Virtual Currency Update and Frequently Asked Questions

IRS-investigates

The IRS releases a the first update on Virtual Currency since the 2014. The newly released guidance includes Revenue Ruling 2019-24 and a list of Frequently Asked Questions on Virtual Currency Transactions.

The guidance helps clarify things like, the tax consequences selling of virtual currency (FAQ 4), receiving virtual currency for preforming services (FAQ 8), date and time of receipt of virtual currency (FAQ 11), and many others answers can be found in the IRS’s Frequently Asked Questions on Virtual Currency Transactions.

The Frequently Asked Questions on Virtual Currency Transactions can be found on the IRS web site or by clicking on this link.