Tax Alerts

IRS Reminds Taxpayers to Report Digital Asset-Related Income (IR-2023-12)

The IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term “digital assets” has replaced “virtual currencies,” a term used in previous years. The question, which appears at the top of Forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return, was revised this year to update terminology. All taxpayers must answer the question regardless of whether they engaged in any transactions involving digital assets. A digital asset is a digital representation of value which is recorded on a cryptographically secured, distributed ledger. Common digital assets include convertible virtual currency and cryptocurrency, stablecoins and Non-fungible tokens (NFTs).

Taxpayer must check the “Yes” box if they:

  • Received digital assets as payment for property or services provided;

  • Transferred digital assets for free (without receiving any consideration) as a bona fide gift;

  • Received digital assets resulting from a reward or award;

  • Received new digital assets resulting from mining, staking and similar activities;

  • Received digital assets resulting from a hard fork (a branching of a cryptocurrency’s blockchain that splits a single cryptocurrency into two);

  • Disposed of digital assets in exchange for property or services;

  • Disposed of a digital asset in exchange or trade for another digital asset;

  • Sold a digital asset; or

  • Otherwise disposed of any other financial interest in a digital asset.

For more information, taxpayers must visit the Tax Year 2022 1040 (and 1040-SR) Instructions and for frequently asked questions (FAQs) and other details, they must visit the Digital Assets page.

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IRS Criminal Investigation Releases COVID Fraud Conviction Statistics, IR-2024-83

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IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

The IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]

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IRS Wraps Up Dirty Dozen, Warns of Bogus Tax Avoidance Strategies (IR-2024-105)

FL - Tax rate on commercial rentals reduced from 4.5% to 2% effective june 1, 2024

Effective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]

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