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April 26, 2023

IRS modifies 2014 guidance that said digital currency was not legal tender in any jurisdiction

Due to law changes in foreign jurisdictions that characterize Bitcoin as legal tender, the IRS has updated (Notice 2023-24) earlier guidance (Notice 2014-21) to remove a sentence that described digital currency as "not having legal tender status in any jurisdiction."

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor