The Trial Lawyer Summer 2018 - Page 47

the negative impact of climate change and they want the lawsuits dismissed , arguing that Congress has encouraged oil and gas development and federal law controls fossil fuel production . So far it doesn ’ t seem like these companies will have a consensus on their climate change findings , as each appears to have a different response . For example , Chevron refuses to engage in a debate about climate change , but instead wants to present the conclusion of an international panel of scientists that said it is extremely likely people are the main cause of observed warming since the mid-1900s .
San Francisco and Oakland believe these companies have created a public nuisance and should pay for sea walls and other infrastructure to protect against the effects of climate change , which is billions of dollars of construction costs . Besides these cities , another California city along with several counties and New York City have filed similar lawsuits . If the judge allows these suits to move forward , it would be huge and open the door to suits like this , something these oil companies do not want . Hopefully the public will be the winners in this case , if average people begin to better understand the climate change issue .
Digital Bank “ Coinbase ” Goes To Battle Against The IRS
The digital bank Coinbase has agreed to hand over tax information on 13,000 accounts to the IRS . The IRS says its focus is on Coinbase users who bought or sold more than $ 20,000 worth of digital currency . Coinbase , on the other hand , argued in court that the IRS made a request that was unwarranted against their customers and the industry as a whole .
Coinbase is a San Francisco-based digital currency exchange that provides services to buy and sell new digital currencies , like bitcoin , through bank transfers . It was founded in 2011 and since then the number of users has exploded to more than 10 million , according to Coinbase ’ s website . In 2014 , the IRS ruled that bitcoin can be treated as property for tax purposes and subject to capital gains tax . By the end of 2015 , Coinbase was America ’ s largest platform for exchanging bitcoin into U . S . dollars and the fourth largest globally . Although these are virtual transactions , money made through trading bitcoin is taxable , but reporting is often inconsistent , which means there are likely to be at least some instances of tax evasion . Coinbase has the information the IRS wanted to identify the owner of each of its wallets and provide a necessary step in assessing their tax status .
The original IRS summons sought records on nearly all of Coinbase ’ s customers over a several year period , which amounted to millions of users . Coinbase fought that original request and the IRS petitioned the court to enforce it . Last November , the court granted part of the government ’ s motion but narrowed the scope dramatically and ordered Coinbase to turn over the identifying records for all users who have completed transactions of more than $ 20,000 through their accounts in a single year , between 2013 and 2015 . That amounts to about 13,000 Coinbase account holders . The data requested includes taxpayer IDs , names , birthdates , addresses and transaction records from that period .
These are digital currencies , and cryptocurrencies are not available in physical form , only digital . They are alternative , decentralized modes of exchange and are used similar to a physical currency , but allows for instantaneous transactions and borderless transfer-of-ownership , so there is a wide range of customers .
According to Coinbase , the company ’ s mission is to create an open financial system for the world that isn ’ t dominated by any one country or company , but that lack of regulation and potential for anonymity is cause for concern in this type of system . Since these transactions are independent of formal banking systems , they can be easier for some to evade taxes and launder money . Cryptocurrency is also becoming increasingly popular as a method of payment or as winnings paid in online games , lotteries , casinos , and other online gambling sites . Some regulators and governments in other countries warn cryptocurrencies are like Ponzi schemes or economic bubbles , and they are restricting use or recommending others take precautions . In fact , this year monthly complaints jumped 100 % to nearly 900 . Nearly half had to do with money not being available when it was supposed to be .
The Other Addiction Crisis No One Is Talking About : Benzos
By now , most Americans have at least heard about the opioid addiction crisis in this country — even those who haven ’ t been directly impacted by it themselves . The CDC reports that deaths due to overdose of prescription medications such as oxycodone , fentanyl , morphine and other opioid-based narcotics increased 400 % between 1999 and 2016 .
