• Quotes
  • Shortcuts
The Executive's Internet
Mon, Oct 3rd



Setup News Ticker
Searching for 'inflation Reduction'. (Return)

KiplingerSep 26, 2022
Got Crypto? The IRS Really Wants to Know
The 2022 crypto price crash understandably has some investors concerned. But for those of you who haven't run for the hills, it's worth knowing that cryptocurrency currently has the attention of not only the Biden administration, and Congress, but the IRS as well. In terms of crypto news and taxes, the IRS recently proposed changes to cryptocurrency tax reporting question on the Form 1040. The agency will also receive $80 billion from the Inflation Reduction Act, some of which will be directed to digital asset enforcement—including cryptocurrency tax compliance.

Additionally, you may have heard that the IRS continues to successfully obtain court orders to require cryptocurrency brokers and exchanges to provide information to the IRS. That information concerns investors who failed to report and pay taxes on cryptocurrency transactions.

And while this IRS enforcement focus isn't new, recent crypto announcements and developments from Congress, the Biden administration, and the IRS, mean that it's important to stay up-to-date on crypto tax reporting and compliance. So, here's some information to get you started.

How Crypto is Taxed A common question about cryptocurrency concerns how crypto is taxed. The answer is that cryptocurrency is considered property, so it's taxed by the IRS in the same way that other capital assets are taxed. As a result, when you sell or trade crypto, you can have asset losses and potential taxable gains depending on the fair market value of the virtual currency, and your basis in the crypto.

SEE MORE 9 Ways to Cut Crypto Taxes Down to the Bone Given that, it

MarketBear Stock Dow Jones Down
TeslaRecord Deliveries Third Elon Musk
StocksBuy Watch Tech Here Market
LiveTesla Deliveries updates Record vs
StockBuy Market Watch Here worst
IanHurricane CNN Florida Death toll
hereThere Time Could will Apple
updatesLive vs game score stats
BusinessTesla sells record number cars

Top News (Business News)
Accounting Today
AdWeek News
Banking Business Review
Barron's This Week Magazine
Barron's Up and Down Wall Street Daily
Brad Ideas
Chicago Tribune Business News
CNBC Business
CNBC Economy
CNBC Finance
CNN/Money Real Estate News
Dismal.com: Analysis
Dismal.com: Indicators
Enterprise Application News
Forbes Headlines
Forbes Social Media News
FT.com - China, Economy & Trade
FT.com - Financial Markets
FT.com - Hedge Funds
FT.com - Telecoms
FT.com - US
Google Business News
Google Market News
HBS Working Knowledge
INSEAD Knowledge
International Tax Review
L.S. Starrett News
MarketWatch Breaking News
MarketWatch MarketPulse
McKinsey Quarterly
MSNBC.com: Business
Nielsen Trends
NonProfit Times
NPR Topics: Business
NYTimes Business
Private Equity Breaking News
Reuters Business
Reuters Company News
Reuters Money
SEC.gov Updates: News Digest
Tax Policy News
The Economist International News
The Motley Fool
USA Today Money
Wall Street Journal US Business
Wall Street Transcript
Washington Post Business
WSJ Asia
WSJ Europe
WSJ MoneyBeat
WSJ Opinion
WSJ World Markets
Yahoo Business
  • CEOExpress
  • c/o CommunityScape | 200 Anderson Avenue
    Rochester, NY 14607
  • Contact
  • As an Amazon Associate
    CEOExpress earns from
    qualifying purchases.

©1999-2022 CEOExpress Company LLC