Lacking tax revenue from virtual currency traders for the 2017 tax year likely prompted the IRS to send out a warning signal: We see you, and we’re taking action. But traders still aren’t sure how to follow the rules, practitioners told Bloomberg Tax.
The Internal Revenue Service on July 2 announced five new compliance campaigns, including one that “will address noncompliance related to the use of virtual currency through multiple treatment streams including outreach and examinations.”
A brief paragraph describing the new cryptocurrency campaign hinted at “future guidance” from the agency. But the campaigns themselves ...