Here is a lesson from Cryptocurrency on integrity as illustrated by Crypto Currency. The Wall Street Journal printed an article today titled: The IRS Is Coming for Crypto Investors Who Haven’t Paid Their Taxes. This mysterious currency is a favorite investment for many. They see a great growth opportunity and an opportunity to avoid income taxes. But, you are not fooling the IRS. As a result, they are taking steps to get their share.
I’ve always believed that the gains from selling Crypto were the same as gains on the sale of securities. The IRS holds the same view. The move on the part of many governments to look at their own cryptocurrency, Govcoin, was a signal to me that they had their sites set on regulations. That regulation will include capital gains taxes.
So, what is the lesson from Cryptocurrency?
The lesson is simple. Integrity matters. If you try to circumvent the system, it will burn you. According to WSJ, Crypto Currency traders who have failed to report their gains and pay taxes on them will face penalties. The penalties could include back-taxes due, penalties and interest due, and criminal charges.
As a business owner, there are many opportunities to cut corners and compromise your integrity. I see it happen all the time. A truth twisted or veiled, isn’t a lie, is it? A rule ignored because no one is watching isn’t wrong, is it? You get my point.
If we conduct our lives and run our businesses on the principle that “it is only wrong if we get caught,” we are in for a rude awakening at some point.
So, integrity matters in life and in business. Let’s try hard to keep ours untarnished.