EYUS taxpayers should be mindful of certain tax provisions that may need to be considered with respect to bitcoin following approval of recent legislation in El Salvador
|Tax Alerts, National/Federal Taxation, L ...|United States, El Salvador
With the legislative approval of bitcoin as legal tender in El Salvador, United States (US) taxpayers should be mindful of certain Internal Revenue Code1 (IRC) provisions that could be triggered if more countries decide to adopt bitcoin as legal tender.
Background
On 8 June 2021, El Salvador’s Legislative Assembly approved legislation to adopt bitcoin as legal tender in the country. Under the …
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