The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
Results for "virtual currency"
This item highlights a few issues taxpayers should consider in income taxation, sales taxation, and unclaimed property/escheat reporting.
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
The unique characteristics of this new asset class present a host of additional issues unique to digital asset transactions.
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
This item focuses on income classification and revenue-sourcing issues, with California law used to illustrate how states may address such issues.
This article discusses the details of the reporting requirement, providing numerous examples, and offers recommendations for practitioners when advising clients about their reporting obligations for cash receipts over $10,000.
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction.
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
EMPLOYEE BENEFITS IRS updates weighted average interest rates, yield curves, and segment rates The IRS issued a notice that provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Sec. 417(e)(3), and the 24-month average segment rates under Sec. 430(h)(2). In addition, the notice
Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
This item summarizes IRS guidance on cryptoassets, including the latest releases from the Service.
This index lists items included in the print issues of The Tax Adviser published from January through December 2021.
This item looks at of the changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season.
This article discusses four things for financial and tax advisers to keep in mind when working with clients holding cryptoassets.
In response to tax evasion concerns with the use of virtual currencies, in 2021 the IRS established a new program titled ‘Operation Hidden Treasure.’
Recently released IRS Chief Counsel Advice targeted at the BTC/BCH hard fork also provides insight into how the IRS may evaluate more complex cryptoasset transactions.
The income tax results of digitally mining bitcoin and physically mining gold are significantly different. This article compares and contrasts the tax treatment of these two types of mining operations.
Treasury takes a more aggressive stance on reporting of virtual currency transactions.