"The IRS Focuses on Cryptocurrency. Are You Ready?"?

"The IRS Focuses on Cryptocurrency. Are You Ready?"

Amit Chandel CPA, CTS, CTP, CExP, CTRS, LLM(Tax) Author Amit Chandel CPA, CTS, CTP, CExP, CTRS, LLM(Tax) Author

Amit Chandel CPA, CTS, CTP, CExP, CTRS, LLM(Tax) Author

Investor, Author, Tax & Exit Strategist, IRS Representation Expert: Aiming to help you keep & protect your hard earned money in a tax advantaged environment and achieve ideal business continuity & transition

发布日期: 2022年1月30日
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Be warned!

The IRS is now taking a close look at your cryptocurrency activities.

That's right. The IRS is now strictly enforcing compliance with the relevant cryptocurrency tax laws and collecting every penny they're entitled to.

It's important to know how

the IRS defines cryptocurrency.

The IRS takes the position that cryptocurrency is “property” for federal income tax purposes.

Because it's property, you need to report taxable gains or losses on your 1040 when you exchange cryptocurrency for goods or services!

Failure to comply means serious penalties.

If you fail to report cryptocurrency transactions on your Form 1040 and get audited, you could face paying interest, severe penalties, and criminal prosecution if you really press your luck.

Here's how to avoid BIG trouble.

First, recognize that the IRS's enforcement efforts are deadly serious. DO NOT TAKE THEM LIGHTLY!

Second, get the facts in easy-to-understand language from a source you can trust. - Your team at Focus CPA Group Inc.

We can help you with your crypto currency tax needs. Contact us at (562) 281-1040 or email to [email protected].

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