The Internal Revenue Service building in Washington, on Jan. 28, 2019. (Saul Loeb/AFP via Getty Images) The Internal Revenue Service ( IRS ) issued an alert to taxpayers on Tuesday, reminding them that they must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax return or face consequences such as delayed refunds or even penalties.
The IRS said in a Jan. 24 release that a key change on 1040 forms this year is that the agency has replaced the term “virtual currency” with “digital assets,” in addition to some other modifications […]
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