US 1040 tax return adds options for "virtual currency"

According to BeinCrypto, the US Internal Revenue Service (IRS) seems to be taking the lead in developing a plan to get accurate information on taxpayers' financial activities using cryptocurrencies. A new checkbox has been added to the 1040 tax return asking the taxpayer to “receive, sell, send, exchange or otherwise obtain the financial benefits of any virtual currency at any time in 2019”. The IRS places this new checkbox at the top of Schedule 1, which means that taxpayers must declare this information, and failure to answer this question may lead to civil and criminal consequences.