Overview
International Business Times quoted Lisa Zarlenga in a December 1 article titled “Coinbase IRS Battle: Legal Expert Weigh In.” The article discusses how the Internal Revenue Service (IRS) is still figuring out how cryptocurrency works. According to the article, bitcoin users aren’t the only ones who think the IRS needs to offer more guidance. The Treasury Inspector General’s office and the Government Accountability Office both criticized the IRS for not offering enough guidance.
Ms. Zarlenga, co-chair of the firm’s Tax Group, says: “There isn’t any information reporting, at least right now, for cryptocurrency exchanges. They are claiming transactions from 2013, from before the guidance came out. A failure to report before the law was more clear could be excusable, at least from penalties.”
The full article can be read at International Business Times.
