Cryptocurrency transactions continue to grow in popularity and as they do, the IRS continues to create tax laws and regulations to ensure they get their fair share of the money. The IRS is no stranger to cryptocurrency, and they have started to make themselves known to taxpayers through audits coupled with serious hefty fines and penalties.
If you are a taxpayer who uses cryptocurrency, with the IRS’s attention on it, you can bet that you are at a higher risk of being chosen for an audit. A crypto tax audit is not something you want to find yourself caught in as the IRS has employed crypto experts to handle these cases. You can bet that the IRS will come down hard on you and they will look at your crypto closely.
All cryptocurrencies must be accounted for when it comes to your taxes, but the tax laws and regulations surrounding it can be very confusing. This then causes taxpayers to make mistakes on their taxes, which then opens the door for an audit. Hiring a true tax professional who understands crypto is important. At Leading Tax Group, we have the experience needed to represent you in front of the IRS and protect you from serious fines and penalties. Our team understands the tax laws and regulations surrounding crypto and we can provide you with the guidance and assistance that you need. Give us a call today to schedule a free consultation.
If you have been told by the IRS that you were selected for a crypto tax audit in San Diego, reach out to Leading Tax Group immediately. We are ready to fight your case for you.
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If you have been chosen for a crypto tax audit in San Diego, call Leading Tax Group ASAP. Proper representation can help save you.
The IRS has ramped up its efforts to crack down on cryptocurrency and as a result created Operation Hidden Treasure. This operation was created solely to investigate any type of fraud and criminal violations related to unreported cryptocurrency income.
All cryptocurrency income must be claimed on your taxes as it is taxable income. Failure to do this will lead to issues with the IRS. You can expect a crypto tax audit should you fail to claim your crypto income.
Understanding all of the laws, regulations, and reporting requirements of cryptocurrency can be overwhelming and quite taxing. Leading Tax Group offers crypto tax audit representation should you be selected for an audit by the IRS. We will firmly and aggressively represent you and work to get the results you desire. We have been able to successfully negotiate on behalf of our clients with large tax liabilities and minimize those liabilities greatly. Our goal is to protect you while keeping you in compliance with all crypto regulations the IRS has set forth.
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