich. For example, you know those "door handles" that you commonly see in elementary schools...the ones that are long metal bars that run across the middle of the door that you push in? Yeah, they're called "crash bars." I did an estate plan for a guy last week who owns the patent on one of the designs of that product. Worth millions upon millions.
Just remember, every time you open those little plastic packages that contain a fork, spoon, knife, and napkin...some dude owns the company that makes those...and he's a multi-millionaire.
Also interesting is seeing how screwed up the kids of the ultra-wealthy become.
Can you see that coming? I know a guy who grew up as the son of an ultra-wealthy real estate developer (he inherited north of 100 million) and he's got a healthy relationship with his money and is passing that knowledge onto his kids. Funny you say that. Your anecdote seems to be 100% on point.
From your unique perspective, does it seem like money buys happiness for these people? Or is it more like mo money, mo problems? It completely depends upon the person, and I don't think having money is the "cause" of any problems. I'm a very big proponent of nurture over nature to begin with, so, like I said, it depends upon the individual. I don't mean to say I discredit valid physical disabilities with my previous comment, but, if you were raised by scumbags, you're going to be a scumbag. If your parents were cutthroat scumbags and you come into money one day, you're going to act like a cutthroat scumbag yourself. If, however, I came into millions of dollars (my parents were kind, awesome people!) I would be super humble, and I meet people on a daily basis who are just that way.
Overall, the humble outnumber the scumbags 100 to 1. Even in the millionaires realm.
How did you get into the industry? I went to a prestigious undergraduate institution, I attended a well-ranked law school, and after law school I pursued an LL.M. (Masters of Law (master's degree for lawyers)) in tax law from a top 5 program.
I received almost no scholarship along the way, paid for the entire thing in loans, worked my tits off (I'm a guy) finished close to the top of my class, and landed my dream job doing exactly what I desired to do.
I have approximately $150,000 in student debt.
The American Dream is very much still alive if you ask me.
Were you a guy before you worked your tits off? Clever!
I guess student loans are worth it if you're confident they can be paid back, while still profiting for yourself. Good luck in your future career! Thank you very much. I genuinely appreciate your kind words. However (I should've said stated this before) (i) the cost of education in this country is absolutely out of control and (ii) I got extremely lucky. Even with good degrees, great grades, and a voracious work ethic, I was lucky to have landed a job doing what I actually studied in school to be able to do. I know more than a handful of spectacularly intelligent law graduates who found nothing for themselves after school, which is why every day I remind myself of how lucky I am.
Holy shit, I had no idea that there was a law degree other than a JD. Holy shit. I need to go reevaluate my life plans. Lol. Well, maybe I didn't express myself clearly, but an LL.M. is a "graduate" law degree in America. In Europe, if I'm correct, one may practice law after obtaining an LL.M. only. In the United States, in order to practice law, one must first obtain a J.D. degree. After obtaining a J.D. , the next highest law degree is an LL.M. The LL.M. is typically only pursued by American lawyers if they desire to practice in a specialized or complex area of the law, like tax. After the LL.M. there comes the S.JD., which is the highest law degree, is equivalent to a PhD in law, and is typically only pursued by career academics.
I'm curious, what did you study for your undergraduate degree before pursuing your LL.M.? I studied business and finance.
150k seems like a low number for the quality of education you received. I may not have been clear, but I had partial undergraduate scholarship. My debt is almost all from law school.
Are you still friends with any of the millionaires you worked with? I am. The proper term for my practice area is "trusts and estates." I am an estate planning attorney apt to handle particularly complex estates (ie. those of extremely wealthy people). As an estate planning attorney, you must understand all aspects of an entire family, inside and out, and all of their assets and business holdings. That inevitably leads to an extremely personal and trust-filled attorney-client relationship, often lasting decades.
Thanks for doing this. Interested in how your day-to-day work looks like. How many hours do you spend every day in the office? How many of those hours are with clients? How many hours do you spend drafting or reading legal documents? I will answer your questions in the reverse order from which you asked them because I think that is the most logical way to answer.
Estate planning is a "civilized" practice in terms of practicing law. By that, I mean the hours are less than, say, a litigator (someone who goes to court and sues people) and the practice is, for the most part, non-contentions (because, well, I'm not suing people!). That said, I spend upwards of 11 hours a day at the office; no less than 10, no more than 12, and 80% of that time (8-10 hours daily) is spent reading or drafting legal documents.
