The IRS becomes real on virtual currencies

of Nelson Yates

25 July 201, 16:36 EDT

Law360 (25 July 2018, 16:36 CET) – On 2 July 2018, the Internal Revenue Service announced five further major business and international division, or LB & I, compliance initiatives, known as campaigns. [1] These new campaigns have exceeded the total number of campaigns announced in the 2018 solar year from 11 to 16. [2] The inclusion of virtual currencies or "cryptocurrencies" as one of those five new campaigns may seem surprising in light of the limited IRS guidance on the subject, although the acceptance and volume of transactions involving these currencies have grown significantly in the last …