The IRS is warning those who use and trade "virtual currencies" such as Bitcoin to pay proper taxes on those transactions or face a penalty.
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In a release issued Friday, the IRS announced that it is sending letters to taxpayers with histories of virtual currency transactions to inform them of their tax responsibilities.
"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. "We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations."
Taxpayers who fail to report income are liable for those taxes, including penalties in interest. Some may be subject to criminal prosecution.
Regal Cinemas to offer all-you-can-watch movie subscription plan
Regal Cinemas will offer a new subscription plan ideal for constant moviegoers.
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By paying a monthly or yearly fee, Regal Unlimited users will be able to see all the movies they want at Regal theaters. Members can join different tiers with access to certain theaters; lower-cost plans include a smaller number of theaters, while the more expensive plans can include all Regal theaters. Oakland, Berkeley, and San Ramon are expected to be included in the $21 per month "Unlimited Plus" plan, and San Francisco and Dublin will be in the $23.50 per month "Unlimited All Access" plan.
The plan is available for users 16 and older. Subscribers will also need the Regal app and a Regal Crown Club membership.
The subscription will include some additional perks: 10% discounts on most concessions, birthday freebies and Crown Club credits earned through money spent on Regal Unlimited.
The plan is expected to be available by next week.
Acura recalls cars over separating driveshaft issue
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Acura is recalling almost 50,000 cars due to a driveshaft issue.
The model years 2016 through 2019 Acura ILXs are affected. Excessive grease may build up and prevent the set-ring on the half shaft from fully engaging. This could allow the driveshaft to separate from the half shaft, which can cause loss of drive while in operation, or allow a car to move when in "Park."
Acura is in the process of notifying owners, and dealers will replace the driveshaft and half shaft for free. Owners of recalled cars should contact Acura customer service at 1-888-234-2138.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.