As I am the youngest associate, I spend less time with clients than the partners, but, since I work in a small firm, I have a healthy amount of client contact most attorneys my age would not otherwise have. I meet with clients approximately 1 hour a day. A partner would be meeting with clients / speaking with clients on the phone upwards of 5 hours per day.
I handle the Firm's entire practice. Whether or not I meet face-to-face with a new client, I am tasked, largely unsupervised, with choosing how to craft his or her estate plan. I draft all of the trusts, powers of attorney, special provisions for managing business interests after his or her death, ect. I also spend a large portion of my day handling complex "death tax" issues for very wealthy clients who are subject to the Death Tax (net worth of more than $10,500,000 for a husband and wife). Also, a large portion of the service I provide is "estate administration." After someone dies, all the testamentary provisions of their documents must be implemented. When someone during their lifetime directs that, upon their death, trust funds are to be created and funded for his or her children, I implement that plan after the client's death.
Thanks for the detailed answer! 11 hours a day is hard work. I hope you're enjoying it. Our Firm is, in the legal world, what is called a true "boutique." We are a group of four attorneys (one Principal and three associates) and we service a core group of approximately 250 families. However, "boutique", in the legal world, does not simply mean "small firm." Boutique means a specialized law firm that holds itself out as being an absolute expert in only one area of the law.
What do you mean by "I handle the Firm's entire practice. "? You are the primary person responsible for drafting all of your clients' work? How big is your firm? And how many clients do you guys have? When I say I handle the Firm's entire practice, I mean that I handle all aspects of it :) One of the more senior associates will always review my work, and our Firm's sole Partner will always put his final touch on my documents before they are presented to the client, but, often times, I am the first attorney to craft a client's estate plan, and, in doing so, I am given free reign to draft the documents in any way I believe is best for the client and most efficiently effectuates his or her intentions.
I'll be the one to ask. How much money do you make in a year? I am very young. I am 26 years old. I have a specialized degree (called an LL.M., which is a master's degree for lawyers) that enables me to practice in a particularly complex area of the law. As a first year lawyer, I make approximately $120,000.
One of the many careers my guidance counselor never told me about. My guidance counselor suggested I apply to community college and discouraged me from applying to prestigious private schools because it would be "a waste of money for the application fee."
Moral of the story: Don't listen to guidance counselors. You're likely smarter than they are.
1st year associate in a four person firm making 120K? that seems like a lot. Indeed it is. Which is why, like I said, I realize how lucky I am.
Has anyone ever offered to pay your student debt? If not, would you accept if someone offered? Nobody has offered to pay my student debt. Although I (technically) could accept such an offer, personal dealing between an attorney and his or her client quickly becomes a very "hairy" subject under the "rules of professional responsibility" governing lawyers. Instead of having a loyal client leave me something under his or her will and having to deal with his or her children contesting the bequest down the road (because, honestly, what type of person leaves their lawyer money in their will without the lawyer coercing them or being un-ethical in some way), it's better to just stay away from those types of situations altogether.
Would you take on Walter White as a client? I'm such a scumbag, and I hate admitting this, but I have never watched Breaking Bad. The only reason I know who Walter White is is because, believe it or not, I'm actually a living / breathing human on planet Earth in the year 2013.
That said, probably. I don't need to know how / where you got your monies! Lol.
I don't blame you after seeing your hours. Jeez man, hopefully you'll have some time to relax soon. Thank you for your kind concern. Luckily, however, I very much enjoy what I do!
I'm heading in the direction of law school, but am unsure of exactly what to do/where to go with it. How did you determine this specialization was for you? And how competitive is that relative section of law? I first determined that I wanted to pursue an LL.M. in taxation. Only after completing my LL.M. in taxation was I even able to consider a trusts & estates position as almost all opening for this area of the law require a tax LL.M. That said, it is still a very niche area of the law in which to practice. I went to quite a large law school (approximately 300 students in my J.D. class) and I'm the only one in a true "boutique" trusts and estates practice from my class. A few others are in small firms that do estate planning, but none that are capable of planning at the level my firm does.
Anyone we might know? Likely not considering more people than you can possibly imagine have millions of dollars. Some clients own things you certainly know of, however, such as large ownership interests in Major League Baseball teams or American corporations.
