By now, you likely have some type of cryptocurrency in an account somewhere in hopes that it will continue to grow and earn you some additional revenue. Unfortunately, cryptocurrency has become a hot topic for investors due to the fact that cryptocurrency can be taxed.
It is no secret that the IRS will put its hand in a pot if it can make any type of money off of it. Currently, the Internal Revenue Service treats cryptocurrency as property, which means that it is treated just like a stock for tax purposes. If you sell your cryptocurrency for any type of profit, you must report that profit as an investment on your tax return. Crypto income comes in many different forms, which makes it difficult for individuals to properly understand how to claim it on their tax returns. For example, another type of cryptocurrency is labeled as a mining transaction, and this is where you receive crypto as a form of payment for performing work on a ledger. If you receive crypto in this manner, it needs to be claimed as income.
Regardless of the type of crypto currency you received, it is considered taxable by the IRS. If you are struggling to understand cryptocurrency and how to claim it on your tax return, you are not alone. The experts at Leading Tax Group thoroughly understand the requirements of the IRS and can ensure you properly claim all crypto income. Call us today to schedule an appointment.
If you received cryptocurrency but did not claim it on your tax return, reach out to our tax professionals in Chicago today. Unreported crypto income is not something you want to take your chances with as the IRS will find out.
Unreported crypto income is treated the exact same as if you were to fail to report other income to the IRS and it can lead to serious penalties, fines, and consequences. If you do have unreported cryptocurrency income and the IRS finds out, you will be subject to both civil penalties and interest on the unpaid portion of your tax liability. You will also be subjected to IRS collection procedures, which can include bank levies, wage garnishments, tax audits, and even seizure of your assets. Furthermore, you may be subject to criminal prosecution including possible incarceration and further fines.
Unreported income in any shape or form including cryptocurrency is against the law. Our experienced team can assist you in navigating how to claim cryptocurrency income on your taxes. We know the laws surrounding crypto and if the IRS has already identified your tax return for having unclaimed income, we can help. We fight back against the IRS aggressively and swiftly to minimize penalties and fines that you may face – give us a call today.
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Headquartered 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.
Unreported crypto income is no joke and not something you want to ignore. If you currently have unreported or unclaimed income, contact us ASAP. Our cryptocurrency tax professionals in Chicago have extensive experience working with unreported crypto income and can successfully resolve your situation in no time. Call our office today to schedule an appointment with us.
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