Guidance Lacking as IRS Launches New Crypto Auditing Campaign

July 3, 2018, 8:33 PM

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 ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription.