With the U.S. Internal Revenue Service looking to enforce more stringent Bitcoin tax compliance, several stakeholders say Congress should step in to clarify the way virtual currencies should be treated for tax purposes. The following are three possible ways lawmakers could approach bitcoin taxation. ‘De Minimis’ Bitcoin Taxation Exemption Using bitcoin and cryptos for microtransactions could cause tax headaches since the IRS classifies virtual currencies as properties. To this end, some commentators say bitcoin taxationRead MoreThe post 3 Ways US Congress May Approach Bitcoin Taxation appeared first on Bitcoinist.com.
