“[The IRS] haven’t said a meaningful word about Bitcoin. Their silence hasn’t gone unnoticed. The National Taxpayer Advocate (NTA) has weighed in, citing the lack of clarification over tax treatment of digital currencies like Bitcoin, as one of the IRS’ Most Serious Problems of the year. The NTA noted in her report to Congress that, in the four months between July and December 2013, Bitcoin usage has increased by over 75% while the market value of Bitcoins in circulation increased more than ten-fold. Despite the virtual explosion in popularity, the IRS ‘has yet to issue specific guidance addressing the tax treatment or reporting requirements applicable to digital currency transactions.'”
Related posts:
With the end of Fed's QE in sight, U.S. public says 'Huh?'
Refugees detail widespread abuse at Australian asylum camp
How a 1983 US-NATO war game came close to provoking nuclear attack
China's Strategy In Africa Benefits Both
Nobel laureates urge end to Syria hospital attacks
How the US sent $12bn in cash to Iraq. And watched it vanish [2007]
Fed’s Williams Says Bond Buying May Exceed $600 Billion
Politician and paedophile among first to ask Google to 'be forgotten'
Tiny Device Will Detect Domestic Drones
Charges reduced for officer who ran over teens while fiddling with phone
Missouri halts investments in Springfield man's Bitcoin operations
Melbourne residents turn unused car parks into cash
Scientists create ‘superbrain’ by connecting thoughts of two rats
Fmr. NSA chief: ‘Morally arrogant’ Snowden will probably become alcoholic
Ex-Comptroller General Walker: 'Fiscal Cliff,' Here We Come