In one of your responses, you indicate that you are a first year attorney and only 26 years old. Absolutely not. Primarily because, if I am attending a meeting with a client with a taxable estate, my boss is sitting beside me. I will not venture into one of those situations alone. However, after the initial client meeting, the client will often communicate with me directly.
Have you encountered any issues with current or potential high net worth clients (such as those above estate tax exemption levels thus requiring more advanced planning) who have reservations about having such a new attorney handle their estate? All in all, they come to us because our reputation precedes us. They know how capable we before they walk in the door.
Thanks for the quality responses in this AMA. Fellow attorney, roughly same age but I'm in a slightly different firm environment and only a portion of my practice is dedicated to T&E. This is a tough topic for me to give advice on. I had a very unique situation. I was already in a J.D. program that had a top LL.M. program at the school. I completed my J.D. and LL.M. in three years (plus some summer courses) as a dual degree student in a seven-semester program. That saved me a boatload of time and money.
Apologies for tacking on another question here, but thoughts on getting the Tax LLM? It seems to be a hot topic for debate - in your estimation, has it been worth the investment of time/money for you? As far as tax LL.M.s go, an LL.M. from NYU, Georgetown, or University of Florida (top 3) are almost always worth it. But, in reality, it's NYU and "all the rest" in the tax LL.M. realm. But NYU is always a go.
You are not being fair to Georgetown. Georgetown is excellent, but it really is NYU and "all the rest"!
I don't know if you have specified this but do you do any overseas/offshore trusts for your clients? Dealing with that much money, I'm sure some of them have pushed for you to take it out the country to save them some tax. Also, what are the biggest and smallest amount of money have you dealt with? I have expertise in international tax and trust planning. I do not use those skills on a daily basis because it is not something my Firm does often, but I studied planning using offshore trusts extensively in my LL.M. program. If you are looking for an attorney specializing in that area, I suggest seeking out firms in South Florida, as there are entire firms down there that do nothing but that. I mentioned this briefly before, but some clients own large interests in major league sports teams and others hold patents to products. Also, a lot of people with significant amounts of wealth got in on the ground floor of chemical and manufacturing companies decades ago. Personally, I find most fascinating this "emerging" group of 26-32 year olds who are stock traders and simply trade for themselves. I did a plan last week for a 30 year old kid, still in school (Ivy League MBA) who has accumulated $4.5 million trading on his own.
That said, price is not necessarily an indicator of quality. Any Joe Shmoe Lawyer can quote you $10,000 for an estate plan, and that doesn't mean it's a quality plan. *It should be easy, however, to seek out a trusts and estates boutique firm like my firm*** Bolded for emphasis. Oftentimes when legal work is required you hear "get a good lawyer". As someone with no knowledge of law how do I know who is a good lawyer? Price would seem to be a reasonable indicator but like you said some schmoe lawyer could set his price high to create an illusion of skill. Likewise I could look at years of experience like you said, but how do I judge the quality of years of experience? Or even the different law categories? Let's say I needed a lawyer to setup my finances, I am probably just as likely to go for some "Financial Lawyer" with 30 years experience setting up small businesses vs. an "Estate Planning Lawyer" which is probably more appropriate by turning to the yellow pages and choosing the one with the biggest ad or some equally stupid metric. My fear is I go with the made up financial lawyer. So I guess my question is how do I go about finding a "good" lawyer in the field I am interested in getting representation/advice for? How can I as a layman objectively determine they are better than any other lawyer? You can never objectively determine for certain if someone is a "good lawyer." What constitutes a "good lawyer" is highly subjective and, furthermore, since lawyers are simply human beings, even the most experienced attorney can be a prick. That said, you can make a "best educated guess" when choosing a lawyer, and that will likely lead you in the right direction...especially in the estate planning realm. Remember that most estate planning attorneys WILL meet with you for an initial consultation, so you can shop around. For estate planning, you want to find someone who is knowledgeable, kind, and compassionate. As far as knowledge goes, it's obviously once again subjective, but you can make a good educated guess by looking at the attorney's past experience. Lawyers are not allowed to lie about their credentials, so look for someone who has spent their entire career, or a substantial part of their career, in "estate planning, " trusts and estates" or "wealth preservation and planning." Stay away from the guys who push "asset protection" as their skill. A good lawyer should have asset protection planning skills, but it shouldn't be a selling point. That's just shady. So, once you find a lawyer who looks ok from the yellow pages, look him up online. Today, every reputable lawyer will have a website, and that website should clearly outline the lawyer's experience. From there, like I said, shop around. I can assure you that there are hundreds of excellent estate planning attorneys who meet the criteria I described above. So, to recap, look for extreme depth of expertise and someone who is kind, compassionate, and smart. You should be good from there. The kindness and compassion is a must in estate planning because of the extremely personal, sensitive, and often-times emotional nature of the practice.
