IRS: Cryptocurrencies will continue to be an important focus of the IRS in 2020

The US Internal Revenue Service (IRS) issued important reminders for cryptocurrency owners to properly submit their tax returns this year. This is the first time a tax form includes cryptocurrency issues. The deadline to submit and pay taxes owed is April 2020 15th. The agency is expected to file more than 150 million individual tax returns. IRS Commissioner Charles Rettig said cryptocurrencies are an important addition to 1040 this year. This emerging area is a priority for the IRS and hopes to help taxpayers understand their obligations with respect to virtual currencies. They will also take steps to ensure that those who do not comply with rules involving virtual currencies can enforce tax laws fairly. At the same time, the agency announced that cryptocurrencies will continue to be an important focus of the IRS in 2020.