IRS Focusing on Bitcoin ATMs

IRS Investigating Tax Issues of Cryptocurrency Kiosks Criminal investigators at the Internal Revenue Service are extremely focused on the potential tax issues concerning cryptocurrency kiosks and Bitcoin ATMs, a top agency official said recently.  Although no public cases involving bitcoin or other crypto kiosks have been filed to date, IRS Criminal Investigation Chief John Fort said his team is working with its law enforcement partners to police the illicit activity enabled by the technology. “We’re … Read More

2019 Draft IRS Tax Form Asks About Cryptocurrency

IRS 2019 Draft IRS Tax Form Asks About Cryptocurrency The IRS is specifically asking taxpayers about their virtual currency transactions in the latest draft of a form forreporting certain types of income. “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” This is the question the IRS asks on the latest draft of the 2019 Form 1040 Schedule 1 released Oct. 11. Taxpayers … Read More