Cryptocurrency is gaining popularity, and there’s no evidence that this growth is going to slow down, making the guidance of a Crypto tax attorney more essential than ever. Bitcoin, the most popular cryptocurrency, is estimated to account for over a $1.5 trillion of the world’s financial transactions — and Bitcoin is one of over 12,000 types of cryptocurrencies.
Where there’s value like this, taxes are going to be involved. Our Miami crypto tax lawyer has experience in this new and unique field.
Cryptocurrency, or as it’s known in the tax law as “digital assets”, presents a number of interesting questions from the perspective of United States and international tax law.
Early guidance deemed crypto to be “property”, and, as such, its sale or exchange can trigger capital gains.
Timely and accurate reporting is always encouraged. Tax officials are going through their own learning curve on all that is involved with crypto, but they are becoming increasingly active in investigating individuals and firms that invest in, trade, or make use of crypto.
The IRS has modified Form 1040 to include specific questions about the ownership of or transactions in digital assets. The failure to be in compliance can result in steep penalties.
The IRS has since issued guidance on digital assets in specific niches, such as the tax consequences of airdrops, mining activities, hard forks, and charitable giving.
The IRS also recently issued the final regulations requiring custodial brokers to report sales and exchanges of digital assets.
These regulations apply to transactions beginning in calendar year 2025 are on the forthcoming Form 1099-DA. Additionally, a qualified crypto tax lawyer is aware of these developments and how they can affect your business and finances, and can help you plan accordingly.
We have years of tax controversy experience and can assist you with a crypto audit. Therefore, if the IRS audits you, do not try to handle it alone. Getting a qualified Crypto tax attorney to help you with a crypto tax audit can make a significant difference in the outcome of your case. We have helped taxpayers get no-change letters and fractional settlements.
Contact us for experienced advice and guidance, whatever your crypto-oriented legal needs may be.
Call our office at (877) 771-1131 or contact us online to set up a consultation.
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