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IRS Updates Tax Forms to Regulate Crypto Taxes

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IRS Updates Tax Forms to Regulate Crypto Taxes
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The Internal Revenue Service (IRS) appears to have found a way to stop cryptocurrency tax evasion after updating its tax forms to regulate crypto taxes.

The IRS has tirelessly pursued cryptocurrency investors to disclose transactions because it suspects many taxpayers are guilty of tax evasion. However, the tax administrators seem to have found a way to hold all Bitcoin holders accountable.

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According to the Wall Street Journal on Friday (September 25, 2020), the IRS plans to change its 1040 tax form. The revised tax table enables cryptocurrency holders to provide direct responses to their crypto activities.

Currently, cryptocurrency traders must answer “yes or no” to the following question for the tax form:

At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?

What makes the update interesting is the location of the question above. Before the tax form was revised, the question appeared in the section where the taxpayer was not allowed to fill in the answer. However, the location of the question in the revised tax form happens to be under the taxpayer’s name and address. This gives crypto traders no room for excuses or negligence.

In the past, there have been complaints about the lack of a strict legal framework for encrypted tax returns. In October 2019, the U.S. Internal Revenue Service issued new tax guidelines allegedly designed to make it easier for cryptocurrency investors to file taxes. The US financial service also sent reminders to cryptocurrency holders.

Governments are Keen on Crypto Taxes

The Internal Revenue Service has apparently found a way to hold cryptocurrency holders accountable. However, more countries/regions are introducing laws to tax cryptocurrencies and suppressing offenders.

In early 2020, the South Korean Ministry of Finance and Strategy announced that it had no plans to levy taxes on crypto profits. However, there are reports that the ministry is considering a 20% tax on the profits of crypto trading. In June of this year, the country’s finance minister called for a tax on the proceeds from cryptocurrency transactions.

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