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Article Of Interest- How Would a U.S. Bitcoin Transaction be Taxed?

Recommended By: Dan Thrailkill

It seems as though everyone is talking about Bitcoin, except for the IRS.  As the use of virtual currency becomes more mainstream, many of those in the accounting industry are wondering how to account for these transactions, both from a bookkeeping and taxation standpoint. The IRS has yet to take a stance on the tax treatment of transactions involving virtual currency, and I wouldn’t hold my breath waiting for them to make a definitive stance any time soon.  This article discusses the potential tax treatment for such transactions:

See article here:How Would a U.S. Bitcoin Transaction be Taxed?


 

Dantallbw

As a Principal in the Tax Department, Dan specializes in providing various tax services to a wide variety of privately held businesses with operation in the construction, investment partnerships, manufacturing, professional service, real estate technology and wholesale distribution industries.  His extensive expertise and inside knowledge of privately owned companies enable him to provide the highest level of practical and technical tax compliance and consultation. 

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