With the 2019 tax season upon us, the IRS is leaving nothing off the table. Cryptocurrency holders are looking for ways to avoid reporting failures on their returns, and the agency has noticed.
According to a Feb. 19 report by Bloomberg Tax, the IRS has invited cryptocurrency companies and advocates to appear for a March 3rd summit in Washington DC. Among the aims of the summit are determining how to “balance taxpayer service with regulatory enforcement.”
Topics under discussion at the summit include regulatory guidance and compliance, preparing tax returns, issues for cryptocurrency exchanges, and technology updates. Each panel will last 90 minutes and feature speakers from the government and private sector.
Declaring cryptocurrency on your tax return
Crypto holders in the United States need to know how to declare their assets on their 1040 form. This year’s tax return is the first to include a question on virtual currency.
