As virtual currencies like bitcoin grow in popularity, how can the IRS ensure that people are paying the related taxes? Taxpayers must report and pay taxes on income from virtual currency transactions. But according to a recent report by the Government Accountability Office (GAO), the IRS guidance for proper reporting of this income is unclear. The IRS has led campaigns to answer questions on virtual currency income compliance. Still, a lack of clarity remains, leading the GAO to conclude that “many virtual currency transactions likely go unreported to the IRS on information returns.” To learn the steps that the GAO recommends to improve reporting, read the report: Call or visit our website for more information!