The IRS Must Adapt to Cryptocurrency, Not Accuse Bitcoin Users of Tax Avoidance

[kreslik.news]

It was recently reported that the IRS filed a petition in US federal court seeking full disclosure of Coinbase’s American customers recordsover just two alleged cases of tax avoidance by users of the bitcoin exchange. The summons came shortly after the Treasury Department’s inspector general issued a report chastising the IRS for not taking more aggressive action to curb “unlawful activities by those who use virtual currencies.”

While there are still so many discrepancies about how best to identify Bitcoin and how cryptocurrency gains and losses should be recorded and filed during tax time, more questions remain. How ... (read more)