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IRS Clarifies the Tax Treatment of Virtual Currencies

March 31, 2014

By MICHAEL HAUN

The IRS recently released Notice 2014-21 which is its first attempt to characterize transactions involving virtual currencies, such as Bitcoin. The IRS concluded that virtual currency is considered "property" for tax purposes. The notice sets forth an extraordinary amount of recordkeeping and reporting requirements for persons transacting business using virtual currency.

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