October 18, 2019 - Blockchain

IRS Issues New Guidance and Proposed Form 1040 Question Regarding Virtual Currency

Last week the IRS issued a revenue ruling, FAQs, and a revision to draft Schedule 1 to Form 1040 regarding various aspects of virtual currency transactions.  The guidance is in line with the Treasury 2019-2020 Priority Guidance Plan that also came out last week and listed as items general guidance on virtual currency and guidance specifically reporting on virtual currency transactions pursuant to Internal Revenue Code section 6045.   

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