Insights
Client Alert
IRS Clarifies the Tax Treatment of Virtual Currencies
March 31, 2014
BY MICHAEL HAUN
The IRS recently released Notice 2014-21 which is its first attempt to characterize transactions involving virtual currencies, such as Bitcoin. The IRS concluded that virtual currency is considered "property" for tax purposes. The notice sets forth an extraordinary amount of recordkeeping and reporting requirements for persons transacting business using virtual currency.
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