19 Jun '13, 4pm

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 and earnings? You could be hit with tax avoidance. via @TTech_News

Bitcoin has been getting plenty of coverage, ourselves included , but for those of you who don’t know, it’s essentially a decentralised virtual currency. Many people are under the illusion that because of this fact, it doesn’t accrue tax, but I’m sure the IRS would beg to differ. The Government Accountability Office (GAO) released a report (PDF) which gives a clear example: Bill is a Bitcoin miner. He successfully mines 25 Bitcoins. Bill may have earned taxable income from his mining activities. Carol makes T-shirts and sells them over the Internet. She sells a T-shirt to Bill, who pays her with Bitcoins. Carol may have earned taxable income from the sale of the T-shirt. It’s quite clear the IRS will not settle for this, and rightly so; real goods are being traded to which tax is owed back to the government. The same applies for income; Bitcoin is still an earning which, y...

Full article: http://www.telecomstechnews.com/news/2013/jun/19/no-tax-b...

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