With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of U.S. federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.

The IRS’s recommendation to check “Yes” boils down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking.

Until 2021, the IRS used the term ‘virtual currencies’ in income tax-related reporting forms, which have been updated to ‘digital assets.’ All US citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.”

(By ARIJIT SARKAR)