Crypto & Virtual Currency IRS Want You On The Record

10/16/2019 — The IRS is not kidding around when it comes to crypto and other virtual currency and tokens! It can easily be seen just how hard the IRS is working to get a handle on these transaction by taking a look at the draft copy of the new 2019 Schedule 1. The first question on the revised form is “?? ??? ???? ??????? ????, ??? ??? ???????, ????, ????, ????????, ?? ????????? ??????? ??? ????????? ???????? ?? ??? ??????? ?????????” Looks like they want to get taxpayer on the record as whether or not they have any dealings in virtual currency. It’s important to remember that lying on a tax return can be considered a criminal act.

2019 Draft 1040 Schedule 1