For federal tax purposes, virtual currency is treated as property. Reporting cryptocurrency on your tax return is similar to reporting a stock sale or other reportable stock transaction. Listen to Episode 2 and 3 of Practical Tax Talk podcast to learn when cryptocurrency transactions trigger tax consequences. Cryptocurrency includes Bitcoin, Ethereum, Ripple, and other tokens.
Read MoreTax-related identity theft occurs when someone uses your stolen Social Security number (SSN) to file a fraudulent tax return claiming a refund or credit.
Read MoreTaxpayers will have the opportunity to decline receiving advance payments of the child tax credit or update information about changes in their income, filing status or the number of qualifying children. More information will be provided by the IRS soon.
Read MoreIssued by the Internal Revenue Service (IRS), the Identity Protection PIN (IP PIN) is a six-digit number assigned to individual taxpayers to help prevent the misuse of their Social Security Number or Individual Taxpayer Identification Number (ITIN) on fraudulent federal income tax returns.
Read MoreStarting in July 2021, the Treasury will issue advance payments of the child tax credit based on 2019 or 2020 tax return information. The purpose of the advance payments is to provide taxpayers access to funds from the credit before their 2021 tax return is filed (during tax season 2022).
Read MoreThe American Rescue Plan Act of 2021 (ARP), signed into law on March 11, 2021, eliminates the repayment requirement for taxpayers receiving excess advance premium tax credit for tax year 2020.
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