It's About Liberty: A Conservative Forum
Topics => The Police State => Topic started by: Libertas on January 27, 2023, 08:17:16 AM
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The Internal Revenue Service (IRS) issued an alert to taxpayers on Tuesday, reminding them that they must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax return or face consequences such as delayed refunds or even penalties.
The IRS said in a Jan. 24 release that a key change on 1040 forms this year is that the agency has replaced the term “virtual currency” with “digital assets,” in addition to some other modifications to the wording.
The “Yes” or “No” question, which was expanded and revised this year to update terminology, reads as follows:
“At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
The question appears at the top of tax forms 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, U.S. Nonresident Alien Income Tax Return.
“All taxpayers must answer the question regardless of whether they engaged in any transactions involving digital assets,” the agency cautioned.
It is a legal requirement to accurately report all income, including income from digital assets, on federal income tax returns. Failure to do so could result in non-compliance with tax laws and possible penalties.
https://www.theepochtimes.com/irs-alerts-taxpayers-they-must-answer-a-new-question-on-tax-forms-or-face-consequences_5006776.html?utm_source=partner&utm_campaign=TheLibertyDaily (https://www.theepochtimes.com/irs-alerts-taxpayers-they-must-answer-a-new-question-on-tax-forms-or-face-consequences_5006776.html?utm_source=partner&utm_campaign=TheLibertyDaily)
I'm waiting for a question I can eagerly answer, like "Should we despot goons at the IRS be kicked to the curb and have all assets sold off?"...
Better be a box for "f**k yes! Immediately!"
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What's the question? The link is for a premium article -- can't read quick enough before the advertisement kicks in. :D
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What's the question? The link is for a premium article -- can't read quick enough before the advertisement kicks in. :D
Need an ad-blocker...
Added text to original post...
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On my tax info form from my accountant a yes-no check box asks-received, sold, sent, exchanged, or acquired virtual currency?
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What's the question? The link is for a premium article -- can't read quick enough before the advertisement kicks in. :D
Just click the "X" in the top right corner to make it go away.
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What's the question? The link is for a premium article -- can't read quick enough before the advertisement kicks in. :D
Need an ad-blocker...
Added text to original post...
You need the Brave Browser. Brave, with scripts blocked, and get past some paywalls, including Epoch Times.