Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Points, Flyer Miles Could Be Virtual CurrencyWhile its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all […]

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IRS Now Requires Tax Filers to Disclose Crypto Activities

IRS Now Requires Tax Filers to Disclose Crypto ActivitiesThe U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning whether the answers would increase the chances […]

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