Tag: 2019CryptoOutlook website

With tax season around the corner, and the IRS getting serious about enforcing taxation on crypto gains… you need to take the tax implications of your crypto investments seriously.

That’s why world-renowned cryptocurrency expert and former hedge fund manager Teeka Tiwari, editor, Palm Beach Confidential has been scouring the world for a solution—and he’s finally found it. Read on below for his answer to this important problem…

In 2017, I gave my accountant (who came highly recommended) my crypto tax file. He just about had a stroke when he saw how complex it was.

At $200 per hour, he billed me enough to pay for a nice addition to his house. And even then, he still gave me bad advice.

I asked my accountant about the Foreign Bank Account Report (FBAR). I wanted to know if I needed to file an FBAR with the U.S. Financial Crimes Enforcement Network (FinCEN).

The FBAR is a compulsory disclosure of a foreign account. According to the FinCEN site:

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

My accountant assured me I didn’t have to file one.

But I was in for a big surprise. I learned that if I held more than $10,000 in a foreign crypto account, I would have to file an FBAR with FinCEN.

It was only through a new crypto tax service that I discovered I didhave to file an FBAR. The certified public account (CPA) I used was no slouch, either… But he clearly gave me bad advice. I contacted a new CPA, and we rectified the situation by filing an FBAR.

Over the past two years, I’ve received hundreds of emails from subscribers asking about cryptocurrencies and taxes.

I share their frustrations. Since 2016, I’ve wanted to offer my readers a definitive tax solution… I just needed to find the right one.

Today, I can tell you that I’ve finally found that solution. I’ll give you the details in a moment. But first, I want to tell you why you need to take the tax implications of your crypto investments seriously…

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The IRS Is Cracking Down

The IRS is useless when it comes to providing direction. (You can read its “guidance” on the tax treatment of virtual currencies right here.) To make matters worse, the agency is getting serious about enforcing taxation on crypto gains.

For instance, the IRS paid blockchain intelligence firm Chainalysis nearly $2 million to look for tax cheats. And in February 2018, crypto exchange Coinbase said it would turn over 13,000 client account records to the agency.

The writing is on the wall. Very soon, the IRS will be able to peer into every single crypto transaction on any U.S.-based exchange.

Another reason I wanted to find a crypto tax solution is that—as I found out myself—even trusted CPAs flounder when answering the most basic crypto-related tax questions.

That’s why I wanted to find a program that collects and organizes all of your crypto trade data into a usable format. Your CPA can use it to figure out your tax liability.

Now, I don’t provide tax, legal, or accounting advice. Keep in mind that this is general tax information. You should consult your own tax, legal, and accounting advisors regarding your specific financial situation.

But if staying compliant to the best of your ability is important to you—and it certainly is to me—I suggest you consider this new tax solution.

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A Leading Solution

It bears repeating: I can’t provide you with tax advice. I’m not qualified to do so. That’s why I’ve been scouring the world for a tax solution I could recommend to you.

In May 2018, I discovered a young man working on a solution to this important problem.

His name is Pat Larsen.

Pat has a chemistry degree from the U.S. Air Force Academy and an MBA from the University of Chicago Booth School of Business. (That’s the same Chicago Booth that has spawned more Nobel laureates in economics than any other school, save Cambridge University in the UK.)

As a mission commander for the U.S. Navy, he oversaw four search-and-rescue choppers. He was deployed to Iraq twice, and his mission was simple: to rescue wounded civilian and military personnel.

When I discovered he was working on a tax software for cryptocurrencies called ZenLedger, I was intrigued.

He told me about his project, and I immediately knew it was a service my subscribers needed to hear about. At the time, Pat asked me not to write about it. He said it wasn’t ready for primetime yet—but it would be by October 2018.

And Pat’s a man who can hit a deadline. To his credit, his project is now up and running… and it’s awesome.

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A Tax Solution for Crypto Investors

ZenLedger is a tax software for cryptocurrency investors. It makes it easy for you to import cryptocurrency transactions, calculate gains and income, and autofill tax forms like the FBAR.

