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Zhanna Ziering Weighs in on IRS Updating FAQs on Virtual Currency in Tax Notes

March 4, 2021, Tax Notes

The IRS has updated its list of FAQs to clarify that taxpayers who only purchased virtual currency during 2020 don’t have to check “yes” on their Form 1040.

. . .

Zhanna A. Ziering of Caplin & Drysdale agreed that there are downsides to the IRS making its position known through FAQs, rather than in official guidance.

“I think as a general rule, in order to promote voluntary compliance, the IRS needs to make an effort to ensure that taxpayers and tax practitioners are abreast of any changes,” said Ziering. “Such an approach would benefit everyone.”   

For the full article, please visit Tax Noteswebsite (subscription required).

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