http://www.irs.gov/pub/irs-drop/n-14-21.pdf
According to the link above, if we pay for pretty much anything with Bitcoin, we are obligated to report the trade of "property" to the IRS and issue a 1099 MISC to the receiver of the Bitcoin.
Further, all miners are required to report mined Bitcoin as income.
Does anybody see this being efficiently enforced?
Is this going to be yet another law that the administration is going to "selectively enforce" depending on whether or you not you donated to the correct campaign?
Tyranny is nearby.
According to the link above, if we pay for pretty much anything with Bitcoin, we are obligated to report the trade of "property" to the IRS and issue a 1099 MISC to the receiver of the Bitcoin.
Further, all miners are required to report mined Bitcoin as income.
Does anybody see this being efficiently enforced?
Is this going to be yet another law that the administration is going to "selectively enforce" depending on whether or you not you donated to the correct campaign?
Tyranny is nearby.
This is only a current decision made by people who are not even familiar with Bitcoin... Changes are coming,hopefully good ones too
