Back in 2014, the IRS issued basic guidance about bitcoin and other cryptocurrencies, and then went silent on the issue.
Fast-forward to 2019: the IRS is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.
To help you comply with the law, the IRS just issued new guidance so you can navigate the complicated tax world of virtual currency.
The good news: this guidance gives answers to questions that went unanswered for more than five years.
If you accept bitcoin and other cryptocurrencies in your business, or invest in bitcoin on the side, you need to read this article. ... Log in to view full article.