Daily Tax Report ®

Don’t Hide Virtual Currency: IRS Collection Official

Dec. 7, 2018, 10:44 PM

IRS collection officers have seized their first virtual currency wallet in a civil case and put out several levies on the value of virtual currency held in the hands of third parties, an agency official said.

Collection officers recently found the wallet—software that enables users to send and receive coins like bitcoin and monitor their balance—on a device that was locked in a safe with cash. The individual gave the Internal Revenue Service the wallet’s password, said Darren J. Guillot, director of field collection operations in the agency’s Small Business and Self-Employed Division. The IRS will try to sell...

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