Nowadays, cryptocurrency is a very popular way to invest your capital. You can buy and sell cryptocurrencies like Bitcoin to make a profit or just use the crypto as savings.Truth be told, cryptocurrencies have been rising steadily over the past few years, with Bitcoin reaching a record high on November 10, 2022. The cryptocurrency was trading at over $68,000.
So yes, you can make quite a bit of profit from buying and selling cryptocurrencies. However, you need to be aware that the Internal Revenue Service knows it. The days when the IRS wasn’t interested in crypto are long gone. Of course, the government wants its fair share of your profits – in the form of taxes.
If you think you can hide your profits from the IRS, think again. In 2021, the IRS announced the initiation of Operation Hidden Treasure. A team of seasoned fraud enforcement and criminal investigation experts started working on finding private individuals and companies that did not report their cryptocurrency income.
Keep in mind that making an income from cryptocurrency can be achieved in many ways. This includes the mining of crypto coins using your computer at home. It also includes receiving any form of payments in cryptocurrency. Of course, it goes without saying that buying crypto and then selling the coins at a profit is considered an income.
companies that deal with cryptocurrencies and are about to go through a crypto tax audit. So, what are you waiting for? Give us a call and let’s discuss your situation!
Contact Us
Bottom line, cryptocurrency income is regulated by the so-called Crypto Tax. Under Section 115BBH of the Finance Bill, your cryptocurrency income will be taxed at 30%. And remember, the IRS considers cryptocurrencies to be property (like stocks or gold), not currency.
If the IRS suspects you have made some income from crypto transactions, you may be selected for a Crypto Tax Audit. This is not something you should take lightly, especially considering the fact that the IRS can file criminal charges against you in certain cases.
The outcome of the crypto tax audit is uncertain in most cases. The legislation is not 100% clear, so many people and companies are penalized by the IRS for minor mistakes. In some cases, their cases are referred to other agencies for investigation.
Contact Us
Why risk getting into trouble when you can simply get in touch with Leading Tax Group and get help from a team of skilled crypto tax professionals and tax attorneys? Our company has helped hundreds of private individuals and businesses in New York City go through a crypto tax audit quickly and painlessly.
We will represent your interests to the best of our abilities and will work hard to make sure your books are in order. The IRS will be satisfied with the results of the audit and you can quickly go back to business as usual.
According to our clients in NYC, Leading Tax Group is the number one choice for people and companies that deal with cryptocurrencies and are about to go through a crypto tax audit. So, what are you waiting for? Give us a call and let’s discuss your situation!
Contact Us
Headquartered in Encino, California with multiple local branch offices in your backyard to serve you at your convenience. Leading Tax Group can schedule a face to face consultation to represent your case with the IRS, FTB, EDD, as well as CDTFA Audits.
These are called SUBSTITUTE FOR RETURNS or SFRs. The IRS filed returns are based on gross reported income WITHOUT the benefit of items afforded yourself, such as Write Offs, deductions and credits. IRS filed returns can typically yield balances due that a much higher than the real balances due had you filed your own returns. We can help correct the record. Who wants to pay more in taxes than they actually owe? Call us for a quick analysis at 800-900-4250 or CONTACT US NOW.
All cases are different based on the facts related to the case. Our team can help shorten the time that you are at the mercy of the IRS. Call us at 800-900-4250 for a quick analysis of your case. Avoiding the tax issue can have negative consequences for much longer than expected. CONTACT US NOW.
Indeed, however, this embarrassment should not be a part of your future. This possible eventuality can often times be averted, and the aversion emboldened with our help. When a taxpayer is in IRS collections , we can get between you and the IRS to provide protections, get additional time to respond if warranted, and ultimately help settle on terms you can afford. CONTACT US NOW.
Our team of expert practitioners can quickly evaluate you data to put together a comprehensive, accurate and conscientious return(s) to meet compliance standards to get you back to speed. Once we’ve helped you reach the mountain top….it’s all downhill from there… Call us at 800-900-4250 or CONTACT US NOW.
The State can mandate a repayment schedule not to your liking, involuntarily collect on the debt OR eventually close the business. A proper and proactive strategy can avert these inconveniences in many cases. Call us at 800-900-4250. We can take facts and put together and implement a plan that works for you. CONTACT US NOW.
Reaching this milestone based on overdue taxes should not have to be with the right help. We can take more facts related to the issues to structure a repayment plan to get you back to speed OR avert a shut down altogether in many cases. Call us at 800-900-4250 or CONTACT US NOW.
It is crucial to put together a plan or strategy to deal with the past due p/r taxes, as the tendency to get further behind can jeopardize your entire business operation. Our team can structure a plan to repay the back taxes, stay current with new payroll obligations , as well as manage your other payables to keep your ship on track. Call us at 800-900-4250 or CONTACT US NOW.
An IRS audit can be prompted by many items on your return for which you must provide clarity, proof , including but not limited to :
This requires a good strategy as well, as the IRS will likely scrutinize your return(s) beyond your expertise to fend off unwarranted assessments. Going it alone can cost you far more ……in the end. Call us at 800-900-4250 or CONTACT US NOW.
This requires a good strategy, as the IRS will likely scrutinize delinquent returns filed all at once. Call us at 800-900-4250 or CONTACT US NOW.
A tax lien is an encumbrance upon which the IRS provides a guarantee that the tax debt will not go overlooked. It can affect your ability to borrow money and can have other negative effects. Please call us for a complimentary evaluation of your case. We can help in most cases 800-900-4250 or CONTACT US NOW.
Call us immediately upon this at 800-900-4250 or CONTACT US NOW.
If the IRS visits you in person, their intention is to collect on the taxes due OR have you commit to moving forward on a settlement based on their terms. Call us sooner than the IRS visit if at all possible OR immediately after the visit at the latest we will put together a strategy 800-900-4250 or CONTACT US NOW.
If the IRS levies your wages, you are definitively in IRS collections. There may be a limited window of opportunity to reverse the process OR avert it all together. Call us ASAP at 800-900-4250 for immediate help or CONTACT US NOW.
If the IRS levies your account, you are definitively in IRS collections. There may be a limited window of opportunity to get the funds back before they are forwarded to the IRS from your bank. Call us ASAP at 800-900-4250 for help or CONTACT US NOW.
The IRS has simply made it easier to repay your taxes due based on making it easier to qualify for long standing programs offered by the IRS. Do you qualify for any of these programs? Call us at 800-900-4250 to offer facts, or CONTACT US NOW.
The worst thing you can do is ignore it or take no action. This will move you closer to being levied. The best thing you can do is be proactive and call us for a quick analysis at 800-900-4250. IRS notices are time sensitive. Call or CONTACT US NOW
We are one of the only tax resolution firms in the country that has a separate division dedicated to our clients that owe over $1 Million Dollars. The IRS formerly referred to their dedicated resource to pursue big tax liabilities as “the large dollar unit” of the IRS.
As with any larger prize, the IRS can be considerably “more focused ” in their collection efforts. Your assets are essentially exposed for possible seizure unless protections are provided. Please call us at 800-900-4250 to start protecting your assets today.
It is too costly to wait. CONTACT US NOW.
info@LeadingTaxGroup.com
Mon-Friday : 7:00am - 6:00pm 
800-900-4250