Get ready for even more incompetence at the IRS in 2023
The Internal Revenue Service is hiring 87,000 new agents, but taxpayers will not feel the pain for another two to three years. That’s how long it will take the agency to hire and train agents. Few have discussed the extent of this pain. Still, it’s something to think about when you consider the majority of […]
IRS clarifies reporting requirements for crypto bought with fiat
The United States Internal Revenue Service, or IRS, has updated its FAQ section on cryptocurrency to clarify investors who have only purchased crypto assets with fiat currency do not need to report their transactions under the “virtual currency” question. The first page of U.S. citizens’ Individual Income Tax Return form, or Form 1040, asks whether […]