Further, ZenLedger prepares a number of useful documents such as capital gains reports and income reports, and it’ll keep adding more in the future.

It covers all the major crypto and fiat currencies. And it works with major crypto exchanges such as Binance, Bittrex, and Poloniex.

ZenLedger also plans to release a tool that shows you which coins are in the black and which are in the red, by exchange. This will allow you to sell losers and harvest tax loss assets.

This is the only accounting program I’ve found that covers all coins, all major exchanges, and most major wallets—and provides actual, live customer support.

It’s given me a credible and defendable position to take if the IRS asks how I accounted for my crypto taxes.

To learn more about ZenLedger, click here. Come tax season, you’ll be thankful you used it, too.

Editor’s note: Tonight at 8 p.m. ET, Teeka will be making an extraordinary announcement. It’s about an event that will transform the crypto market in 2019… And, he will show you a leaked Wall Street document that reveals what this event is.

Plus, Teeka will tell you about his bold, new venture that could hand you the chance at an extra $81,624 per year.

You can still get your invitation for tonight’s free event.

Learn more here

Regardless of the type of investment you make, fees can negatively impact your portfolio’s return…

So in today’s essay, Palm Beach Confidential analyst Greg Wilson shows why it’s important to understand them… goes over the right questions to ask before paying them… and lets you know how to pay zero (or little) fees when buying cryptos.

Fees…

They’re boring. They’re annoying. And they may seem small and insignificant at first. But ignore them at your own peril.

As legendary investor Warren Buffett once said:

When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients.

Bottom line: Fees can negatively impact your investments—whether you’re investing in stocks, bonds, or even cryptocurrencies. That’s why it’s important to understand them.

In today’s essay, I’ll show you the impact fees can have on your portfolio… and go over the right questions to ask before you pay them.

I’ll also show you how you can pay zero (or little) fees when buying bitcoin and ether.

You generally need to buy these two “reserve” cryptocurrencies before you can purchase any other coins in this emerging asset class.

But first, I want to show you why you need to be aware of fees—regardless of what type of investment you make…

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Wall Street’s Dirty Little Secret

Generally, there are two types of fees you pay on your investments: transaction fees and ongoing fees.

Transaction fees occur any time you process an order. For example, when you buy, sell, or trade a stock, your brokerage firm will likely charge you a transaction fee.

Another type of transaction fee is a commission fee. That’s what brokerage firms charge you for their advice or for handling the purchase or sale of a security on your behalf.

Ongoing fees are charged on a regular schedule. Account maintenance fees are one example.

But the worst types of fees are those based on a percentage of your assets. They’re double whammies.

As your account grows, so does the amount you pay in fees. And each dollar that goes to a fee is one less dollar you can invest. You can see this in the chart below…

The chart shows an account that starts with $10,000, adds $10,000 every year, and makes 10% annually over 40 years.

The black line is a portfolio with no fees. The blue line is a portfolio with a 1% annual fee on total assets. And the green line bumps that fee up to 2%.

The portfolio with no fees will have $4.9 million after 40 years. Meanwhile, the portfolio with a 1% fee will have $3.6 million… and the portfolio with 2% in fees will have just $2.7 million.

While $2.7 million is great, your 2% in annual fees costs you $2.2 million.

There’s no doubt fees impact your investments. That’s why it’s so important to understand them.

Here are some questions you want to ask before you make your next investment:

• What fees are related to my account?
• What fees will I pay to buy, hold, and sell this investment?
• How can I reduce the fees I’ll pay?
• Do I need to keep an account minimum to avoid fees?
• Are there any other miscellaneous fees I should know about?

It’s also useful to compare fees with similar products.

Below, I’ll show you how to do that for bitcoin and ether.

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How to Buy Bitcoin and Ether for Little or No Fees

Crypto is a unique and emerging asset class. But like traditional investments, crypto trading involves fees.

For example, bitcoin ATMs charge an average fee of 9%. LocalBitcoins, a peer-to-peer exchange, doesn’t charge fees, but its premium can be 5% or more.

