No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS has reminded taxpayers to report digital asset income on 2023 federal tax returns, with an updated question now on Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return, as well as additional forms like 1041, U.S. Income Tax Return for Estates and Trusts 1041, U.S. Income Tax Return for Estates and Trusts ; 1065,U.S. Return of Partnership Income ; 1120, U.S. Corporation Income Tax Return ; and 1120-S, U.S. Income Tax Return for an S Corporation.
The IRS has mandated, that taxpayers filing Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120 and 1120S must respond to the digital asset question with either ‘Yes’ or ‘No’, applicable to all, regardless of transaction involvement in 2023. In addition, taxpayers must disclose all income from digital asset transactions, utilizing relevant forms such as Form 8949, Sales and other Dispositions of Capital Assets and Schedule D (Form 1040), Capital Gains and Losses for capital gains/losses, Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return for gifted assets, and Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship) for reporting wages or independent contractor earnings received in digital assets.
Taxpayers are required to check the “Yes” box if they received digital assets as payment for property or services, obtained them through rewards, mining, staking, or a hard fork, disposed of digital assets, sold or traded them, or had any other financial interest in a digital asset. Conversely, those who solely owned digital assets in 2023 without engaging in transactions can check “No.” Additionally, individuals can select “No” if their activities were confined to holding digital assets, transferring them between their own wallets or accounts, or purchasing them using U.S. or other real currency, including electronic platforms. Additional information can be found on the IRS Digital assets page.
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
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