“Federal auditors are recommending that the IRS not issue regulations for taxpayers on filing returns for the money earned through the exchange of virtual currencies.  The tax agency has neither the money nor the time to craft compliance rules for the emerging market, according to a new report from the Government Accountability Office.  GAO officials acknowledged the government might be missing out on tax revenue as a result of not publishing Bitcoin-specific rules, but it is unclear how much. ‘Given the uncertain extent of noncompliance with virtual currency transactions, formal guidance, such as regulations, may not be warranted,’ the auditors concluded.”

http://www.nextgov.com/cybersecurity/2013/06/auditors-and-irs-pan-tax-regulations-bitcoin/65051/

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