Want your tax refund in crypto...?
TurboTax partnership with Coinbase
The forward-leaning morning newsletter for those
who love all things green
March 7, 2022
Topics: TurboTax, Coinbase, crypto, legislation, SEC, proof of stake, IRS, smart homes, Z-Wave, BlockFi, Polygon, psilocybin, Washington, CA, AZ
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🤑Get a tax refund in crypto The leading tax preparation software TurboTax is introducing a new offer. United States residents can now receive their tax refunds in cryptocurrency. The latest partnership between TurboTax and Coinbase will let Coinbase customers, and non-customers, get tax refunds automatically deposited into their Coinbase accounts as USD. Coinbase delineates some required steps to activate an account and then select the crypto tokens (or USD) refund of preference. Selecting USD enables the taxpayer to make a trade for any crypto tokens that Coinbase offers.
Customers can view their Coinbase account and routing number on the manual option. The partnership stretches Coinbase's plan to attract more customers and promote cryptocurrency across the United States.
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👩⚖️Crypto and the IRS A Tennessee-based couple is pushing to stop the IRS from taxing crypto stakes. The couple paid $3,293 on their 2019 taxes for the tokens they earned as staking rewards. Recall that crypto is not owned or controlled by a person or an organization or a government. It is created through mathematical computations on computers by individuals who are rewarded for their participation with tokens/cryptocurrency.
After paying the taxes, the couple asked for a refund, claiming that the tokens were in fact the creation of real property which is not taxable until the real property is sold. The Tennessee District Court agreed with the couple, and the IRS offered a refund as demanded.
Because "proof of stake" has become a very integral mechanism for blockchain and crypto transparency and verification, the couple want the the IRS to go further and make this a policy. According to the Proof of Stake Alliance, this sector of cryptocurrency was on target to exceed $600 billion at the end of 2021. This is an important and growing industry, which necessitates a more endearing ruling.
Images: pc mag.com, verify recruitment.com
🤓Smart homes too smart for human inhabitants? Smart home devices are getting popular across the globe. Every home appliance uses wifi and/or bluetooth and the idea of connecting and managing home appliances with a device or software sounds either fascinating or nauseating. And it's unavoidable, as appliances break, the replacement options are all smart.
The complicated process involved in getting some appliances to work harmoniously with Google Home, Amazon Alexa, or Apple’s HomeKit is a significant downside. Help is on the way. Z-Wave is a company that provides smart hubs so the owner can sync all the smart appliances and devices. Technology is on a roll and we need to be sure we don't get rolled over. #ForwardLeaning
💸BlockFi fined $100 million by SEC Regulators at the federal and state level have been on BlockFi over its unregistered product that pays customers high-interest rates for lending out their digital tokens. Accordingly, BlockFi will pay $50 million to the U.S. Securities and Exchange Commission (SEC) and another $50 million to the state regulators involved in the matter. BlockFi also agreed to stop opening new interest accounts and it has 60 days to become legally compliant.
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📈Polygon on a positive arc The decentralized Ethereum scaling platform, Polygon has leaped to dominate the crypto space. Polygon raised $450 million in a private token sale in early February. This creates a valuation of $20 billion. More than 40 investors participated in the fundraising, including Sequoia Capital India, SoftBank Vision Fund 2, Tiger Global, Alan Howard, Kevin O’Leary, Galaxy Digital, Sino Global Capital, Digital Currency Group, and Accel. MATIC is the ticker symbol for the Polygon tokens.
😕Yes or no? Talks about cryptocurrency and the state of NFTs continue to grow strong in the legislative chambers. As we step into 2022, the U.S. legislature hopes to tackle most of its concerns surrounding bitcoin and other cryptocurrencies, including regulating the new industry and ensuring protection for investors. U.S. Senator Cynthia Lummis of Wyoming is one such person.
However, SEC Commissioner, Hester Peirce, disagrees with the legislature in its attempt to create a new exclusive regulatory body for bitcoin and other cryptocurrencies. In a meeting with CoinDesk TV on December 27, Peirce said creating a new regulatory body is unnecessary. She said the SEC has adapted to new technologies in the past and will adapt to cryptocurrencies. Stay tuned!
🏆California and Arizona California has recognized cryptocurrency as a legal tender and might start accepting it as a mode of payment for government services soon. State Senator Sydney Kamlager-Dove introduced SB-1275 in February. The bill will let residents pay tax and other related services with bitcoin and other cryptocurrencies.
Arizona State Senator Wendy Rogers has introduced SB-1341 to make bitcoin legal tender in Arizona. As such and if passed, Arizonans could elect to be paid their salaries with bitcoin. This is really happening!
✔️Illinois law protects cannabis users from firing State Rep. Bob Morgan introduced legislation to protect cannabis users. HB-4116 will prevent employers from firing an employee simply for testing positive for cannabis since adult-use has been legal in the state since 2019. The House Bill is out of the Labor and Commerce Committee and is heading to the House for consideration.
Images: first-nature.com, Fred Stevens, Getty
🍄Magic mushrooms in Seattle Psilocybin, a psychoactive substance found in magic mushrooms, is up for study at the University of Washington’s School of Medicine. The researchers want to examine how psilocybin could help people deal with depression to mitigate the current mental health crisis in the healthcare sector. Subjects for the study include depressed medical experts. See AGREEN1 May 10 issue for more mushroom medicine coverage.
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