2019-10-14 Virtual Currency and Taxes

Current Federal Tax Developments for the week of October 7, 2019: Virtual Currency and Taxes

• 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

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