{"id":34538,"date":"2014-03-26t09:04:49","date_gmt":"2014-03-26t13:04:49","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=34538"},"modified":"2021-03-01t09:08:35","modified_gmt":"2021-03-01t14:08:35","slug":"irs-rules-on-bitcoins-5-things-accountants-need-to-know","status":"publish","type":"post","link":"\/\/www.g005e.com\/2014\/03\/26\/irs-rules-on-bitcoins-5-things-accountants-need-to-know\/","title":{"rendered":"irs bitcoin rule: 5 things accountants need to know"},"content":{"rendered":"<p><b>item 5: brace for new work.<\/b><\/p>\n<p style=\"text-align: left;padding-left: 60px\"><em>by hitendra patil<\/em><br \/>\n<em>\u00a0<a href=\"http:\/\/pransform.com\/\">pransform inc.<\/a><\/em><\/p>\n<p>you may need to start asking your clients about bitcoin. new irs guidance treats bitcoins and other crypto-currencies not as money, but as property, for tax purposes and applies immediately to all returns.\u00a0see the full text of\u00a0<a href=\"http:\/\/www.irs.gov\/uac\/newsroom\/irs-virtual-currency-guidance\">notice 2014-21\u00a0(pdf)<\/a>.<\/p>\n<p>among other things, the irs advised that:<\/p>\n<ul>\n<li>as an employer, if you pay wages in bitcoins:<\/li>\n<\/ul>\n<ul>\n<\/ul>\n<ul>\n<li>you must report it on a w-2.<\/li>\n<li>you must ensure income tax withholding.<\/li>\n<li>you must ensure payroll taxes deduction.<\/li>\n<\/ul>\n<ul>\n<li>if you pay contractors and service providers in bitcoins, such payments are taxable and self-employment tax rules generally apply.<\/li>\n<\/ul>\n<ul>\n<li>if you make a payment of $600 or more in a taxable year to an independent contractor for the performance of services, you are required to report that payment to the irs and to the payee on form 1099-misc, miscellaneous income.<\/li>\n<\/ul>\n<p> <a href=\"\/\/www.g005e.com\/2014\/03\/26\/irs-rules-on-bitcoins-5-things-accountants-need-to-know\/#more-34538\" class=\"more-link\">read more &rarr;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p><b>item 5: brace for new work.<\/b><\/p>\n<p style=\"text-align: left;padding-left: 60px\"><em>by hitendra patil<\/em><br \/>\n<em>\u00a0<a href=\"http:\/\/pransform.com\/\">pransform inc.<\/a><\/em><\/p>\n<p>you may need to start asking your clients about bitcoin. new irs guidance treats bitcoins and other crypto-currencies not as money, but as property, for tax purposes and applies immediately to all returns.\u00a0see the full text of\u00a0<a href=\"http:\/\/www.irs.gov\/uac\/newsroom\/irs-virtual-currency-guidance\">notice 2014-21\u00a0(pdf)<\/a>.<\/p>\n<p>among other things, the irs advised that:<\/p>\n<ul>\n<li>as an employer, if you pay wages in bitcoins:<\/li>\n<\/ul>\n<ul>\n<\/ul>\n<ul>\n<li>you must report it on a w-2.<\/li>\n<li>you must ensure income tax withholding.<\/li>\n<li>you must ensure payroll taxes deduction.<\/li>\n<\/ul>\n<ul>\n<li>if you pay contractors and service providers in bitcoins, such payments are taxable and self-employment tax rules generally apply.<\/li>\n<\/ul>\n<ul>\n<li>if you make a payment of $600 or more in a taxable year to an independent contractor for the performance of services, you are required to report that payment to the irs and to the payee on form 1099-misc, miscellaneous income.<\/li>\n<\/ul>\n<p> <a href=\"\/\/www.g005e.com\/2014\/03\/26\/irs-rules-on-bitcoins-5-things-accountants-need-to-know\/#more-34538\" class=\"more-link\">read more &rarr;<\/a><\/p>\n","protected":false},"author":1363,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,3120,1906],"tags":[738,27],"class_list":["post-34538","post","type-post","status-publish","format-standard","hentry","category-outlook","category-pro-member-exclusive","category-tax-practice","tag-irs","tag-tax","membership-content","access-restricted"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v24.0 - 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