Accountants Ask IRS to Clarify Bitcoin Transactions’ Tax Status
The American Institute of CPAs has sent the IRS a letter to clarify tax status of small virtual currency transactions and nine other virtual currency issues, according to The Wall Street Journal. A bitcoin payment for a small purchase can have an investment gain or loss on that purchase under the IRS’s existing tax treatment. This is an onerous reporting requirement. Annette Nellen, a professor at San Jose State University, who helped draft the institute’s request, said the AICPA wants to know the tax rules before they become audit issues. Bitcoin Usage Grows. The number of daily bitcoin....
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