IRS Guidance on Reporting Virtual Currency

May 22, 2022

Seeing continuing focus on IRS reporting for virtual currency.  IRS guidance on reporting virtual transactions has evolved since the 2014 notices on IRS FAQs.  Even Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, was revised in February 2022 to expand the section for taxpayers to correct reported liabilities for virtual currency.

Revised voluntary disclosure form highlights cryptoassets (thetaxadviser.com)

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Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service (irs.gov)