At what point is a trust fund necessary/ a good idea ? I'm meeting a tax guy on friday. I just finished fellowship a bit ago and all of a sudden i'm making what would have seemed like an obscene amount of money. When do i need to start talking to wealth management people? trust fund and financial advisers? Wealth management is a separate area of expertise, and you should certainly meet with a financial advisor who you trust so that you can begin making your money productive.
So far i've done it all myself, but i can see this quickly being a bad idea. See my comment (somewhere in here) regarding the non-tax reasons for having a proper estate plan. Having millions is far from the only reason to create a revocable trust and ensure that assets are left in trust to your beneficiaries at your death.
Me and my 2 bothers now all make good money, if we wanted to build up a kind of familial wealth fund, who would we talk to? Is there such a thing? could we aggregate out incomes/savings /investments into a kind of super-estate so that everyone and everyones kids have something for a generation or two ? The "pot trust" you create could have all of your descendants, spouses, and the spouses of your descendants as the beneficiaries, and distributions could be purely discretionary. This means that the Trustee (whomever you choose to name, and it can be, say, the two surviving brothers during their lifetimes after the first brother dies, and then successors of your joint choosing after all of you die) can choose who to distribute income and principal to for each beneficiaries' "best interests." This is actually quite efficient from an income tax standpoint, as the Trustee has discretion to "spray" the trust's income to the beneficiaries in a lower individual income tax bracket before then making distributions to beneficiaries in a higher bracket.
is each branch of the family basically on it's own after we all die? First, you would want to speak to an estate planning attorney. A likely course of action would be to create a stand-alone irrevocable trust (think of it as an empty box) to receive all three of your respective assets upon your eventual deaths. You would each then create your own revocable trusts (the equivalent of a will) which would direct that, upon each of your deaths, your assets will simply "pour" into the stand alone "pot trust" the three of you created together during your joint lifetimes. Ultimately, the "pot trust" you would all create would contain all of the governing provisions regarding how the assets are to be managed after each of your deaths, how distributions should be made, and how assets should be distributed among the last of your deaths.
How difficult would it be to leave someone 9,720,000 dollars of drug money in the form of an irrevocable trust? Very difficult. First, upon funding the trust, you would be required to file IRS Form 709, which is a United States Gift and Generation-Skipping Transfer Tax return (feel to ask about those taxes at any point, anyone!) The return would require you provide the IRS with your SSN, which would immediately notify them that you have that much money and that you likely never paid income tax on it. If you did report all of the money when you earned it, however, on your Form 1040, then things should match up.
The second problem would be, upon funding, there would be a massive gift tax. Each individual only has a lifetime gift tax exclusion amount of $5,250,000, so the approximately $4.5 million you would transfer in excess of the exclusion amount would be taxed at roughly 45%, resulting in almost $2,000,000 in transfer tax.
Assuming you found an attorney to draft the trust, you transferred title to, say, a checking account holding the money discreetly into the trust and reported none of it, the second the trust makes distributions the IRS will once again be put on notice because the trust becomes it's own "taxpaying entity" that has its own reporting obligations.
Next, a trust must have a valid "trust purpose" which means it cannot be used for any illegal purpose. This is a maxim of most states' trust codes.
The bottom line is I could go on and on, but its probably impossible to do :)
Excellent answer. I kind of made that comment with tongue-in-cheek, but you actually broke that down quite well. Thanks! No problem!
I'm a 3L planning on getting into estate planning. I'm also planning on taking the CPA exam after I graduate (I've completed all the requirements). Which do you think is more beneficial, CPA or Tax LLM? Do you think there would be much of a marginal benefit of pursuing a Tax LLM in addition to the CPA? This is an interesting question that I too have pondered from time to time since I also meet the CPA requirements. However, I think the answer should be to go with the LL.M.
