IRS Enforcement of Virtual Currency

Read about 2022 accounting and tax protocols related to emerging issues in virtual currency enforcement by the IRS and other state agencies. Tax practitioners should direct their clients to be mindful in providing the appropriate documentation needed to report all taxable income and events when preparing their tax returns. The IRS is stepping up enforcement because of the COVID-19 pandemic and budget gaps, but also to combat noncompliance in this new area of tax law. 

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Practical Guidance Updates 
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  • Business Entities. Department of the Treasury publishes remarks by Assistant Secretary for Tax Policy at the 2022 tax conference hosted by the Federal Bar Association.
  • Practice, Procedure, and Controversy.
  • The Office of Professional Responsibility (OPR) announces recent disciplinary sanctions involving attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers. Announcement 2022-5, I.R.B. 2022-11.
    IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season. See IRS news release. 
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• The Practical Guidance Journal Spring 2022 Edition features guidance for employers on COVID-19 vaccination, testing, and employee health data protection; climate change disclosure market trends; and updates related to the Secured Overnight Financing Rate (SOFR).
• New and Recently Updated Practical Guidance Content
  • Revival of Home Office Tax Deduction Faces Long Odds
  • Marginal Versus Effective Tax Rates (Individual and Corporate Returns)
  • Sole Proprietorships and Schedule C
  • Transfer Pricing Global Considerations: IRC Section 482 Allocations
  • Reconciling Tax and Book Income
  • Year-in-Review List of Federal Tax Developments for 2021

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