IRS Bitcoin Decision Spells Trouble For Retail Use

Law360, New York (March 26, 2014, 5:54 PM EDT) -- The IRS' announcement Tuesday that it would treat Bitcoins and other virtual currencies like other common forms of property for tax purposes is a boon for investors, but attorneys say individuals using the currencies to pay for everyday items potentially face additional tax liability.

Experts say Tuesday's notice failed to address the tax and reporting burdens that will now apply to simple retail transactions that use virtual currency or how users should establish the currency's value.

“Bitcoin is not a single-dimensional thing — it's both a...
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