Federal Tax Update: Virtual Currency and Taxes

https://vimeo.com/365964311

https://www.currentfederaltaxdevelopments.com/podcasts/2019/10/12/2019-10-14-virtual-currency-and-taxes  

 

This week we look at:

• IRS expands IP PIN program to 10 more states
• Question on virtual currency transactions will be on Schedule 1, Form 1040 and 1040SR, along with release of more draft instructions
• Hard forks of virtual currencies are taxable events per IRS and the rule appears to apply retroactively
• Additional set of FAQs added for taxation of virtual currencies to IRS website