Does a 1040 have a crypto question?

More recently, the “crypto question” has moved from other places on the 1040 to a prominent place on the individual tax return; this, in turn, has made crypto tax planning a priority for accounting professionals in recent years.

What happened to FTX during 2022's 'crypto winter'?

Regulators have intensified their scrutiny of the cryptocurrency market after several crypto lenders, banks and exchanges collapsed during 2022's "crypto winter," most notably popular crypto exchange FTX.

Why did the IRS file a legal action against crypto exchanges?

Going back to the early days of mass-market crypto, the IRS filed legal action against U.S. based exchanges and U.S. branches of international exchanges, seeking more information on certain traders and customers from firms including Coinbase and Kraken.

How are crypto transactions taxed?

Under current tax laws, guidance, and interpretations every crypto transaction – including mining, staking, and trades – are taxed either as ordinary income or capital gains depending on the holding period involved. For every tax or financial problem, however, there is almost always a related tax-based solution.