Tax Machine Blog™

IRS decides that Bitcoin is not a currency. It is definitely “property.” (Even if you can’t touch it)

The IRS has issued a new FAQ on Bitcoin. Finally taking a position on the question “is it cash?” The IRS’s answer? “No!” Here’s what I’m more interested in – “will it blend?” The IRS has rule that bitcoin is property, not currency. I think we all saw this coming right? Well, bitcoin users. Welcome…

The Internet Sales Tax

The “Internet Sales Tax” is back in the news. Forbes is talking about it over here. Daily Caller is bringing it up over here. PC World covered it over here. The House is discussing “fixing” the Marketplace Fairness Act (aka the Internet Sales Tax) by collecting sales tax for the state of the seller, not…