American Institute of CPAs pushes IRS to give guidance on bitcoin taxation

The American Institute of CPAs (AICPA) has called for the US Internal Revenue Service (IRS) to issue more guidance on the taxation of digital currencies such as bitcoin.

The letter, submitted on 10th June 2016, asserts that the lack of specificity in the tax treatment of virtual currency has become a “concern” for tax professionals, and details 10 areas where the 400,000-member organization believes improvements can be made to the original guidance.

“Virtual currency transactions, in which taxpayers increasingly engage, add a new layer of complexity to the analysis of a client’s reporting requirements. The issuance of clear guidance in this area will not only reduce the confusion and burden for tax preparers but also allow taxpayers to accurately comply with IRS rules,” said Troy Lewis, the chair of the AICPA.

The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States.