2019 Tax Deadline: File Your Bitcoin Tax Return – or Else
It’s tax season, so sharpen your pencils for the annual ritual of labyrinthian-maze running through the IRS’s nearly 1,000 forms.
“Nothing can be said to be certain, except death and taxes,” said Benjamin Franklin.
But one thing is certain: The Internal Revenue Service is worse than death. Call it paper-boarding — call it a crime against human sanity.
To avoid the late-filing penalty be sure to file an #IRS return or request an extension, even if you can’t pay the full amount owed. See: https://t.co/3byJqk9fiF #IRSFreeFile pic.twitter.com/Bf5abuJO8I
— IRS (@IRSnews) April 4, 2019
Tax Deadline Waits for No Bitcoin Investor
The tax code forces you to decode more than 10 million words – 12 times longer than the Bible. In this jargon-filled obstacle course, you’ll find phrases such as “exemption to the exemption to the exemption.” I have a masters degree in accounting, and I still can’t figure it out.
Unfortunately, the government criminalizes you for not accurately complying with exceedingly complex regulations that the IRS’s own employees and so-called experts don’t understand and/or can’t clearly explain and/or can’t agree on. The bureaucrat-wasteland that Washington has become would be unrecognizable to America’s Founding Fathers.
What’s discouraging is that lobbyists bribe politicians whose staff quietly write loopholes into the tax code (of which there are 50,589 restrictions) that result in companies like Amazon (ranked no. 8 in Fortune 100) paying zero federal taxes despite earning $11.2 billion in profits last year.
