In a Chief Counsel Notice, the IRS has alerted its attorneys to procedures for working and coordinating cases involving virtual currency. A unit of virtual currency may have an equivalent value in U.S. dollars or a foreign currency or may only be exchanged for other property or services. According to CCN 2020-003, the term “virtual currency” includes digital assets, digital currency, crypto-assets and crypto-currency, and these procedures apply to all existing and future types of virtual currency. The guidance instructs IRS attorneys that they should use the “aspect code” VIRCUR for all workload items for cases involving virtual currency. To learn more: https://bit.ly/2Pse0Ur