18 Jun '13, 9pm

Sorry Bitcoin users – the federal government wants to start taxing you.

Sorry Bitcoin users – the federal government wants to start taxing you.

Sorry Bitcoin users – the federal government wants to start taxing you. The Government Accountability Office released a new report Monday stating that some transactions involving the use of virtual currency should be subject to federal taxes. The transactions the government is specifically targeting with the new taxes are those made in an “open-flow” virtual currency system, which involves transferring virtual money to pay for real goods and services that can result in real-world profit. Other transactions, such as those made in a “closed-flow” virtual currency system where virtual currency is used to buy virtual goods and services like those in an online game, will not be subject to federal taxation, however. The GAO conducted its report after the Senate Finance Committee requested that the agency investigate virtual currencies, their tax compliance risks and how the Inte...

Full article: http://redalertpolitics.com/2013/06/18/u-s-government-to-...

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