Need Help with Your Crypto Tax in Syracuse, IN? Put Your Trust in Wild Thing
While Crypto may be new to most people, the IRS is very aware of its existence and the possible tax revenue being lost when taxpayers don’t know how to report this type of income. Additionally, Crypto transactions have a wide variety of tax implications that are not widely known to taxpayers leading to IRS letters and possible audits from the IRS. Here at Wild Thing Tax, we can keep you informed on your tax requirements when it comes to Crypto. With years of experience assisting clients that mine and invest in Crypto, we are confident that our services will help you. Call now if you need bitcoin tax income reporting services in the Syracuse, IN area!
What Should I Know About Crypto?
Learn More About Crypto and the IRS
The IRS sued a significant Crypto exchange in 2017 for a list of names and account information for anyone transacting on that exchange. In 2018, the IRS ended up receiving a list of 13,000 names from this exchange. A year later, the IRS sent over 10,000 letters to taxpayers they believed may not have reported their Crypto transactions appropriately on their tax returns. The 2019 Form 1040 (income tax return for individuals) had the first question related to Cryptocurrency. In early 2020, the IRS issued a statement of work soliciting industry experts to support the IRS with Crypto audits.
What does all that mean? The IRS is serious about taxing Crypto, and taxpayers should be serious about it as well.
Get Help with Your Crypto Transactions Today
Find Out How We Can Assist You
Crypto is considered property by the IRS, so almost all Crypto transactions create taxable events. Tracking your Crypto purchases, sales, mining awards are of the utmost importance as they determine how much gain or loss you must recognize on your tax return each year. Call Wild Thing Tax today to learn more about how our certified tax professionals can help with your Bitcoin tax reporting needs in the Syracuse, IN area.