Oh great! The Inspector General pointed out to the IRS that…..oh, look at this. Digital currency. Yoo Hoo!! Why don’t you IRS folks start more oversight and taxing authority? It’s all the rage. So, load up the bitcoins on the app and hide the smart phone. They are coming for you.
A couple years ago the US Tax agency said it was going to tax bitcoin, but obviously, the IRS did not move fast enough. Knowing that the use of digital currency has expanded greatly in recent years the Treasury Inspector General is now prodding the IRS to get a plan.
Stating that the IRS needs to develop a strategic plan for virtual currency (which they consider a kind of property) the IG is concerned that taxpayer violations may be missed. The concern is that there will be an increase in the “Tax Gap”. Look for new rules, regulations and taxes in the near future.
By Bill Taylor/CEO-FinteKnews