2020-8-22 13:29 |
A few days ago, on August 19th, the US IRS published drafts that show what the new income tax forms for 2020 will look like. Interestingly enough, the drafts will also require US citizens to disclaim whether or not they used digital currencies at some point this year.
Crypto industry in the US is growingUntil recently, the US has been trying its best to pretend that the crypto industry did not exist. The country still has no real crypto-related regulations and proper guidelines that would light up the way for businesses and institutional investors.
However, things are beginning to change, based on some recent developments and information that was shared throughout the year.
One example is the huge number of $1200-large deposits right at the time when Americans were receiving their stimulus checks earlier this year. Coinbase’s CEO himself stated that a large number of deposits matching this specific amount was made just as the first round of payments was arriving.
Furthermore, the US banks were recently given permission to offer crypto custody services to their customers. Lastly, the Comptroller of the Currency, Brian Brooks, stated that the crypto phenomenon cannot be ignored, noting that this technology is advanced enough to solve many issues that are plaguing the traditional finance industry.
The IRS is taking steps to deal with growing crypto usageAll of this indicates that Americans are using cryptocurrencies quite a bit at this point, and the IRS wants to inspect the issue further. This is why the new tax forms for 2020 will require every American to declare whether or not they are a crypto user.
The question can be located on the very first page of the 1040 form, stating “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
This shows that the IRS is taking the crypto industry — and more importantly, crypto taxes — quite seriously. The agency also requested help from crypto businesses when it comes to calculating crypto taxes, indicating that the number of crypto users might be too much for the agency to deal with on its own right now.
The post The IRS wants to know if you used cryptocurrencies in 2020 appeared first on Invezz.
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