US Treasury Says IRS Needs to Monitor Bitcoin For Tax Purposes
The Treasury Inspector General for Tax Administration recently released a paper on taxation of virtual currencies including Bitcoin, officially requesting the IRS to provide guidance for tax treatments of digital currencies and develop a strategic approach. Based on the 2014 tax guidance for virtual currencies released by the Internal Revenue Service (IRS), digital currencies like Bitcoin are considered labeled as property for tax purposes. The report of the US treasury reads: “The notice provides that virtual currencies should be treated as property for tax purposes. The same general tax....
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