The Government Accountability Office spoke about virtual currency on Monday, and how it believes the Internal Revenue Service can do more to inform taxpayers about how this type of online activity is taxable, The Hill reports.
“The fact that misinformation is circulating and the possibility of growth in the use of virtual currencies outside virtual economies suggest that it would be prudent to take low-cost steps, if available, to mitigate potential compliance risks,” a GAO report stated.
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The GAO recommended that the IRS issue basic information, as certain virtual currencies can now be exchanged for U.S. dollars using payment networks.
Read the full report here.
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