IRS Provides Informal Tax Guidance on Bitcoin, Mt. Gox Advertises with G8 Summit
Federal auditors are recommending that the Internal Revenue Service not issue formal regulations for taxpayers filing returns on earnings from Internet currencies like Bitcoin, according to a report from the Government Accountability Office. The IRS would provide information on its website that links “virtual currencies” to existing guidelines on bartering, gambling and hobby income, agency officials wrote in a May 3 letter responding to a draft report.
Steven Miller, IRS deputy commissioner for services and enforcement, stated: The IRS “is aware of the potential tax compliance risks posed by
Miller mentioned ongoing discussions with other federal agencies and that additional material addressing alternative payment systems being developed. Other regulatory agencies, such as the Financial Crimes Enforcement Network, which looks for signs of
Browsing through G8 Summit newsletter- link provided in the prior post- it wasn’t all doom and gloom for Bitcoin, as the opening pages featured a full page advertisement for Mt. Gox.
“Come in and join us,” says a round table of the world’s currencies to Bitcoin. However, Bitcoin may not have gotten so warm a reception at the 2-day summit which ended June 18th. Nonetheless, the ad is a reminder that Bitcoin has gotten a foothold with mainstream companies, venture
While the G8 Summit has just concluded, Bitcoin London, July 2nd, is hot on the heels of the Bitcoin 2013 Conference in San Jose in May, while other conferences around the world are drawing new audiences as they address the Bitcoin topic.
The GAO report can be found at: http://globalforumljd.org/events/2013/061413_currencies.htm.
Bitcoin Conferences at: http://btclondon.com, and http://www.bitcoin2013.com/.
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