30 Mar '14, 5pm

“@AnonymousDown: How Uncle Sam Decided to Change The World of #Bitcoin #infosec” tulips

“@AnonymousDown: How Uncle Sam Decided to Change The World of #Bitcoin #infosec” tulips

How Uncle Sam Decided to Change The World of Bitcoin By Jay Jenkins | More Articles March 30, 2014 | Comments (0) Image Credit: Zach Copley Ahh Bitcoin. Some say its a currency. Some say its not. Some say its property. Some say its closer to tulips . Some even say that its a platform that could be as revolutionary as the Internet itself. And its in these murky waters that the Internal Revenue Service has for once shone through as a beacon of clarity, kind of. To the IRS, its irrelevant how you define Bitcoin. You've still got to pay taxes on it. How big of a check will you be cutting come April 15? On Tuesday, the IRS released Notice 2014-21 (gotta love the way bureaucracy labels press releases), its guidance for "Virtual Currency". In the release, and particularly in the Q&A section, the IRS details exactly how it will treat bitcoin transactions from a tax standpoint. Her...

Full article: http://www.fool.com/investing/general/2014/03/30/how-uncl...

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