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03-25-14 Marketplace - Bitcoin and the IRS

Tuesday, March 25, 2014

In a document released Tuesday, the Internal Revenue Service says bitcoin is not legal tender. You can't use it to pay your taxes. But the IRS says virtual currencies like bitcoin will be taxed like property as opposed to currency. Plus, the Obama administration is planning legislation to overhaul the National Security Agency's collection and storage of phone records – which could now be kept with the phone companies. But as the burden then shifts to the telecom companies, what extra costs might they incur? And we continue our special collaboration with the New York Times on "Work in America." Today we look at the gig economy.

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