Bitcoin

The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.

The papers are mostly short form, and each addresses a specific issue and is meant to provide viewers with cutting-edge perspectives on issues related to the crypto ecosystem’s most hotly debated topics.

The partnership comes at a time when anxieties are high over cryptocurrency regulation and taxation, as much of the guidance from the IRS has proven inadequate and confusing.

Stablecoins are stable-value coins, cryptocurrencies designed to minimize price volatility by pinning value to currencies like the U.S. dollar or to exchange-traded commodities like gold.

The AICPA is also urging the IRS to expand and clarify its cryptocurrency guidance.

Blockchain became a buzzword and may have seemed overhyped, but now, the promises are becoming a reality.

The Internal Revenue Service could be doing more to help taxpayers who own Bitcoin and other forms of cryptocurrency to comply with their tax obligations, according to a new report.

The company has also partnered with Verady, a crypto-focused accounting firm, to acquire reliable data on the volatile virtual currency markets.

Accounting firms are beginning to wade into the use of blockchain technology for audits, but with caution as the technology spreads beyond the cryptocurrency space where it’s been used for digital assets like Bitcoin.

For the first time in more than five years, the IRS released further cryptocurrency tax guidance.