To get started, you should get your own copy of IRS Notice 2014-21. You can do that now by clicking here.
Now that you have your own copy, lets move forward with covering the Q&A. Each section will be posted and open for questions and feedback. AfriCoin will submit your questions to the right party listed in SECTION 5. DRAFTING INFORMATION. Once we receive the answers, they will be posted where the question was asked. There will be some of you that have a great deal of knowledge in this area. I say, move on to a section that's more interesting or stay and help others that need your input.
SECTION 1. PURPOSE
This notice describes how existing general tax principles apply to transactions using virtual currency. The notice provides this guidance in the form of answers to frequently asked questions.
There it is. Does anyone have any questions or comments about section 1? This is important stuff and it will be of great benefit to stay ahead of the curve.
Click here for SECTION 2. BACKGROUND