Yes. Although Bitcoins have been around since 2009, on March 25, 2014, the Internal Revenue Service issued Notice 2014-21 officially declaring that Bitcoins are treated as property for U.S. federal income tax purposes. Consequently, a taxpayer who receives Bitcoins as payment for goods or services must include in gross income the fair market value of the Bitcoins (measured in U.S. dollars) on the date of receipt. And wages paid to your employees in the form of Bitcoins are subject to federal income tax withholding and employment tax, and must be reported on employment tax returns and Forms W-2. Bitcoins paid to independent contractors must be reported as compensation on Forms 1099 in the same manner as payments by check or U.S. currency, and these payments are taxable in the same manner as other self-employment income.
Taxpayers currently using Bitcoins or who plan to engage in transactions using Bitcoins should consult a qualified tax professional regarding additional tax consequences associated with the virtual currency.