Whether you call it bitcoin, virtual currency, or digital currency it is all the same thing.
At one recent count there was more than a thousand types of cryptocurrencies. The IRS came out in 2014 with it’s a notice on how it was going to tax cryptocurrency. The bottom line of that notice is that it was going to apply general property principles to virtual currency. So, for tax purposes, cryptocurrency is treated as property. The TIGTA Report, released in September 2016, criticized the IRS for failing to develop a coordinated virtual currency strategy since issuing their Notice 2014-21. This video reviews the IRS response to the TIGTA Report as well as the digital currency tax compliance gap.
Matthew D. Lee
Fox Rothschild LLP
- Partner in the Philadelphia office of Fox Rothschild LLP
- Former U.S. Department of Justice trial attorney
- Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
- Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
- Counsels foreign banks on FATCA compliance issues
- Author of The Foreign Account Tax Compliance Act Answer Book 2017 (Practising Law Institute)
- Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
- Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
- J.D. degree, Emory University School of Law; B.A. degree, Furman University
- Can be contacted at 215-299-2765 or [email protected]
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