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Hey, you might think that this info makes me your lawyer, but it doesn’t and I’m not. Sorry, but I AM NOT YOUR LAWYER unless we have an engagement agreement. I am just providing public information here, like a library does, and am not providing you with legal advice about your situation. So, it would be totally unreasonable for you to conclude we have an attorney-client relationship just because your viewing this information.

This video demonstrates how you can use TaxAct to file your cryptocurrency taxes. You can simply import your crypto tax report that you receive from CryptoTrader.Tax directly into your TaxAct account.

For the complete step-by-step guide as seen in the video: https://www.cryptotrader.tax/blog/how-to-file-your-bitcoin-and-crypto-taxes-with-taxact

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WELCOME CRYPTO FAMILY! ��‍��‍��‍�� IT’S TAX TIME!! ��

Hello, fam! Crypto Casey, here �� and I’m on a mission to improve people’s lives through #crypto education. In this important video we interview a leading crypto #tax CPA to discuss crypto tax fraud, IRS red flags, crypto retirement, and other various tax questions from viewers. Throughout the interview, our guest offers guidance to help us on our crypto tax journey! Let’s jump in!

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TOPICS: what is considered crypto tax fraud, crypto tax avoidance, crypto tax evasion, crypto when to pay tax, tax when withdrawing crypto, are crypto profits taxable, are cryptocurrencies taxed, how does crypto tax work, what are irs crypto tax red flags, best crypto retirement strategies, crypto trading plan 2022, difference between crypto tax evasion vs avoidance vs notice, how do crypto tax penalties and interest work, crypto tax bracket planning, wyoming vs new york crypto tax state laws, new york and california high tax state crypto laws, is spending crypto a taxable event, how do el salvador crypto tax laws work, how to estimate quarterly crypto tax payments, section 179 depreciation laws for crypto mining, crypto tax q &a, crypto tax ama, random crypto tax questions.

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A tax expert is warning that filing crypto taxes is a must in order to avoid penalties, as the taxman knows you’ve got reportable transactions. This comes as the Internal Revenue Service (IRS), the service of the United States federal government responsible for collecting taxes, is officially permitted to seek the names of high-value customers of crypto financial services firm Circle, while it also wants the same from crypto exchange Kraken.”Guys, file your crypto taxes. The IRS is coming,” warned Coin Tracker’s Head of Tax Strategy, Shehan Chandrasekera. The IRS knows users have reportable crypto transactions via their “matching” mechanism embedded in the IRS Information Reporting Program (IRP), he said in an earlier post. Furthermore, the exchanges are required to create appropriate tax forms for the users who meet the criteria. The IRS is now seeking the records of American citizens who engaged in business with or through the US-based Circle. More precisely, the IRS wants information about US taxpayers who conducted at the minimum the equivalent of USD 20,000 in transactions in crypto in the years 2016-2020. Per a Department of Justice press release, on April 1, a federal court authorized the IRS to serve a ‘John Doe’ summons on Circle, “or its predecessors, subsidiaries, divisions, and affiliates,” and this includes crypto exchange Poloniex. The exchange was acquired by Circle in 2018, but sold in 2019. Per IRS, a Jon Doe summons is one that doesn’t identify the person with respect to whose liability the summons is issued, but “allows the IRS to obtain the names, requested information and documents concerning all taxpayers in a certain group.”The petition, therefore, doesn’t allege that Circle has engaged in “any wrongdoing,” said the press release, but asks the company to produce records identifying the US taxpayers which the IRS finds “may have failed to comply with any provision of any internal revenue laws,” as well as other documents relating to their cryptocurrency transactions. The IRS issued guidance regarding the tax treatment of virtual currencies in IRS Notice 2014-21, stating that virtual currencies that can be converted into fiat are property for tax purposes. In the court’s order, the judge found that “there is a reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.”Meanwhile, on March 30, a petition for leave to serve a John Doe summons on Kraken was filed as well, seeking the same as in Circle’s case. In November 2016, a judge approved the John Doe summons on major crypto exchange Coinbase, which fought the order, but finally had to comply in late 2017, handing over the records for some 14,000 customers. In January this year, the IRS released a new version of its draft instructions that clarify the definition of virtual currency and guide individual taxpayers on how to fill in the required 1040 form.

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/guys-file-your-crypto-taxes-the-irs-is-coming-9778.htm

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