By Ben Goad | The Hill
Some transactions involving bitcoin and other virtual currencies are subject to federal taxes, the Government Accountability Office concluded in a report issued Monday.
Formal rules could be premature in the unregulated and fast-evolving virtual money markets that have cropped up in recent years, as gamers trade digital dollars for real-life goods and services, Congress’s investigative arm found.
But the Internal Revenue Service should take action to make sure people obey tax laws already on the books, according to the agency.
“By not issuing guidance, IRS may be missing an opportunity to address virtual currency tax compliance risks,” the Office concluded in a 27-page report.
