IRS Does Not Consider Fortnite Money as Virtual Currency After All

IRS Does Not Consider Fortnite Money as Virtual Currency After All

Video game currencies have been stricken off an official IRS guidance as examples of virtual currencies, as the agency ups its scrutiny of crypto transactions. The Internal Revenue Service (IRS) removed wording on its website that put game currencies as examples of a convertible virtual currency. This clarification is important as a new tax filing requirement obliges taxpayers to report whether they dealt with virtual currencies.The move was first reported by Bloomberg Tax on…

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Scam IRS Letters Trying to Trick Cryptocurrency Users to Pay Up

Scam IRS Letters Trying to Trick Cryptocurrency Users to Pay Up

Scam letters purporting to be from the United States Internal Revenue Service are trying con cryptocurrency taxpayers and others out of their funds. Scam letters purporting to be from the United States Internal Revenue Service (IRS) are trying con cryptocurrency taxpayers and others out of their funds.According to a Forbes report published on Aug. 5, bogus letters are attempting to capitalize on the public’s lack of familiarity with legitimate IRS correspondence and soliciting payments by…

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