Are you engaged in the CryptoCurrency world? Are you involved as an investor, a retailer, a trader or miner? If yes, or you are thinking about it, you need to make sure that you aware of the various tax issues surrounding this industry. Almost every transaction is a reportable event, even using cryptocurrency to pay for things at a retailer or service provider.
If you’re a bit unsure of any of the answers, it’s time to see an Enrolled Agent. The IRS is receiving names and account data from the exchanges (like they did from the foreign banks) and will come after those not reporting their crypto transactions. If you do not report these items, especially the FINCEN, the penalties can be enormous.
Let us help you muddle through the process and make sure you are filing returns. We can even amend returns to make sure you are compliant. Of course, if taxes are due, there are collection alternatives we can help you with.
Jeffrey Schneider, EA, CTRS and Advanced Crypto Tax Expet (ACT-E) is experienced in all things tax, including the crypto world. As an Enrolled Agent, he is licensed to practice throughout the United States, unlike a CPA or attorney who are bound to practice only in the state they are licensed.