The IRS reminds taxpayers in Tax Tip 2024-21 IR-2024-18 that they must check the box indicating whether they received digital asset as a reward, award or payment for property or services or disposed of any digital asset held as a capital asset through an exchange, sale or transfer. Taxpayers filing 2023 tax returns must check […]
Hip, hip hooray for regulation in the Cryptocurrency market, the guessing work and reliance on 3rd party software is finally gone. The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges […]
The IRS is aware that some taxpayers with virtual currency transactions may have failed to report income and pay the resulting tax or did not report their transactions properly. Therefore for the first time since 2014 the IRS has released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, Revenue […]
