Tax Time and the tax season 2022 is just around the corner. April 18, 2022 is the deadline for individual income tax reporting, most of the taxpayers falls due. The IRS urges to use electronic filing for faster processing of tax returns and easier to process refund if any when it is eFiled. When you need extra time to complete your personal tax return, report IRS Tax Form 4868 and get 6-months of automatic extension. The C-corp business taxpayers also has April 18, 2022 as the deadline to complete tax form 1120, when you need additional time then consider reporting Tax Extension Form 7004. This is also extended upto 6-months on successful acceptance.

The IRS reminds taxpayers that there is a virtual currency question at the top of Form 1040, Form 1040-SR and Form 1040-NR. It asks: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”

All taxpayers filing Form 1040, Form 1040-SR or Form 1040-NR must check one box answering either “Yes” or “No” to the virtual currency question. The question must be answered by all taxpayers, not just taxpayers who engaged in a transaction involving virtual currency in 2021.