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Zhanna Ziering Weighs in on IRS Proposed Change for Form 1040
Caplin & Drysdale

Zhanna Ziering Weighs in on IRS Proposed Change for Form 1040

Date: 9/28/2020

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.

. . .

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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