IRS seeks contractors to audit cryptocurrency tax returns

The Internal Revenue Service (IRS) of the United States is seeking contractors to help audit cryptocurrency-related tax returns.

The federal tax agency sent out an email detailing the requirements and responsibilities of those seeking to fulfill the job positions. CryptoTrader.Tax, a cryptocurrency tax software company, posted the email.

The company, however, noted that they have no plans on pursuing the contract.

IRS looking for outside help

In the email, the tax agency said it was “placing a few single-case contracts as pilots with a goal of publishing a solicitation and request for proposal for a larger multi-case contract.” The overall goal of the contractor is to calculate the gains or losses pertaining to the taxpayer’s cryptocurrency transactions.

The IRS views Bitcoin and other cryptocurrencies as property. This means they are taxable in regard to any profit realized when they are sold. If a person bought Bitcoin for US$7,000[AU$10,911] and then converted it into…