Tax,
Banking
Aug. 30, 2017
IRS software trolls for bitcoin users, matches to taxes
Last year, the IRS started fighting to obtain vast amounts of data on bitcoin and other digital currency transactions.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Is bitcoin still in the IRS cross-hairs? Users of bitcoin sure are. In IRS Notice 2014-21, the IRS announced that bitcoin and other digital currency is actually property for tax purposes, not currency. That in itself has some big tax consequences. Just consider these.
Wages paid to employees using virtual currency are taxable, must be reported on a Form W-2, and are subject to federal income tax withholdin...
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