Beware! The IRS is looking for BITCOIN OWNERS

Last Week The Internal Revenue Service released an update to its Schedule 1 Form. This is a new tax form that was created by the Tax Cuts and Jobs Act (TCJA) to simplify the tax preparation process. The Schedule 1 form reports additional income like alimony, business and rental income on your personal tax return.

With this new release of the Schedule 1 Tax form, it asks tax payers to indicate if they received, sold or exchanged and virtual currency aka cryptocurrency in 2019.

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