On 8 November 2016, the US Treasury Inspector General for Tax Administration (TIGTA) released a review report evaluating the IRS’s strategy for addressing income produced through virtual currencies. In the report, TIGTA found that although the IRS issued Notice 2014-21, Virtual Currency Guidance ({News-2014-03-28/A/5- previous coverage}), and established the Virtual Currency Issue Team,  there has been little evidence of coordination between the responsible functions to identify and address potential taxpayer noncompliance issues for transactions involving virtual currencies. The report recommended that the IRS: Develop a coordinated virtual currency strategy that includes outcome goals, a description of how the agency intends to...