The primary professional organization for accounting professionals (AICPA) recently renewed their requests to the Internal Revenue Service for U.S. virtual currency guidance on key tax issues. The IRS has not shown any willingness to publish more advice in this area, so a response to the letter may not be forthcoming. The IRS has ignored the
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Urgent Tax Reporting Considerations for Virtual Currency Traders, Miners, and Anyone Contemplating Investment
By Perkins Coie, Thomas Newman, Tim Froehle & Chris Sigmund on
As first published on Bloomberg’s Daily Tax Report.
- The Internal Revenue Service is obtaining significant records about virtual currency holders
- These records not only implicate taxpayers who sold virtual currency at a profit, but also anyone who bought, sold, sent, or received virtual currency
- Exchanges of one virtual currency for another, mining