“Bitcoin is virtual currency much in the news these days. It’s peer-to-peer so there’s no central bank or government. But if you think that means the IRS won’t get a piece, think again. The IRS already gets a piece where you swap one product or service for another, as the IRS explains at its Bartering Tax Center. Soon the IRS may have a Bitcoin Center too. The Treasury unit called FinCEN, the Financial Crimes Enforcement Network, already has rules about Bitcoin and the IRS is likely to follow. In the meantime, the tax rules seem pretty clear. If you provide services or sell goods for Bitcoin, you have income.”
http://www.forbes.com/sites/robertwood/2013/05/02/irs-takes-a-bite-out-of-bitcoin/
Related posts:
Russian Brokers Gain From Crisis, Trading From the Beach
Woman Sues Pantego Police Over Burst Breast Implant
Retaliatory Tariffs Push Harley Offshore; Enraged Trump Threatens Punitive Taxes
Jeffrey Tucker: The Abolition of the Playground
Tamir Rice Protesters March to Prosecutor's Home, Demand Resignation
Glenn Greenwald: Inside the mind of NSA chief Gen Keith Alexander
FBI created fake Seattle Times Web page to nab bomb-threat suspect
Croatian Swiss franc debtors demand central bank governor resign
UnitedHealth warns it may exit Obamacare plans
Ahmadinejad hopes to expand ties with Argentina
Taiwan Police Evict Protesters From Cabinet Building
Life in a Toxic Country
Pawn Stars Rick Harrison tells how the feds are keeping him from filming on govt land
The American Dream appears to be more attainable in Mexico and China
US troops invade Syria, kill ISIS commander Abu Sayyaf