Bitcoin Users Should Expect More IRS And DOJ Scrutiny

Law360, New York (January 30, 2017, 6:23 PM EST) -- As partygoers rang in 2017, owners of bitcoins had a special reason to celebrate: the value of the digital currency was approaching $1,000.

While the value of bitcoins has come down a bit since the new year — with a single bitcoin trading at around $900 USD as of the publication of this article — the surge in their price, up from around $200 two years ago, may provide additional fodder for the U.S. Internal Revenue Service, which has its crosshairs on those who do not properly report their income related to the buying and selling of digital currencies.

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