The impact of COVID-19 on businesses across the globe has been swift and severe.
In response, many federal, state and local governments are working to provide relief to both businesses and individual taxpayers impacted by the pandemic.
At Sovos, we are tracking these changes carefully and in real-time. We will be providing regular updates as changes become available. Please check back regularly to learn how evolving tax regulations may impact your reporting obligations.
States hungry for new revenue in the wake of the coronavirus pandemic may seek to broaden their sales tax bases and expand collection authorities under laws enacted in the wake of the Supreme Court’s Wayfair ruling.
The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.