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IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxes
By the end of August, an estimated 10,000 taxpayers will receive letters from the IRS warning them that they may owe back taxes on unreported cryptocurrency earnings. While it might not be immediately obvious, you must include cryptocurrency earnings when you file federal taxes. As with tax evasion for traditional currency, anyone convicted of evading crypto taxes could face up to five years in prison and a fine of up to $250,000.
Last year's IRS cyber attack may have accessed 700,000 accounts
The Internal Revenue Service already increased the total number of accounts accessed in last year's cyber attack once. Today, it's raising the number gain. The IRS announced that during a 9-month review of the incident, it discovered that an additional 390,000 taxpayer accounts were potentially accessed during the breach. Those accounts are in addition to the confirmed access of and initial 114,000 last May and the subsequent 220,000 that were added in August. For those keeping track at home, today's announcement brings the total to over 700,000 affected tax payers.
Complete, unreleased Rise of Nations game found among 38 Studios' goods
When 38 Studios' intellectual properties are auctioned off by the state of Rhode Island on December 11, one more game will be included in the mix, Rise of Nations: Tactics. The Mac game was completed, albeit unreleased and seemingly unheard of until now. The auction was first slated to begin this week and includes the Kingdoms of Amalur IP, 38 Studios' in-development MMO Project Copernicus and Big Huge Games' properties Catan, Rise of Nations and Rise of Legends. "Additionally, through the examination of the data contained on the 38 Studios servers, we have discovered a completed, but unreleased game for Mac users titled 'Rise of Nations: Tactics,'" Nick Jimenez, executive vice president of the auction host Heritage Global Partners said in a press release. "We only became aware of this game this past week through our own due diligence efforts." The intellectual property auction follows 38 Studios' closure in May 2012, and according to the court-appointed lawyer for the now-defunct studio Richard Land, potential bidders' interest in the auction has been "greater than expected."
Kingdoms of Amalur IP auction starts November 14, includes Rise of Nations
The 38 Studios and Big Huge Games liquidation auction will begin November 14, according to the Heritage Global Partners auction services page. Among the assets included in the auction from the state of Rhode Island are the Kingdoms of Amalur intellectual property, namely the Project Copernicus MMO that was in development at 38 Studios prior to its closure in May 2012. Additionally, buyers will be able to obtain sequel and merchandise rights and revenue for the developer's lone release, Kingdoms of Amalur: Reckoning. Other assets in the auction include intellectual property rights for Big Huge Games' properties, particularly Rise of Nations, Rise of Legends and Catan in addition to the studio's Big Huge Games Engine and 38 Studios' Helios platform. The liquidation auction begins at 9:00am ET on November 14 and ends November 15 at 12:00pm ET.
Amalur IP heads to auction this month
Rhode Island is preparing to sell the Kingdoms of Amalur IP, with a website offering its assets going live this month, 38 Studios' court-appointed receiver Richard Land tells WPRI. 38 Studios collapsed in 2012 after launching Kingdoms of Amalur: Reckoning, taking $90 million of Rhode Island taxpayer money down with it. The main piece of Amalur up for auction will be Project Copernicus, the studio's MMO-in-progress. "If someone is thinking that Rhode Island is going to sell this for millions and millions of dollars, I would have a very difficult time believing that," Joystiq News Editor Alexander Sliwinski told WPRI in a Skype interview. Land is optimistic about the sale: "The bulk of the game and intellectual property I don't believe is stale because the artwork is current, the tech used to develop the artwork is current, the concept is a current concept." Sliwinski warns that the fantastical world of Copernicus may be outdated as the industry shifts into the next generation. The US Securities and Exchange Commission is investigating the $75 million loan that Rhode Island provided to 38 Studios. Rhode Island taxpayers have already begun paying back the loan.
