The IRS Gets Told to Work on Its Bitcoin Taxation Plan

Areview by the Treasury Inspector General toward evaluating the IRS’ strategy to address income streams produced via virtual currencies has determined that the IRS has done very little in this regard.
In a newly released report [PDF], the Treasury Inspector General for Tax Administration (TIGTA) has determined that the Internal Revenue Service (IRS) has done very little to implement a program for noncompliance issues with potential taxpayers engaging in transactions with virtual currencies.
An excerpt from the review read:
None of the IRS operating divisions have developed any type of compliance initiatives or guidelines for conducting examinations or investigations specific to noncompliance related to virtual currencies. In addition, it does not appear that any of the actions already taken by the IRS to address virtual currency tax noncompliance were coordinated to ensure that the IRS maintains a strategic approach to the tax implications of virtual currencies.

This post was published at Crypto Coins News on 09/11/2016.