Wednesday March 25, 2020

 

The Accounting Blockchain Coalition (ABC) provided input to The U.S Government Accountability Office (GAO) most recent report titled Virtual Currencies: Additional Information Reporting and Clarified Guidance Could Improve Tax Compliance. On Wednesday, March 25, 2020 the Tax Working Group (WG) will be providing a webinar to break down the report. The webinar will include speakers from Sovos, CoinTracker, Lukka, and BPM.

The Tax WG provides a forum for experts to discuss the Organization for Economic Cooperation and Development. The Tax WG also provides information on tax matters. You can register for the webinar here.

All accounts should read the full GAO report and the guidance notices published by the IRS for full clarification. To read the full report click here.

 

GAO Report Highlights

The report examines (1) what is known about virtual currency tax compliance; (2) what IRS has done to address virtual currency tax compliance risks; (3) the extent to which IRS’s virtual currency guidance meets taxpayer needs; and (4) whether additional information reporting on virtual currency income could assist IRS in ensuring compliance.

It highlights fast facts and information regarding reporting taxes on virtual currency throughout the report. The GAO reviewed the IRS’s efforts to ensure compliance with tax obligations regarding virtual currencies due to their recent spike in popularity. The findings from the GAO report include that taxpayers are required to report and pay taxes on income from digital currency use to the IRS.

 

Register Here

For The 2020 GAO Virtual Currencies Report Implications Webinar Provided by TAX WG

 

Want To Learn More?

Read Shehan Chandrasekera’s, (member and Co-Chair of the Tax WG) write up for Forbes on the GAO report here.