Cryptocurrency transactions are becoming more common in Santa Monica, California. As more persons participate in cryptocurrency transactions, the Internal Revenue Service (“IRS”) is becoming increasingly interested in how taxpayers are treating their cryptocurrency transactions for tax purposes. Because of this increased interest by the IRS, there is a greater risk that Santa Monica taxpayers who are involved with cryptocurrency will face a tax audit (a “crypto tax audit”).
The increased interest of the IRS in cryptocurrency is evidenced in various ways.
The IRS is hiring outside contractors who are cryptocurrency experts to assist with crypto tax audits.
The IRS formed “Operation Hidden Treasure” – a team of IRS fraud enforcement and criminal investigation and fraud enforcement personnel- to address cases of unreported cryptocurrency income.
The question – “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” – is on year 2020 Form 1040 tax returns.
Crypto tax audits are being started by the IRS in the Santa Monica area because the IRS believes Santa Monica taxpayers are not properly reporting cryptocurrency income.
Among the examples of cryptocurrency income are:
Cryptocurrency income, in any form, is taxable income and must be reported on your tax return.
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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.
If you become the subject of a crypto tax audit in the Santa Monica area, you need to retain the services of qualified tax professionals who have extensive experience in working on crypto tax audits. You need to be represented by Leading Tax Group.
The tax professionals at Leading Tax Group understand all the ins and outs of cryptocurrency. In addition, the tax professionals at Leading Tax Group have substantial experience in helping Santa Monica taxpayers better deal with the IRS in their tax audits.
Leading Tax Group has an office in Santa Monica at 100 Wilshire Boulevard, #700, to better serve its Santa Monica clients.15233 Ventura Blvd Suite 1301, Sherman Oaks, CA 91403,
If you are facing a crypto tax audit, and live in the Santa Monica area, you need the aggressive and experienced tax representation of Leading Tax Group. Contact Leading Tax Group now!
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