19 Jun '13, 7am

IRS targets bitcoin

IRS targets bitcoin

Those trading in digital currency in the US will soon be given more guidance on their tax reporting requirements. The Internal Revenue Service (IRS) has agreed to provide more information on this topic following a report from the Government Accountability Office (GAO), which highlighted current confusion surrounding digital currencies and tax. The GAO put the report to the IRS and recommended it find relatively low-cost ways to provide information to taxpayers on the basic tax reporting requirements for virtual currencies. In a response letter to the GAO, Stephen Miller, deputy commissioner for services and enforcement at the IRS, said: “The Service is aware of the potential tax compliance risks posed by off-shore and anonymous electronic payment systems and we are working to address these risks. “We agree that providing taxpayers with information on the basic tax reportin...

Full article: http://www.coindesk.com/irs-targets-bitcoin/

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