Following feedback on its tax form for 2020, the Internal Revenue Services (IRS) has come out to clear the air on its FAQ page.
The IRS had stated in a Dec.11 tax form for US taxpayers if they had at any time in 2020 received, sold, sent, exchanged, or otherwise acquired financial interests in virtual currencies. The ambiguity of the listing had seen many taxpayers calling it a trap.
Tax Form Confuses Taxpayers
Ryan Losi, vice president of the PIASCIK tax firm, had said the tax agency was preparing a trap for taxpayers for the future.
Others like Timothy Peterson, Investment Manager at Cane Island Global Macro, had likened the question to a perjury trap asking if citizens would be held accountable if they refuse to answer.
Now the agency has come out to answer its critics, saying that the question does not apply to those who bought digital … Read more