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Barbara Weltman

Big Ideas for Small Business, Inc.

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IRS Fact Sheet on Digital Asset Reporting

April 27, 2024 / By Barbara Weltman

This tax season was the first time that businesses were required to answer a question on their returns—Form 1065, Form 1120, and Form 1120-S—about whether they had any digital asset transfers in 2023. Individuals have previously had such a question on Form 1040 as they do now (sole proprietors answer the question on their personal return). The IRS has extensive FAQs on virtual currency and a new brief Fact Sheet on whether digital asset transactions trigger a “yes” answer on the return. The IRS says “Taxpayers should …keep these guidelines in mind for 2024.” #IdeaoftheDay

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Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

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