With the tax filing deadline approaching, the IRS is reminding taxpayers of their obligation to report income and assets from any gig economy, virtual transactions, and/or foreign countries. Many taxpayers earn income through the gig economy due to advances in technology and digital platforms, like social media: any income received this way, whether paid in cash or virtual currency, must be reported. Additionally, the Forms 1040 and 1040-SR have a “yes” or “no” question on the top of each form asking about any virtual currency transactions which taxpayers must respond to.
For any questions on income reporting, contact one of our attorneys here.
