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Qwil is a great help to freelancers during tax time

As any of the 1099 workforce can tell you, at tax time, rounding up all the necessary documents is a headache. Qwil is focused on offering support for 1099-ers. They offer a way to get paid in a timely manner, and a way to keep track of these payments, all in one place.

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‘Tis the (tax) season

With tax time upon us and the deadline to file rapidly approaching, you may be looking into which software programs can help you organize all your tax information. If you run your own business, traditional tax programs can be difficult to navigate because you’re never sure if you’re getting all of your deductions, have entered your information correctly, or filed the right forms. Tax season is stressful, to say the least.

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Record keeping for the independent contractor

If you are an independent contractor or frequently hire independent contractors, Qwil may be a good option for tax time. As any of the 1099 workforce can tell you, at tax time, rounding up all the necessary documents is a headache. Why? Independent contractors (the bulk of 1099-ers) do not typically get paid on a regular schedule. Many times we complete work and then wait for an invoice to be approved and paid. This makes for awkward record keeping.

Qwil is focused on offering support for 1099-ers. They offer a way to get paid in a timely manner, and a way to keep track of these payments, all in one place.

Instant liquidity

Their payment infrastructure enables instant liquidity for the 1099 workforce by leveraging support across accounting, tax benefits, and legal. 1099ers using Qwil can get liquidity daily for work performed and avoid waiting for payment and invoicing cycles. At the time of publication, Qwil has not returned my messages as to how this program works; perhaps due to the fact that Qwil is currently in beta. However, if it works as well as they state it will, this could be game changing for 1099ers. If Qwil provides working capital for invoices, so 1099ers can get on with their work and worry less about if their own bills will be paid, the freelancing world might sigh a collective sigh of relief.

We’ve still got a lot of questions

However, there are several things I would want to know about Qwil before I jump on board. I want to know how it works, what it costs, and how they decide what to pay and when to pay it. There are a lot of “what-ifs” here, but it’s definitely something to keep your eye on if you’re a 1099er looking to make your life a little bit easier.

#Qwil

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Business Finance

Credit card companies crap on cryptocurrencies

(FINANCE NEWS) Credit card companies are now trying to make customers slow their roll when purchasing crypto – and it’s kind of shady.

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Visa and Mastercard and now making it more difficult for their customers to purchase cryptocurrency by slapping additional fees on transactions. This month, Bitcoin investors using Coinbase noticed additional fees on bank statements and were like, wait what?

Turns out, the credit card companies decided to reclassify cryptocurrency transaction type from “purchase” to “cash advance.”

Coinbase confirmed the change in an email to its customers, noting “the MCC code for digital currency purchases was changed by a number of the major credit card networks.”

A Mastercard spokesperson claimed the change “provides a consistent view of such purchases for both merchants and issuers.”

This means an additional five percent fee is slapped on to every transaction from the credit card company in addition to the four percent credit card processing fee Coinbase already passes on to its users.

Right now, if you want to buy Bitcoin or other cryptocurrencies instantly, your only option is using a credit or debit card. Transferring funds from your bank can take days, and since crypto prices can change in an instant, this isn’t a great option. Although there are lower fees for transferring funds via ACH, investors may get stung by fluctuating prices.

So basically, you’re going to use a credit or debit card for efficiency, but Visa and Mastercard want to make this harder on you. Unlike purchases, transactions labeled as “cash advances” don’t fall under an interest-free grace period. As soon as the purchase goes through, it accrues and compounds daily, so that’s pretty neat.

In addition to the new fee, cash advances carry higher interest rates as well.

Adding insult to injury, using a card for crypto purchases does not earn credit card points.

The card companies are equivocating bitcoin to withdrawing money from an ATM. This conflicts with the IRS’s stance that bitcoin is not currency, but rather taxable property.

Until everyone gets their stories straight, investors get stuck in the middle with more barriers to purchasing crypto, and conflicting regulation and processes.

And for Visa and Mastercard, that’s kind of the point. Their aim is to slow the rush of investment, even at the risk of losing potential millions in additional revenue. Assuming Bitcoin and other cryptocurrency don’t total crash and burn, eventually financial middlemen like credit card companies will be cut out of the picture.

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Business Finance

Don’t mess with Texas – especially when it comes to crypto

(FINANCE NEWS) The State of Texas is cracking down on crypto companies, and this won’t be the last cease and desist issued.

