IRS Approach To Taxation of Bitcoin

The IRS approach to the taxation of crypto currencies like Bitcoin may turn into an accounting nightmare for all but the most casual of users.

Virtual currencies, such as Bitcoin, are becoming useful tools in the digital age. In essence, a virtual currency is a currency that exists only in cyberspace and is not backed by any government.  The value often fluctuates by the hour and there is no coin or certificate to touch.

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Australian Tax Industry Calls for Voluntary Bitcoin Register

Summary: Australian taxation body The Tax Institute is calling on the government to establish a voluntary bitcoin register to de-anonymise ownership of the digital currency in Australia.

Australian taxation professionals' association The Tax Institute has proposed the establishment of a voluntary bitcoin register on which individuals and companies could register a bitcoin public address, with the aim of de-anonymising ownership of the digital currency in Australia.

The Tax Institute suggested the move in its submission to the Senate Economics References Committee inquiry into an appropriate framework for digital currencies in Australia.

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