The AICPA has submitted comments to the IRS regarding the virtual currency question on the 2021 Form 1040 and instructions as well as draft 2022 Form 1040.
The AICPA requests clarification on the virtual currency question to provide better certainty to taxpayers and their preparers.
In its comments, the AICPA asks for the IRS to better explain the meaning of virtual currency, advises against using “digital assets” until final regulations define the term, and requests modification to the virtual currency question for simplicity and clarity. Read more.