Of course, there are other exchanges that allow you to convert local currencies to bitcoin or ether…

Coinmama charges a 5.9% trading fee… but tacks on another 5% for credit or debit card transactions. Bitpanda charges 1.49% to buy bitcoin. And Coinbase charges 1.49% to buy bitcoin and other cryptos.

Fortunately, we’ve found a way for you to pay little or no fees when buying bitcoin (BTC) and ether (ETH).

The two most popular exchanges for converting local currencies to BTC and ETH are Coinbase and Gemini.

While we like and recommend both, only Coinbase Pro (the advanced version of Coinbase) doesn’t charge a fee to buy BTC and ETH.

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So let’s start with Coinbase Pro…

On Coinbase Pro, you can transfer money from your bank account to the exchange with no fees. (Just be aware that your funds need to clear before you can make a trade.)

That gets your local currency into the exchange. You’ll use that currency to buy BTC or ETH.

Coinbase Pro uses a maker-taker fee model to determine its trading fees. A “maker” order is one that isn’t immediately matched by an existing order. And a “taker” order is one that’s filled immediately.

Here’s the most important thing to know: There are no fees for maker orders. But for taker orders, Coinbase Pro charges trading fees between 0.10% and 0.30%.

You can learn more about the Coinbase Pro fee schedule here.

Similarly, you can transfer money from your bank account to the Gemini exchange for no fees.

Gemini also uses a maker-taker model. But it charges a 1% trading fee whether you’re a maker or taker for all orders up to $25,000.

The advantage with Gemini is that you can place a trade as soon as you generate a transfer. (Just be aware that you won’t be able to transfer any of your coins until your funds clear.)

You can find Gemini’s trading fee schedule here.

If you don’t want to pay any fees on your BTC or ETH purchases, consider Coinbase Pro. Just make sure you’re a “maker” when you set a bid to buy or an offer to sell.

If speed is your priority, then consider Gemini. You’ll be able to use your funds right away… and for a reasonable, flat 1% fee.

Whether it’s stocks, mutual funds, or cryptocurrencies, fees can have a dramatic impact on the performance of your portfolio.

As I mentioned above, each dollar you save on fees is one more dollar you can invest. And as world-renowned cryptocurrency expert Teeka Tiwari says, it takes only one good idea to build wealth.

That’s why he’s making a special announcement tomorrow at 8 p.m. ET.

During this event, Teeka will give you the inside scoop on an event that will transform the crypto market in 2019… Plus, he’ll announce a bold, new venture that could hand you the chance at an extra $81,624 per year.

Learn more here

Editor’s Note: Despite a bevy of positive news in the crypto space, bitcoin prices remain mired in a slump. World-renowned cryptocurrency expert and former hedge fund manager Teeka Tiwari says that’s due to a gap between market fundamentals and investor sentiment.

While the fundamentals are bullish, sentiment is bearish. When will sentiment catch up to the fundamentals? Teeka answers below…

Editor: Teeka, you recently warned your subscribers to expect more volatility from bitcoin. Can you give us an update on what’s driving it?

Teeka: Absolutely.

As I’ve told you before, the Securities and Exchange Commission [SEC] spurred the sell-off by its recent decision to treat nearly every initial coin offering [ICO] as a security.

It’s the same way the SEC treats initial public offerings [IPOs] from private companies.

The SEC’s decision is causing many crypto projects to go out and raise dollars… because they’re going to have to hire a team of lawyers to keep the SEC at bay.

If they can’t defeat the SEC—or convince the SEC that they didn’t issue securities—then they’re going to face massive fines… and the possibility of repaying investors who bought tokens from their ICO sales.

When I first talked about this, I said, “Look, this is akin to forced margin selling. It will create panic-selling, and you’ll see prices go lower.”

Even last month, when bitcoin was at $4,400, I said it’s still too early. You’ve got to wait and be patient. Prices are going to go lower.

And we’ve seen bitcoin prices go as low as $3,200. As nasty as that is, I don’t think the selling is over yet.

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Editor: What makes you say that?

Teeka: What you have to understand is that there were only two funding currencies for these ICO projects: ether or bitcoin.

