Cryptocurrency has risen in popularity over the recent years and with increased public interest comes increased interest from the IRS as well. The IRS has been investigating how taxpayers report cryptocurrency on their tax returns and individuals who do have cryptocurrency are more likely to become subject to a tax audit.
The IRS has taken such a strong interest in cryptocurrency that they created Operation Hidden Treasure in 2021. This operation created a dedicated team of IRS fraud specialists to address issues surrounding unreported crypto income.
Due to the high interest from the IRS, crypto tax audits have increased in volume and many taxpayers have now found themselves the subject of a tax audit. If you have been contacted by the IRS about cryptocurrency income, now is the time to call the experts at Leading Tax Group.
The IRS is relentless and if you are caught with unreported crypto income, you can face serious consequences such as fines, penalties, wage garnishments, and even jail time. Unreported cryptocurrency can come in many forms, and you may not even realize that you did not report it. For example, crypto mining, airdrops, and any payments received in the form of crypto are all forms of income that must be reported. Since the IRS considers crypto property, it is your responsibility to claim it on your taxes.
Since crypto is still relatively new, it is no surprise that it is confusing to navigate, and some taxpayers may forget to claim it on their taxes. If this happens to you, contact our experienced team immediately. We have extensive experience with crypto income and can walk you through the process of how to claim it. Our team will fight aggressively against the IRS to ensure you are protected and that any fines or penalties you face are not serious.
Our affordable crypto tax audit representation in Chicago, IL is the best. If you have received a letter from the IRS that you have been selected for an audit, don’t delay – time matters.
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Our experts will educate you in the mistakes made previously to help avoid getting into a similar mess in the future.
Our representation services are efficient, quick, and aggressive. We will go up against the IRS to assist you in making sure that you are protected and that all of your cryptocurrency income is claimed properly. We know the ins and outs of cryptocurrency and can walk you through the process.
Don’t try to handle a crypto tax audit on your own and call the experts at Leading Tax Group today.
read more Contact UsHeadquartered 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.
Our representation services are efficient, quick, and aggressive. We will go up against the IRS to assist you in making sure that you are protected and that all of your cryptocurrency income is claimed properly. We know the ins and outs of cryptocurrency and can walk you through the process.
Don’t try to handle a crypto tax audit on your own and call the experts at Leading Tax Group today.
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