The IRS has updated Frequently Asked Questions on how to report digital asset transactions. If employees are paid with digital assets, they must report the value of assets received as wages. Similarly, if they worked as an independent contractor and were paid with digital assets, they must report that income on Schedule C. This schedule is also used by anyone who sold, exchanged, or transferred digital assets to customers in connection with a trade or business. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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