Cameron Arterton

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Background Before 2014, the treatment of virtual currency for tax purposes was somewhat of an open question.  That is, would it be treated like a currency?  Maybe a foreign currency?  Or would it be treated like property?  Or maybe a commodity or a derivative?  The IRS took initial steps to answering that question in Notice 2014-21, where the IRS asserted that virtual currency would be treated like property. A lot of practitioners thought that…