The IRS has begun accepting and processing 2019 federal tax returns. In an information release, among other things, the IRS is reminding taxpayers about cryptocurrency reporting. Form 1040 now includes questions about virtual currency transactions. So, taxpayers who in 2019 engaged in a virtual currency transaction will need to file Schedule 1, Additional Income and Adjustments to Income, to report any income or loss from such transactions. Taxpayers are required to maintain records documenting sales, receipts, exchanges or other transactions involving virtual currency and the fair market value of it. Read the information release here: https://bit.ly/312AFL1 Call or visit our website for more information! www.mjscpa.com/
