Unlocking The Secrets Of Cryptocurrency Taxation
The Internal Revenue Service (IRS) has determined that bitcoin and other alternative currencies are subject to capital gains taxes. In 2019, the IRS began issuing letters to taxpayers urging them to declare cryptocurrency assets and amend prior tax returns accordingly.
Moore Tax Law Group, LLC, has been at the forefront of the taxation issues that cryptocurrency owners are facing, including how to handle recent IRS enforcement efforts. If you have received IRS Letter 6173 or IRS Letter 6174-A regarding reporting virtual currency transactions, or if you are concerned about back taxes you may potentially owe, we can help.
Cutting-Edge Tax Counsel On Cryptocurrency Assets
Our attorneys are highly experienced in civil tax litigation, including disputes with the IRS over capital gains taxes and other special tax situations. As cryptocurrency owners ourselves, we understand the unique issues that our clients face in this complicated arena. As Bitcoin, Ethereum and other altcoins gained in popularity, our legal team was determined to stay abreast of IRS developments and the tax implications for our clients.
Founding attorney Guinevere Moore has spoken extensively about cryptocurrency taxation issues. At the American Bar Association’s 35th Annual National Institute on Criminal Tax Fraud, she was a panelist on a two-part panel titled: “What Everyone Needs to Know About Cryptocurrency.” Topics included: “Part One: Tax Treatment of Cryptocurrency Transactions” and “Part Two: Enforcement When Cryptocurrency Transactions Go Wrong.” She was also selected to present at the IRS Nationwide Tax Forum in Chicago and in a panel titled “Tax Treatment of Transactions in Cryptocurrency and IRS Tax Enforcement” in Orlando.
Trusted source: Our lawyers have authored or been quoted in numerous articles about cryptocurrency and taxes (subscriptions may be required to read), including:
- Release The Kraken, District Court Orders. All Crypto Investors Should Pay Attention. (Forbes)
- Crypto Crackdown Drives ‘John Doe’ Record Demands from IRS (Bloomberg)
- Crypto Tax Avoiders Face IRS Roulette: Fess Up or Try Hiding (Bloomberg)
- Cryptocurrency taxation ‘high enforcement priority’ for IRS, but hindered by uncertainty (The Block)
- Use Caution When Answering IRS Cryptocurrency Letter, Lawyers Warn (Tax Notes)
- Is Coinbase Turning Your Name Over To the IRS? (LinkedIn)
- New IRS Preclearance Form Foresees Virtual Currency Disclosure (Tax Notes)
- Taxpayers With Crypto Might Spurn New Voluntary Disclosure Regime (Tax Notes)
- Cryptocurrency Investors Are Freaking Out About What They Owe The IRS (Business Insider)
- Got Cryptocurrency? Get Ready For An IRS Audit (Forbes)
- Virtual Currency Reality: The IRS Crackdown On Cryptocurrency (The Journal of Tax Practice & Procedure)
Find Out Where You Stand
If you have received an IRS letter or believe you may be subject to cryptocurrency transaction taxes, we can explain your rights and options. Our firm handles tax disputes throughout the United States, representing clients from around the world in IRS audits and negotiations and in litigation in U.S. Tax Court and U.S. District Courts. Call 312-549-9990 or contact us via email.