Top IRS Atty Downplays Site Change On In-Game Currencies

Law360, Washington (February 13, 2020, 8:48 PM EST) -- The Internal Revenue Service's decision to remove language from its website that classified in-game currencies as convertible virtual currencies does not represent a shift in policy, the agency's chief counsel said Thursday. 

The IRS' decision to delete a reference to "Ether, Roblox and V-bucks" from its list of convertible virtual currencies was an attempt to correct an error, Chief Counsel Michael Desmond told reporters at a Tax Council Policy Institute conference in Washington, D.C. Nevertheless, he did not say whether individuals who engage in transactions involving in-game currencies are required to report that activity to the agency. 

"It was corrected, and...

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