17 Jun '13, 9pm

Auditors and IRS Pan Tax Regulations for Bitcoins

Auditors and IRS Pan Tax Regulations for Bitcoins

Federal auditors are recommending that the Internal Revenue Service not issue regulations for taxpayers on filing returns for the money earned through the exchange of virtual currencies, such as Bitcoins. The tax agency has neither the money nor the time to craft compliance rules for the emerging market, according to a new report from the Government Accountability Office. Bitcoins -- which are not government-backed -- can be traded for real products and services or traditional currency, including dollars. GAO officials acknowledged the government might be missing out on tax revenue as a result of not publishing Bitcoin-specific rules, but it is unclear how much. “Given the uncertain extent of noncompliance with virtual currency transactions, formal guidance, such as regulations, may not be warranted," the auditors concluded. The tax agency has not provided taxpayers with i...

Full article: http://www.nextgov.com/cybersecurity/2013/06/auditors-and...

Tweets

London's Bitcoin pub

London's Bitcoin pub

wired.co.uk 17 Jun '13, 12pm

The system works like this: when the bartender tells the till to accept a Bitcoin payment, it sends a message to Early's s...

IRS Could Begin Taxing Bitcoin and Other Virtua...

accountingtoday.com 17 Jun '13, 8pm

The Internal Revenue Service plans to develop more guidance and training materials to inform taxpayers and tax preparers o...

Bitcoin tax time? - Salon #bitcoin

salon.com 19 Jun '13, 7pm

Tthe U.S. Government Accountability Office’s new report on the tax implications of virtual currencies is definitely the GA...

As Bitcoin grows more popular, the chances of a...

salon.com 19 Jun '13, 7pm

Tthe U.S. Government Accountability Office’s new report on the tax implications of virtual currencies is definitely the GA...

IRS targets bitcoin

IRS targets bitcoin

coindesk.com 19 Jun '13, 7am

Those trading in digital currency in the US will soon be given more guidance on their tax reporting requirements. The Inte...

Bitcoin In IRS Crosshairs, Says Government Report

forbes.com 18 Jun '13, 8pm

I’m a tax lawyer based in San Francisco (www.WoodLLP.com), but I handle tax matters everywhere. I enjoy untangling a tax m...

Are you using Bitcoin? Not paying tax on sales and earnings? You could be hit with tax avoidance. via @TTech_News

Are you using Bitcoin? Not paying tax on sales ...

telecomstechnews.com 19 Jun '13, 4pm

Bitcoin has been getting plenty of coverage, ourselves included , but for those of you who don’t know, it’s essentially a ...

Is the National Security Agency behind Bitcoin?

1. major terrorism is overwhelmingly money power created, what is left is not much of a concern 2. the NSA does not need B...

NYC’s Inside Bitcoins Conference Attracting Leading Experts #bitcoin

NYC’s Inside Bitcoins Conference Attracting Lea...

bitcoinmagazine.com 17 Jun '13, 7pm

Bitcoin Magazine is privileged to serve as a media partner to the Inside Bitcoins Conference in NYC on July 30! The confer...

Easiest method to earn bitcoins!

bitcoingenerator.org 25 Jun '13, 3am

-Mine the same Bitcoins you used to get on weeks in just seconds. -Working Bitcoin Generator -Regularly Updated -Virus Fre...

Bitcoin Weekly 2013 June 12: IRS Eyes Bitcoin Over Tax Evasion, PRISM’s Effect On BTC Prices, Israeli... #bitcoin

Bitcoin Weekly 2013 June 12: IRS Eyes Bitcoin O...

siliconangle.com 12 Jun '13, 6pm

This past week saw a huge explosion of media surrounding domestic spying and the deep puncturing of trust and privacy by U...