However , there is another drug
The Trial Lawyer x 45
the negative impact of climate change and they want the lawsuits dismissed, arguing that Congress has encouraged oil and gas development and federal law controls fossil fuel production. So far it doesn’t seem like these companies will have a consensus on their climate change findings, as each appears to have a different response. For example, Chevron refuses to engage in a debate about climate change, but instead wants to present the conclusion of an international panel of scientists that said it is extremely likely people are the main cause of observed warming since the mid-1900s. San Francisco and Oakland believe these companies have created a public nuisance and should pay for sea walls and other infrastructure to protect against the effects of climate change, which is billions of dollars of construction costs. Besides these cities, another California city along with several counties and New York City have filed similar lawsuits. If the judge allows these suits to move forward, it would be huge and open the door to suits like this, something these oil companies do not want. Hopefully the public will be the winners in this case, if average people begin to better understand the climate change issue. Digital Bank “Coinbase” Goes To Battle Against The IRS The digital bank Coinbase has agreed to hand over tax information on 13,000 accounts to the IRS. The IRS says its focus is on Coinbase users who bought or sold more than $20,000 worth of digital currency. Coinbase, on the other hand, argued in court that the IRS made a request that was unwarranted against their customers and the industry as a whole. Coinbase is a San Francisco-based digital currency exchange that provides services to buy and sell new digital currencies, like bitcoin, through bank transfers. It was founded in 2011 and since then the number of users has exploded to more than 10 million, according to Coinbase’s website. In 2014, the IRS ruled that bitcoin can be treated as property for tax purposes and subject to capital gains tax. By the end of 2015, Coinbase was America’s largest platform for exchanging bitcoin into U.S. dollars and the fourth largest globally. Although these are virtual transactions, money made through trading bitcoin is taxable, but reporting is often inconsistent, which means there are likely to be at least some instances of tax evasion. Coinbase has the information the IRS wanted to identify the owner of each of its wallets and provide a necessary step in assessing their tax status. The original IRS summons sought records on nearly all of Coinbase’s customers over a several year period, which amounted to millions of users. Coinbase fought that original request and the IRS petitioned the court to enforce it. Last November, the court granted part of the government’s motion but narrowed the scope dramatically and ordered Coinbase to turn over the identifying records for all users who have completed transactions of more than $20,000 through their accounts in a single year, between 2013 and 2015. That amounts to about 13,000 Coinbase account holders. The data requested includes taxpayer IDs, names, birthdates, addresses and transaction records from that period. These are digital currencies, and cryptocurrencies are not available in physical form, only digital. They are alternative, decentralized modes of exchange and are used similar to a physical currency, but allows for instantaneous transactions and borderless transfer-of-ownership, so there is a wide range of customers. According to Coinbase, the company’s mission is to create an open financial system for the world that isn’t dominated by any one country or company, but that lack o Y[][ۂ[[X[܈[۞[Z]H\]\H܂ۘ\[\\Hو\[K[B\H[X[ۜ\H[\[[قܛX[[[\[\^H[BX\Y\܈YH]YH^\[][\[ۙ^Kܞ\\[H\[XZ[š[ܙX\[H[\\HY]ق^[Y[܈\[[ZY[ۛ[B[Y\\Y\\[[\ۛ[H[X[]\ˈYHY[]ܜ˜[ݙ\Y[[\[Y\\ܞ\\[Y\\HZH۞B[Y\܈XۛZXX\[^B\H\X[\H܈X[Y[[›\ZHX]][ۜˈ[X \YX\[۝H\Z[[\Y L H›X\HL X\H[Y][ۙ^HZ[]Z[XH[]\œ\YKH\YX[ۈܚ\\ۙH\•[[X][H[[Y\X[]H]X\X\X]H[YYX[ۈܚ\\[\[H8%][H][&]Y[\XH[\XYH][\[\˂H\ܝ]X]YH›ݙ\Hو\ܚ\[ۈYYX][ۜX\XۙK[[[ [ܜ[H[\[Y X\Y\X[ܙX\Y H]Y[ NNNH[ M]\\H\[\Y•HX[]Y\