Overview
On October 18, 2022, Bloomberg quoted Lisa Zarlenga in a piece titled "Crypto Investors Get Some Answers in US Tax Form Instructions." The article discusses the recent draft instructions to the individual tax return in which the IRS revised the question relating to whether taxpayers engaged in crypto transactions. The article describes some of the changes to the instructions from prior years.
In regards to the ability of taxpayers to rely on the new IRS instructions, Zarlenga said, "When you think about it, as a practical matter, most everyday taxpayers rely on the instructions when they're filling out their tax forms… And so it seems kind of unfair that if they relied on something that these instructions said, and the IRS then challenged it, they wouldn’t be able to point to this in court and say this is something that I relied on."
The full article can be read on Bloomberg
