What could the IRS be reminding us about today during tax season? Oh, yes of course – Virtual Currency transactions. It is always interesting overhearing people talk about virtual currency as if it is a mythical creature that the IRS doesn’t know about. Not only does the IRS know about the mythical BitCoin and the like, but the IRS is serious about tracking down who isn’t properly reporting the transactions.
Here are a few key points from the IRS Newswire issue (IR-2018-71) today:
Virtual currency is property and subject to general tax principles. Don’t be misinformed, read the guidance from the IRS Notice 2014-21 here.
If you need help with a legal tax issue, call us at 877-622-5840 and schedule an appointment with a board certified tax law attorney*.
* Steven A. Grenier is certified by the Louisiana Board of Legal Specialization as a specialist in Tax Law and Estate Planning and Administration.
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