IRS Fail: Treasury Audit Says it Can’t Manage Virtual Currencies
In a recently released internal report of an audit conducted by the Treasury department of the IRS and its ability to properly ensure taxpayer compliance with regards to virtual currencies (VCs) such as Bitcoin, Deputy Inspector General for Audit Michael McKenney gave the IRS a big fat ‘F’. The three-part audit found that — in the prevailing three years....
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The US Internal Revenue Services, IRS, has agreed to three key recommendations made by the US Treasury Inspector General for Tax Administration (TIGTA), which may introduce changes to virtual currencies such as Bitcoin. The currencies are presently used for tax purposes, especially by businesses in the US, according to a newly released tax review report. The TIGTA now views virtual currencies - especially Bitcoin which it says controls 82 percent of the entire virtual currency market - as allowing taxpayers to pay for goods and services in the same way as traditional currencies. The review....
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....
The U.S. Treasury Department issued a statement following a virtual call with other G7 members.
According to the regional Vietnam publication VNEconomy, the country’s authorities and financial ministries will be regulating virtual currencies in the near future. Vietnam Prepares to Regulate Virtual Currencies. The report details the use of cryptocurrencies such as bitcoin is becoming widely used worldwide. However, within this emerging economy....
One of the big bitcoin stories making news lately is related to a report issued from Combating Terrorism Tactical Support Office. Titled: "Advanced Planning Briefing for Industry", issued on Jan 30, 2014. It's being discussed by some of the mainstream press because it reports that virtual currencies may be seen as a potential threat. The reference to virtual currencies in this report was buried a small section on page 46 of an 81-page report. They brought up virtual currencies among a host of new emerging technologies they must consider. This seems to be reasonable and prudent if they are....