IRS Alerts Taxpayers They Must Answer a New Question on Tax Forms or Face Consequences

[Next Time]

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.


The IRS has provided a detailed explanation of what constitutes a digital asset, which includes such things as stablecoins, non-fungible tokens (NFTs), and cryptocurrencies.


Taxpayers need to check the “Yes” box if they:

more...

Geez and I thought they were going to ask you, do you fantasise about gender role swapping and shit like that.

 

[White 6]

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.


The IRS has provided a detailed explanation of what constitutes a digital asset, which includes such things as stablecoins, non-fungible tokens (NFTs), and cryptocurrencies.


Taxpayers need to check the “Yes” box if they:

more...

Geez and I thought they were going to ask you, do you fantasise about gender role swapping and shit like that.

Fine with me. I haven't sunk a dime into digital currencies.

 

[Rambunctious]

I've already been doing this per my accountants instruction.... I do not ever want to be audited by this crooked nation....

 

[Vastator]

Only Fans THOTs that have gotten rich bilking simps are about to have the hammer of God dropped on them. Lol!

 

[Next Time]

Fine with me. I haven't sunk a dime into digital currencies.

Nor have I.
I would have liked to of cashed in with Bitcoin, but I was hesitant and backed away slowly.

 

[rightwinger]

Makes sense that you must report all income

 

[Concerned American]

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.


The IRS has provided a detailed explanation of what constitutes a digital asset, which includes such things as stablecoins, non-fungible tokens (NFTs), and cryptocurrencies.


Taxpayers need to check the “Yes” box if they:

more...

Geez and I thought they were going to ask you, do you fantasise about gender role swapping and shit like that.

I got a threatening letter from the census recently. I thought the census was every ten years--this is 2023. WTF. I put it in the circular file. The census is a people count. I returned the last one with that info. Anything else is none of their business.

 

[White 6]

Nor have I.
I would have liked to of cashed in with Bitcoin, but I was hesitant and backed away slowly.

I figured I could do as well at Tunica and get free drinks while I played and maybe other comps.

 

[Oddball]

 

[Concerned American]

I figured I could do as well at Tunica and get free drinks while I played and maybe other comps.

Digital currency is just the latest ponzi scheme.

 

[Next Time]

I got a threatening letter from the census recently. I thought the census was every ten years--this is 2023. WTF. I put it in the circular file. The census is a people count. I returned the last one with that info. Anything else is none of their business.

It's big brother in the guise of the government, subtly asking for your personal details.
In my youth, renting with some mates, we took the piss out of one of those censuses that gave all kinds of weird shit on it. Things like being an Islamic Torres Strait Islander living as a pimp in Melbourne

 

[Mac-7]

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.


The IRS has provided a detailed explanation of what constitutes a digital asset, which includes such things as stablecoins, non-fungible tokens (NFTs), and cryptocurrencies.


Taxpayers need to check the “Yes” box if they:

more...

Geez and I thought they were going to ask you, do you fantasise about gender role swapping and shit like that.

Heil Hitler!

Long live the Deep State

 

[BS Filter]

Makes sense that you must report all income

You love big brother, huh.

 

[Next Time]

Makes sense that you must report all income

I bet those making the rules don't have to.

"Rules for thee, and not for me"

 

[Esdraelon]

Fine with me. I haven't sunk a dime into digital currencies.

Same here but I'm mostly convinced that is going to change for us all in the not too distant future. Treasury has been working on a digital USD and we aren't going to be given a choice. I think it will be followed quickly by a version of China's social credit score and the best part - programmable money.

Put it all together and it adds up to a total loss of freedom of action, movement, and most other things we now take for granted. They'll eventually even criminalize barter.

 

[Concerned American]

It's big brother in the guise of the government, subtly asking for your personal details.
In my youth, renting with some mates, we took the piss out of one of those censuses that gave all kinds of weird shit on it. Things like being an Islamic Torres Strait Islander living as a pimp in Melbourne

Yeah, I agree. I have only provided the people count to them for about 40 years. When they ask personal questions as to sex and ethnicity, no. of bathrooms or bedrooms in the house, I just leave them blank. I am one person. Period.

 

[whitehall]

Thank God republicans won the majority in congress or there would be an armed IRS agent holding a gun to your head while you filled out the tax return.

 

[Next Time]

Heil Hitler!

Long live the Deep State

Boo!!!

 

[Mac-7]

Boo!!!

You dont like the Deep State?

Be careful before answering because FBI goons are reading this too

 

[Next Time]

You dont like the Deep State?

Be careful before answering because FBI goons are reading this too

I fear nothing and no one. I know what's on the other side, this gives me my strength.
As for the deep state, PFFFFFT. Whether they control us or they don't if it's a win for them, it won't last long.
Heard or read about Sodom and Gomorrah? [one example]
Without sounding like a bible basher, which I'm not, all the previous epochs of humanity were wiped out in one
form or another [cataclysms] due to the corruption of humanity, moral and ethical. So we'll be kissing our asses sooner or later, one way or another.