PYA provides information to consider regarding the taxability of virtual currency in his recently published article, “Tax Considerations of Convertible Virtual Currency Transactions,” which appears in the March/April 2016 edition of The Georgia Society of CPAs’ Current Accounts.
Article excerpt, reprinted with permission of The Georgia Society of CPAs:
In recent years, an increasing number of U.S. taxpayers have begun to utilize “virtual currency,” such as Bitcoin, as an investment vehicle or to pay for goods and services. As virtual currencies have grown, so have questions related to their taxability—so much so, that the IRS issued Notice 2014-21 on March 25, 2014, to provide guidance on the tax implications of using virtual currency. Although not all possible collateral tax implications were addressed, this notice afforded a great start to understanding how one should evaluate transactions in virtual currency.
Read the full article.
If you have questions about the taxability of virtual currency, or would like to request a speaker on this topic for your organization or event, contact one of our executives listed below, (800) 270-9629.
