06 May '13, 1am

Sorry Bitcoin, IRS Gets Reports

Sorry Bitcoin, IRS Gets Reports

To be sure, with no banking or government involvement, Bitcoin may well be anonymous. Perhaps what I’m describing is a tiny piece of the Bitcoin payment universe. Yet even many cash transactions are the subject of IRS tax forms, and I’ll bet some Bitcoin pay ends up on a Form 1099 or W-2. If I’m right and these practices spread, the IRS may have to specifically address them. Until then, digital pioneers accepting and paying in Bitcoin are tax pioneers too.

Full article: http://www.forbes.com/sites/robertwood/2013/05/05/sorry-b...

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