The head of one of America’s largest tax preparation services said there isn’t enough clear regulation in place to offer advice
Despite the fact that some 46 million American now own Bitcoin, the tax code is so far behind that the CEO of one of the largest income tax preparation services said that his firm can’t do much to help customers.
He does expect that to change, however.
“Ultimately, we think it could be a place we help customers,” he said. “But today, it’s not a place where we do a lot of business.”
The IRS added a cryptocurrency question to the basic IRS 1040 income tax form in 2020. Placed prominently, the question asked taxpayers if they had “received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency,” in the past year. Taxpayers were warned that getting the question wrong could delay tax refunds.
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“IT’S CLEAR a US #crypto regulatory crackdown is starting but I'm optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it's “pay taxes, comply w/ laws & don't take shortcuts, & we'll enable the innovation.” It's NOT a "#bitcoin ban"
She repeated that one phrase — comply with the laws and don’t take shortcuts — over and over, saying that the message has come up repeatedly in comments by a large number of financial regulators.