The bitcoin was just recognized as an official commodity by the CFTC

By Lulu Chang September 20, 2015

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It was the little currency that could, and now it really can. Despite being an effectively made up currency that was once used almost exclusively on the Web, the bitcoin is inching ever closer to legitimacy. Late last week, the U.S. Commodity Futures Trading Commission (CFTC) took the virtual currency further into official recognition than ever before, defining bitcoin and other digital currencies as commodities. “While there is a lot of excitement surrounding bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets,” said CFTC director of enforcement Aitan Goelman. So even though the ruling came about as a slap on the wrist for the currency, it actually may be a good thing for bitcoin users.

In a press release, the CFTC explained it had “issued an Order filing and simultaneously settling charges … Coinflip and its chief executive officer Francisco Riordan for conducting activity related to commodity options transactions without complying with the Commodity Exchange Act (CEA) and CFTC Regulations.” The landmark decision, the Commission said, marks “the first time that bitcoin and other virtual currencies are properly defined as commodities.”

Since the controversial debut of the bitcoin, whose rather sullied past includes its usage in black markets and online drug trades, the CFTC has weighed the pros and cons of exercising jurisdiction over such cryptocurrency. Simultaneously, businesses and markets have debated whether or not bitcoins should be viewed as commodities, but with this latest CFTC ruling, it seems that both of these questions have been answered. With the increased regulations that seem to inevitably stem from the decision, the agency may be able to exercise considerably more control over how, when, and where bitcoins can be used.

So welcome to the big leagues, bitcoin. It may not be all it’s cracked up to be.

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The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings

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If you've been trading Bitcoin and haven't been reporting your earnings to the IRS, you might be getting a surprise in your mailbox.
The IRS is cracking down on cryptocurrency traders who didn’t report their earnings on their taxes. By the end of next month, around 10,000 people are expected to get letters from the IRS asking them to pay back taxes on unreported earnings from cryptocurrency trading, Engadget reports.
Last year the IRS launched a “Virtual Currency Compliance campaign” to address noncompliance related to the use of virtual currency.
“U.S. persons are subject to tax on worldwide income from all sources including transactions involving virtual currency. IRS Notice 2014-21 states that virtual currency is property for federal tax purposes and provides information on the U.S. federal tax implications of convertible virtual currency transactions,” reads the announcement. “The Virtual Currency Compliance campaign will address noncompliance related to the use of virtual currency through multiple treatment streams including outreach and examinations. The compliance activities will follow the general tax principles applicable to all transactions in property, as outlined in Notice 2014-21. The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts, future guidance, and development of Practice Units. Taxpayers with unreported virtual currency transactions are urged to correct their returns as soon as practical. The IRS is not contemplating a voluntary disclosure program specifically to address tax non-compliance involving virtual currency.”
Last week the IRS started sending “educational letters” to some taxpayers. The names of those who are receiving the letter were acquired from “various ongoing compliance efforts” conducted by the IRS.
"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest, and penalties," said IRS Commissioner Chuck Rettig. "The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
Taxpayers that do not accurately report their earnings through cryptocurrency trading are liable for the tax for those earnings as well as penalties and interest. In some cases, the IRS notes that those who have not paid taxes on cryptocurrency earnings could potentially face criminal prosecution.

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It’s time to get creative: Get up to 20% off Autodesk software with this deal

Tech Center at Birmingham, Hermle using autodesk software to design.

This content was produced in partnership with Autodesk.
AutoCAD has long been a staple of design and drafting tool sets, from architects and engineers to construction pros. It allows you to both design and annotate your creations, using 2D geometry and 3D models complete with textures, solids, surfaces, and mesh objects. Why does that matter? It massively helps design new physical objects and spaces in a digital form. But AutoCAD goes way beyond that, as do most of Autodesk's software tools. It can be expensive to sign up for access, especially if you have a small to medium-sized team. With the current Autodesk software deal, you not only have the opportunity to try out the tools for free, but also you can get a significant discount, and lock in your price for three years. Between April 17 and 20, you can get 20% off AutoCAD LT and Revit LT Suit, and 15% off AutoCAD. That discount drops AutoCAD's price down to $1,564 -- if paid annually -- saving you nearly $400 ($391). That's an excellent deal but it won't be available for very long so act soon.

This Autodesk software deal nets you access to the company's latest products, namely AutoCAD which is an incredibly useful design and creativity tool. The most important takeaway is that it helps you complete your professional projects faster by unlocking access to automations and customizations. For example, you can fully customize your workspace with add-on apps and APIs that essentially transform the way you create, manipulate, and work with objects in the toolset. You can make things faster, especially the more you use the tool for your designs.

Business

Find exceptional talent: the best hiring platforms for small businesses

For hire sign used by small businesses on hiring platforms to find top-tier talent.

This content was produced in partnership with ZipRecruiter.
Without the right talent or the right people rather, no business could thrive, big or small. But finding top talent is extremely crucial for small businesses, especially when it comes to remaining competitive in today's market. Smaller operations generally have limited resources, so it's necessary to improve productivity and efficiency wherever possible, which is precisely where securing good talent comes into the picture. But how do you find those people? The answer is via hiring platforms a la ZipRecruiter. They not only bring in the talent but also help you better understand the people, their work histories, and their overall expertise. Moreover, they help streamline the hiring process making it easier to find relevant candidates.

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