Posts tagged Virtual Currency.
The IRS issued guidance in 2014, through Notice 2014-21, on how to report income from virtual or “crypto” currency transactions. The IRS has since developed a “Virtual Currency Compliance” program focusing on U.S. taxpayers who may not be reporting, or correctly reporting, virtual currency transactions. The IRS has now announced it will be issuing notices to over 10,000 specific U.S. taxpayers warning these recipients that they have been identified as having engaged in virtual currency transactions and their U.S. tax compliance obligations. There are three (3) target ...
Posted in: Federal Tax