While there is disagreement in Encino, California concerning the merits and detriments of investing in cryptocurrency, the Internal Revenue Service (“IRS”) does not care about this conflict. Instead, the IRS is concerned about the tax treatment of cryptocurrency, and it does not believe there is any controversy that cryptocurrency income for Encino taxpayers is taxable for tax purposes.
The IRS classifies cryptocurrency as a type of property, similar to stock. If you realize income from the purchase and sale of a cryptocurrency investment, such investment income must be reported on your tax return.
Other cryptocurrency income (“crypto income”) also must be reported on your tax return.
The receipt of cryptocurrency by a person residing or carrying on business in Encino from a company for its marketing or promotional purposes in an “airdrop” transaction, or for performing blockchain ledger work in a “mining” transaction, is taxable crypto income. If you do not include such taxable income on your tax return, you have unreported crypto income.
Our experts will educate you in the mistakes made previously to help avoid getting into a similar mess in the future.
Taxpayers also must respond to the question – “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” – on their year 2020 Form 1040 tax returns.
Given this increased risk, you must address any unreported crypto income issues in the Encino area. You cannot just ignore them.
To address these issues, you need skillful representation by a group of tax professionals that knows how to handle unreported crypto income matters. You need representation by Leading Tax Group.
Leading Tax Group has the broad knowledge of cryptocurrency to understand unreported crypto income issues. In addition, Leading Tax Group has the extensive experience in unreported income cases to understand how to successfully resolve unreported crypto income cases.
With these understandings, Leading Tax Group should be hired by Encino taxpayers to best represent them in their unreported crypto income matters.
Leading Tax Group is in Encino, at 16133 Ventura Boulevard, #700, to better serve Encino taxpayers.
If you face the problem of unreported crypto income, and live in the Encino area, you need the aggressive and experienced tax representation of Leading Tax Group. Contact Leading Tax Group now!
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.
We know that your finances are under a lot of pressure if you have tax problems. This is why we would be more than happy to offer you a FREE consultation from our tax experts (whom include auditors and former IRS tax attorneys). Call our tax professionals today and let us help you
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