It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.
Information was revealed through a recent warning issued by the IRS on January 24 that reminded taxpayers they have to report “digital asset-related income.” Additionally, filers must give a response to a new digital asset question on their 2022 federal income tax return. A penalty or even a delay in refunds could result by not answering. CLICK ON THE HEADLINE FOR MORE
Got tax questions? TheStreet teamed up with some of the most recognized CPAs and tax experts across the country to answer 12 of the most frequently asked. CLICK ON THE HEADLINE FOR MORE