First, J.D., LL.M, CPAs are individuals who usually practice in very, very narrow and specialized areas of the tax laws like tax-exempt entities only or working in-house for something like a REIT (a "Real Estate Investment Trust"). If you want to be a lawyer, and you are interested in tax and estate planning, you absolutely do not need to be a CPA and it will not help you in any way. In fact, I have never seen an estate planning associate job seeking a candidate with a CPA; it's always LL.M. only. However, if you want to practice something such as corporate M&A tax or some forms of international tax, a CPA would be valuable.
In addition, from a business standpoint, being a CPA estate planner may hurt you in the sense that you "don't bite the hand that feeds you." Estate planning attorneys' core referral base is from CPAs and financial advisors, and we don't step on the CPAs toes cause its bad for business.
Finally, I'll leave you with an anecdote. It's a little different from the situation at hand, but I think it applies here. When I was a 2L, I was deciding whether to do the JD/MBA or JD/LLM program. I was leaning towards the MBA. My dad set me straight. He said, "don't be an idiot. Anybody can get an MBA. Only a lawyer can get an LL.M." The same applies to your situation.
If you want to practice law, an LL.M. is much more valuable, but it must be from the "right" program. A bottom-tier LL.M. will get you nowhere.
ALSO, I forgot to mention that most states' CPA licensing boards have a 1-3 year apprenticeship requirement,. Even if you pass all four parts of the CPA exam, you will not be able to hold yourself out as a licensed CPA unless you practice under another CPA for the requisite number of years. As an attorney, that is very hard to do (unless there is a JD/CPA in your firm who, if there was, obviously wouldn't be allowed to practice accounting but could sign off on your apprenticeship forms). I knew I'd never meet that requirement.
How do I get rich? Trade stocks. That's how it always seems to happen. Some of these 25-35 year stock-trader kids I see are millionaires!
Can you give an opinion on Bitcoin? Unfortunately I cannot. I have not used it nor do I know much about it. However, it appears to be a fiat currency without any underlying institution to legitimize or rationalize the faith-in-buying-power expressed by those who demand it. That, in my opinion, makes Bitcoin completely unique.
Bitcoin is not a fiat currency. Fiat is a declaration by a government or issuer - not individual people "who say it's money" - otherwise you might as well call gold fiat. Using the term this way makes it useless. I was under the impression that a fiat currency is any currency the value of which is not derived from anything tangible (ie. gold) but instead from any other non-tangible, often institutional (government) organization which is the true "trustee" of the investors' faith. If my analysis is true, the "people at large" substitute as the institutional underpinning of Bitcoin's value. Also, with any form of valueless paper issued by a government, isn't it always the people "who say it's money?" We decide when it has worth based on our faith in the stability of the issuer...
Something I've been curious of, how are the rates your firm charges created and whom(in title) is responsible for the rates? Partner sets the rates. Among the "high-end", complex "boutique" tax and estate planning firms, we are among the cheapest. Partner is $400 / hr, associates $295, support staff $120. That said, you can get a very high quality estate plan for a husband and wife, with powers of attorney, for approximately $3,500. For less complex estates, there are firms that will do it cheaper (around $2,000), but I would have serious reservations about the quality of their documents.
What kind of reservations do you have about possibly lesser quality firms? To add to that, would you say price is a good measure of quality? Trusts and estates may appear simple at first glance, but it is anything but a simple practice area. There are certain things you entrust to an expert, and estate planning is one of them. There are lots of firms around that throw up a smorgasbord of services they claim to offer, estate planning being one of them. I can tell you, however, from a multitude of experience (even though I'm young) I call straight up bullshit. Unless, as an attorney, you "grew up" inside a true trusts and estates practice group or boutique, there's no way you can properly understand the trust laws, tax laws, and drafting techniques required to draft a proper estate plan. Maybe I'm biased, but I think you'd want to trust the person who is hand-crafting your testamentary plan and creating the documents that will dispose of all your life's spoils.
That said, price is not necessarily an indicator of quality. Any Joe Shmoe Lawyer can quote you $10,000 for an estate plan, and that doesn't mean it's a quality plan. It should be easy, however, to seek out a trusts and estates boutique firm like mine. If you can't, and you choose a firm that practices many types of law (except for the huge multinational firms, which are always a safe bet but expensive and often times provide poor customer service) make sure at least one of the partners has extensive trusts and estates experience.
Last updated: 2013-10-26 04:51 UTC
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