The IRS Gets Real About Virtual Currencies

By Nelson Yates (July 25, 2018, 4:36 PM EDT) -- On July 2, 2018, the Internal Revenue Service announced five additional Large Business and International Division, or LB&I, compliance initiatives, known as campaigns.[1] These new campaigns bumped the total number of campaigns announced in the 2018 calendar year from 11 to 16.[2] Inclusion of virtual currencies or "cryptocurrencies" as one of those five new campaigns may seem surprising in light of the limited guidance from the IRS on the topic, even as the acceptance and volume of transactions involving these currencies has grown significantly in recent years. This recent action by the IRS can best be understood in the greater context of the campaign process itself, prior IRS guidance on the topic and recent enforcement efforts aimed at virtual currency reporting. With that, taxpayers and advisers can anticipate how the specifics of the campaign may be executed....

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