FICPA Podcasts

Federal Tax Update: Virtual Currency and Taxes

October 12, 2019

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