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Taxation

The USA's Internal Revenue Service has, albeit belatedly, joined its Treasury sibling, FinCEN, in concluding that there really is no material difference between using virtual currencies and USD or other currencies. In a notice issued this week, it's made clear: if you price and are paid for your goods or services in bitcoin or any other virtual currency, you are liable for trading profits in exactly the same way as if you priced them, and were paid, in fiat currencies.

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The pent-up energy in the US government is being released apace. And, of course, the Inland Revenue Service is required to find the money the government needs and, as the shutdown demonstrated, it really doesn't hold much in reserve. And so, within hours of getting back to work, the IRS has issued a warning notice about something employers must do by.., oh, yes, today.

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