New IRS Cryptocurrency Enforcement Efforts and Opportunities to Become Compliant
The CPA Journal, January 2020 Edition
2 Pages Posted: 8 May 2020
Date Written: January 1, 2020
Cryptocurrency is here to stay. As of November 17, 2019, the top five cryptocurrencies by market capitalization had a combined value of approximately $196 billion, and consumers can now use cryptocurrency in place of legal tender at numerous online and brick-and-mortar retailers. In 2014, the IRS issued Notice 2014-21, which generally provided that cryptocurrency would be treated as property for purposes of income tax and was, therefore, subject to the tax principles generally applicable to transactions involving the creation, sale, and acquisition of property.
Keywords: IRS Cryptocurrency Enforcement Efforts, Cryptocurrency Compliance
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