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June 2017 Archives

Private tax collection agency accused of questionable practices

Congress passed legislation in 2015 that allowed the IRS to outsource some of its collection work. Concerns had been voiced by the Inspector General for Tax Administration and the National Taxpayer Advocate, but private collection firms started working with the IRS earlier this year.

Do bitcoin users need to file an FBAR?

Bitcoins are one example of a new form of currency referred to as cryptocurrency, digital currency or virtual currency. It is a type of currency purchased and exchanged online. Users may wonder whether or not their actions with these types of digital assets are in compliance with United States tax laws. Unfortunately, the Internal Revenue Service (IRS) has yet to provide any definitive guidelines. The federal agency was recently chastised by Congress for a lack of clarity and called to put together "additional guidance on the tax consequences and basic tax reporting requirements" for those who use cryptocurrency.

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