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After a one month undercover sting of crypto-currency startup DavorCoin, the Texas State Securities Board (TSSB) issued another cease-and-desist letter, ordering the cryptocurrency company to stop all operations in the state immediately; this is the state’s fourth emergency cease-and-desist in just one month regulating cryptocurrency companies.

Jason Rotunda, director of enforcement division at the TSSB told CNBC, “We confirmed our suspicion that they were being marketed toward retirees. [DavorCoin] was not disclosing the information that needs to be disclosed to an investor.”

Other cryptocurrencies being issued cease-and-desists include companies r2b coin, BitConnect, and USI-Tech Limited. All of these companies either were promising implausible or impossible returns on investment, low risk investments coming from Bitcoin mining–without the evidence to back it up, or not disclosing information required by state law.

After the TSSB pulled the plug on BitConnect, they started their investigation of DavorCoin for promising extremely similar ROI. DavorCoin also has another strike against it, a potentially more serious one: Investment fraud. DavorCoin, according to CoinDesk, has “intentionally hidden material information of its business–including its principles and business location, as well as how it plans to realize investment promises for investors.”

The lack of transparency on not just the basic information regarding the business itself, but also an investor disbursement plan violates sections of the Texas Securities Act.

Texas currently is leading the way regarding the regulation of cryptocurrenty investment opportunities, in which other states as well as the federal government are following suit. Other states filing formal complaints against cryptocurrency companies include Florida, North Carolina, Massachusetts, and Kansas.

The U.S. Securities and Exchange Commission, as well as the U.S. Commodity Futures Trading Commission, is taking note of the heightened amount of activity surrounding cryptocurrencies as well. Rotunda, also in his role as the vice chair of North American Securities Administrators Association, is trying to encourage regulatory agencies to adapt to this new way of doing business and investing.

“In both of those roles we’ve been monitoring cryptocurrencies quite a bit,” said Rotunda. “I think what we’re doing right now is we’re adapting to a new way of selling securities.”

The old adage is, after all, “don’t mess with Texas.” Especially when it comes to potentially defrauding investors through cryptocurrencies — but that’s kind of a mouthful.

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Business Finance

Fake crypto scam sends ransomware, then malware once you pay

(FINANCE) Buying unheard of ICOs just got much riskier as scammers find new ways to scam people out of their crypto investments while stealing their identities. Great.

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Cryptocurrency is hot right now. And while cryptocurrencies like Bitcoin are supposedly more secure than regular currency, that doesn’t mean that hackers aren’t looking for ways to take advantage of the trend.

A newly discovered ransomware scam banks on people’s desire to get rich quick by buying cryptocurrencies. The scam advertises a new cryptocurrency called SpriteCoin.

SpriteCoin isn’t a real currency; it’s just a ruse to get people to install ransomware. Often, SpriteCoin ads appear on forums where people learn about and discuss other cryptocurrencies, making SpriteCoin seem like the real deal (hence why social media sites are opting to nix all ads about cyrpto).

The ransomware is disguised as a wallet containing SpriteCoin. While your computer appears to be downloading the blockchain for your SpriteCoin, it is actually encrypting all of your files, while also raiding Chrome and Firefox for your stored passwords. Next, you receive a ransom note demanding that you pay up in order to get a decryption key, or else your files will be locked forever.

The ransom note demands payment in Monero, a cryptocurrency, to the tune of about $100. The note claims that “only we can decrypt your files. Don’t worry, we’ll give you your files back if you pay.”

To add insult to injury, once the Monero ransom has been paid, the hackers install additional malware that harvests personal data and gives hackers the power activate your webcam.

This ransomware scam was discovered by cyber security company Fortinet. Fortinet’s experts think that this scam, which is demanding a (relatively) inexpensive ransom, could be a pilot program for hackers to test out new delivery mechanisms for ransomware and malware. They want to see how many people will fall for the scam before scaling up.

Fortinet also explains that Monero is becoming the new cryptocurrency of choice amongst thieves using ransomware, because Bitcoin transaction fees have gone up and there is typically a delay on payments.

Cryptocurrencies could be a good investment – but make sure you do your research and only buy legit cryptocurrencies, lest you fall victim to such a vicious and repetitive scam.

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