IRS May Make It Harder to Avoid Declaring Crypto on Tax Returns

According to a Wall Street Journal report Friday, the Internal Revenue Service plans to reposition a question on the 1040 income tax form for 2020 that will require all returnees to check a box if they have transacted any crypto assets over the year.

An IRS draft of the 1040 shows that the question placed near the top of the form will likely read: “At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency?”

#business #cpa #crypto #bitcoin #smallbusiness #taxes #taxexpert #whittier #1040 @IRS @expertotaxservice #elmeromerodelosimpuestos #mrexpertotax