Tuesday, September 10, 2013

GAO to IRS: issue guidance on Bitcoin to safeguard tax compliance

Not too long ago, the US Government Accountability Office issued a report entitled "Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks," saying that the extent of tax evasion is unknown but might not be extensive if only virtual currencies stay in a "closed" system, as illustrated by this handy chart:

There you have it. Despite the chart (I'm pretty sure that horse left the barn a long time ago), the report is worth reading to get a sense of the direction of regulatory thinking.

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