IRS Provides Guidance on the Taxation of Bitcoins and Virtual Currency

IRS Provides Guidance on the Taxation of Bitcoins and Virtual Currency

Yesterday the IRS answered this long standing question about the taxation of virtual digital currency, announcing that virtual digital currency like Bitcoins should be taxed as property instead of currency for federal tax purposes and the same rules that apply to property transactions like the sale of stocks apply to virtual currency. So what does this mean for you if you’re a tech savvy taxpayer dabbling in trading this form of currency? Full story

IRS is Officially Open for the 2014 Tax Season Today!

IRS is Officially Open for the 2014 Tax Season Today!

Today is the official IRS opening day, kicking off the 2014 tax season and the IRS will now begin accepting e-filed tax returns. Some of you may have already filed your taxes and your tax return is in line ready to be processed when the IRS opens today. If you haven’t filed your taxes yet, you can go online now and easily and accurately file your taxes with TurboTax to get the biggest tax refund you deserve. Full story