Now, we have widespread panic among ICOs that they’ll have to pay huge fines… married to the fact they’re some of the largest holders of bitcoin and ether on the planet. So you can understand why ether and bitcoin are dropping so violently.

Remember, they’re not dumping these assets because they want to. They’re dumping them because they have to. They need to raise cash.

Their lawyers won’t accept bitcoin or ether. Their lawyers want dollars. If they have to pay fines, the SEC won’t accept crypto. It will want dollars.

We already have very negative investor sentiment… And that’s compounded by thousands of projects that need to raise cash—dollars, yen, pounds, euros, etc.—and they needed it yesterday.

So you’ve got this mass, forced liquidation—almost identical to what we saw in the Great Financial Crisis of 2008… Hedge funds, brokers, and banks were in such desperate need of liquidity, they had to dump their equities at any price.

That’s how amazing companies like American Express dropped over 80% to below $10 per share. Today, it’s back over $107.

We’re seeing the same thing happen in the crypto space. Forced selling is bringing down prices, even as wildly bullish news is taking place. It’s like a tale of two markets.

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By telling investors to be “open” to this new technology.

Since then, investors have been flocking to it. And now, these investments have created a unique type of income stream.

These aren’t CDs, bonds, real estate, dividend stocks… or anything boring like that.

You can get started with a small stake…

And see as much as $44,740.

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Editor: What do you mean by “a tale of two markets”?

Teeka: First, we’ve got this “external” market where there’s all this forced selling just hammering prices. I think we’ll see another week or two of basic pandemonium, turmoil, and volatility. Then, we’ll have wrung the market out at that point.

By then, if you wanted to or needed to sell, you would have already sold.

So the “external” market—the market we see—is very bearish.

But what I call the “internal” market is very bullish. The internal market deals with the bigger drivers of crypto prices. For instance, did you know transactional volume is exploding on the bitcoin network?

So more people are actually using bitcoin, even as the price is coming down. On top of that, not a single major institutional player has deviated from their stated desire to open their trading platforms to bitcoin.

In fact, the Nasdaq—the world’s second-largest stock exchange—went out of its way to confirm it will still launch a bitcoin futures contract sometime in early 2019.

And the owner of the New York Stock Exchange [NYSE] had to delay the launch of its bitcoin exchange by a month because the demand for the service was so high, it needed to spend more time training its customers.

So the piece that has to do with usage and adoption is thriving. And as we move forward, these “internal” levers will begin to impact the external market and ultimately drive the market to new highs.

Now, sitting here at the end of 2018 with the crypto market getting hammered, it’s almost inconceivable to think about new highs.

But it’s important you understand we’ll see new all-time highs again… just like we did after 2011, 2013, 2014, 2015, 2016, and all the different crashes that bitcoin and the cryptocurrency market have had.

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Editor: What will drive the market to new highs?

Teeka: Wall Street’s greed.

Wall Street was left out in the cold in 2017. While crypto companies like Binance, Circle, Kraken, and Coinbase made collective billions in fees… Wall Street made nothing.

The bet moving forward is simple: Bet on Wall Street’s greed.

Think about it…

If you go from a market that has only 35 million people who can access it—where the crypto market is right now—and you open it up to 500 million people through the NYSE, Nasdaq, Fidelity, TD Ameritrade, Citigroup, and many others… that asset price has to go up.

There are no ifs, ands, or buts.

Editor: So what’s the next opportunity in cryptos?

Teeka: This selling has really unearthed a very profitable opportunity. There’s a particular niche in the crypto market that I’m finding wildly interesting.

It’s an area I think can make investors a lifetime of income as the market recovers.

That’s why on Wednesday night at 8 p.m., I’m going to have a special event to discuss this very specific opportunity.

I’m not ready to reveal all the details yet… I want to talk to you about it in much more detail on Wednesday at 8 p.m. So make sure you tune in for that.

Of course, if anything happens that you need to know about right away, I will be in contact with you.

Editor: Thanks, Teeka.

Teeka: You’re welcome.