Tag Archive for: currency

IRS has begun sending letters to virtual currency owners

WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their…
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Virtual Income Transactions Need to Be Reported to IRS

Income from virtual currency transactions must be reported on individual income tax return, and the IRS says it is scrutinizing these currencies more than ever before. Virtual currency transactions are taxable by law…