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Zhanna Ziering Weighs in on IRS Proposed Change for Form 1040

September 28, 2020, Tax Notes

Practitioners say the IRS’s proposal to move the virtual currency checkbox to the Form 1040 itself is a good move, but they wonder why the agency didn’t also change the wording of the question.

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Moving the question to Form 1040 “certainly gives it front-page visibility,” said Zhanna A. Ziering of Caplin & Drysdale. “It also avoids the issue of taxpayers not required to file Schedule 1 missing the question.”

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Ziering said she hopes more clarity will be provided in the instructions to Form 1040. She noted that last year’s instructions to Schedule 1 didn’t define “financial interest” or explain what it means to acquire a financial interest in virtual currency.

For the full article, please visit Tax Notes’ website (subscription required).

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