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Title: [2016-08-10]IRS At A Standstill with Bitcoin; Users and Tax Professionals Remain Post by: Frodomaga on August 11, 2016, 06:07:03 AM The Internal Revenue Service (IRS) has halted its proceedings of how individuals should report the earnings they make from bitcoin after failing to provide additional guidance to a notice released in 2014, according to the Tax Revolution Institute.
In March 2014, the IRS was reported to have released Notice 2014-21 to the masses. Their aim was to inform people how they should apply current tax regulations to the digital currency, bitcoin. However, it did the exact opposite when it stated that bitcoin was a property and not a currency for tax purposes. https://www.cryptocoinsnews.com/irs-standstill-bitcoin-users-tax-professionals-remain-dark/ |