GAINESVILLE, Fla. – With bitcoin rising to prominence in the past year as a new digital exchange method, the IRS and taxpayers have wrestled with the question of how to tax and report bitcoin dealings. The official word was handed down from the IRS today in Notice 2014-14, which “describes how existing general tax principles apply to transactions using virtual currency.” Among other things, the notice concludes that bitcoin is not a currency for tax purposes, that disposition of bitcoin for good and services is taxable, and that tax reporting requirement are applicable to bitcoin transactions.
The issue has recently been highlighted in the media, notably in a December Wall Street Journal article, “How Will the IRS Tax Bitcoin?” which features comments from UF Law Professor Omri Marian. Marian is an international tax scholar who stands at the forefront of analyzing the future of bitcoin and other cryptocurrencies. His Michigan Law Review paper, “Are Cryptocurrencies ‘Super’ Tax Havens?” gained national attention and has positioned him as a leading expert on the topic.
Marian is available to address questions on bitcoin and the new IRS guidance.
Omri Marian, Assistant Professor of Law, University of Florida Levin College of Law
734-239-5936 or firstname.lastname@example.org
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