Leading Crypto Tax Attorneys
If you’ve been contacted by the IRS about unreported cryptocurrency income and unpaid taxes, no need to stress. Our experienced crypto tax attorneys are here to help.
With the rise of cryptocurrency investing over the past few years, the IRS has started to focus on crypto earnings and has ramped up its efforts to make sure taxes are collected from crypto gains.
If you invest in cryptocurrencies such as Bitcoin or Ethereum, you must report this on your tax return, recognize a gain or loss, and pay taxes due. The IRS uses data analytics to identify taxpayers who failed to report cryptocurrency income. Crypto exchanges such as Coinbase also issue 1099’s and report your transaction activity to the IRS.
If the IRS has identified you as having unreported cryptocurrency income and unpaid taxes, it’s best to speak with an experienced tax lawyer to evaluate your choices and to represent you.
At Wiggam Law, our experienced crypto tax attorneys can help.
The market is changing, and we know that figuring out how to properly report your cryptocurrency on your taxes can be confusing. Dealing with crypto tax issues doesn’t make you a bad person – it just makes you one of many people who need help. At Wiggam Law, we treat every client like family, which means we are here to help guide you through the mess, judgment-free.
Our tax lawyers have the hands-on experience with the IRS to solve your crypto tax issues.
The IRS was proposing an increase in tax of $94,737 and an accuracy-related penalty of $18,947 due to unreported cryptocurrency transactions. Our client made various purchases and sales of virtual currencies throughout the tax year. We filed a Tax Court Petition arguing that the IRS examiner erroneously denied the purchase cost as the asset’s basis and erroneously included only the sales information and not the purchase information in calculating the net income. The court agreed with our arguments, helping us save our client over $113,000.00.
Our client, an esteemed attorney in the Atlanta area, owed $265,000 in federal income tax liability. We successfully filed an Offer in Compromise with the IRS to reduce their bill to just under $31,000.
The IRS takes unpaid crypto taxes seriously. They are actively engaged in addressing taxpayer noncompliance through audits and criminal investigations. Failing to comply could lead to additional interest, penalties and even criminal charges.
If you invest in cryptocurrency and have questions related to taxable gains and income tax filings, please contact the experienced crypto tax attorneys at Wiggam Law. We will evaluate your situation and recommend a course of action, as well as represent you before the IRS, and other state taxing authorities, if need be.
We’re the ones who negotiate with the IRS, so you don’t have to.