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Since the Great Recession the New Economy has created challenges for both taxpayers and the IRS. More and more taxpayers have jumped into the New Economy without knowing the issues about income reporting and allowable expenses. The IRS is just starting to catchup and taxpayers better be ready. Many taxpayers are buying virtual currency, then using virtual currency to buy products and services. What effect does the purchase and sale of virtual currency have on the tax return? Is using virtual currency a reportable event for tax purposes? What is the IRS doing about the growth in use of vi
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