While the cryptocurrency Bitcoin is intended to be a type of currency used in lieu of or in addition to money, the IRS and courts have yet to agree.
Read MoreFew would say that one would not benefit from having more money. Given the birth of cryptocurrency[1], can the same be said about Bitcoin? That, at least in part, depends on whether Bitcoin is equivalent to money. What is Bitcoin?
Read MoreFor some, alleged tax fraud or evasion is the least of their worries, despite the respective maximum sentences of three and five years. Title 26, which includes the Internal Revenue Code, provides the elements necessary to establish such violations.
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