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Welcome to Crypto Tax and Law!

logo

Services

About

Private
Consultation

Resources

Contact

WORK WITH US

Crypto Tax Planning

Are you concerned that your prior year returns may get you in trouble because your cryptos weren’t reported properly?

Reserve a Private Consultation

The IRS has heightened enforcement and its focus on examinations of crypto tax transactions. Because this still is a developing area of the tax law, related tax issues involve uncertainties. Crypto traders who think strategically are wise to take a strategic tax planning approach.

We help our crypto trader clients with positioning themselves for the current and future tax years. We can help avoid unintended consequences. Doing things right on the front end can ultimately result in savings of tax and penalties later on.

We advise on reporting and software implementation. Use of transaction history from the blockchain and exchanges causes significant problems, which these services pass on to the crypto trader to reconcile and classify. Your tax preparer typically does not engage in that reconciliation process and requires you to provide the bottom-line crypto capital gains and income amounts.

We assess audit risk and offer suggestions to reduce the risk. We analyze the IRS records and tax reporting on clients’ prior year tax returns. This also enables us to identify issues that may need to be remedied in prior years and going forward. We assess audit risk and offer suggestions to reduce the risk.
We can guide you on how to properly report your crypto gains and leverage your losses to lower your taxes.

If the IRS has already contacted you, then your situation is more serious. You would need to schedule a private consultation to evaluate the best course of action.

Additional Crypto Tax Services

IRS Tax Audit Defense

IRS Tax Audit Guard

IRS Tax Debt Resolution

Proactive Crypto Tax Planning

Offshore Asset Reporting

Tax for DAOs and Investors

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in Your Corner

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Get Our Counsel in Your Corner

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Tax for DAOs and Investors

We assist with tax efficient investment. We assist with the design a corporate structure, domestic or cross-border, from a tax perspective.

  • Our practice is unique as we see tax issues from a 360 perspective. We are engaged in tax planning and design at the front end. On the back end, we assist with IRS examinations of tax positions and the resolution of the related tax liabilities and penalties. Working with us comes full circle.
  • We help develop legally compliant structures for DAOs and investors. We advise on avoiding unintended tax consequences.

Offshore Asset Reporting

We help clients evaluate their options and remedy previously undisclosed foreign crypto assets involved in trading on non-U.S. exchanges.

  • U.S. taxpayers have U.S. tax and information reporting obligations with respect to non-U.S. investments. Complexities and reporting obligations arise when non-U.S. investors participate in trading on U.S. exchanges.
  • We help crypto trader clients come in compliance when they are delinquent with filing the FBAR (Report of Foreign Bank and Financial Accounts) and the Form 8938 (Statement of Foreign Financial Assets). Filing of these information returns can help U.S. crypto traders and investors avoid serious penalties for not reporting these crypto assets. Omission to file may lead to severe penalties starting at $10,000.
  • We help crypto trader benefit from the Streamlined Filing Compliance Procedures to help non-willful U.S. and non-U.S. crypto traders come into tax compliance. We also assist with abatement of offshore tax penalties.

Proactive Tax Planning

Are you concerned that your prior year returns may get you in trouble because your cryptos weren’t reported properly?

  • The IRS has heightened enforcement and its focus on examinations of crypto tax transactions. Because this still is a developing area of the tax law, related tax issues involve uncertainties. Crypto traders who think strategically are wise to take a strategic tax planning approach.
  • We can help our crypto trader clients with positioning themselves for the current and future tax years. We can help avoid unintended consequences. Doing things right on the front end can ultimately result in savings of tax and penalties later on.
  • We advise on reporting and software implementation. Use of transaction history from the blockchain and exchanges causes significant problems, which these services pass on to the crypto trader to reconcile and classify. Your tax preparer typically does not engage in that reconciliation process and requires you to provide the bottom-line crypto capital gains and income amounts.
  • We assess audit risk and offer suggestions to reduce the risk. We analyze the IRS records and tax reporting on clients’ prior year tax returns. This also enables us to identify issues that may need to be remedied in prior years and going forward. We assess audit risk and offer suggestions to reduce the risk.
  • We can guide you on how to properly report your crypto gains and leverage your losses to lower your taxes.
  • If the IRS has already contacted you, then your situation is more serious. You would need to schedule a private consultation to evaluate the best course of action.

IRS Tax Debt Resolution

We assist clients in the crypto space with IRS audits, filing of required disclosures, appeals, and resolution of back taxes.

  • We negotiate with the IRS for a living. We can develop a solid strategy for our crypto trader clients.
  • Crypto traders with IRS tax debt have special needs. Typically, crypto trader clients find selling their crypto assets to pay taxes to be undesirable.

If you owe taxes, the IRS can impose a lien or levy until you pay the liability in full. That allows the IRS to seize your income or property and use it to satisfy your outstanding tax liability. IRS liens and levies can damage you and your business by causing you to lose assets and income, can injure your credit and your reputation, and can impact your ability to meet your other financial obligations.

  • Negotiate payment terms of Installment Agreements
  • Negotiate settlements through Offers in Compromise
  • Negotiate refunds and penalty abatements
  • Negotiate resolution of tax assessments with IRS Appeals
  • File petitions and defend claims in the U.S. Tax Court
  • Secure releases of wage and bank levies
  • Secure lien releases
  • If you owe taxes, the IRS can impose a lien or levy until you pay the liability in full. That allows the IRS to seize your income or property and use it to satisfy your outstanding tax liability. IRS liens and levies can damage you and your business by causing you to lose assets and income, can injure your credit and your reputation, and can impact your ability to meet your other financial obligations.

IRS Tax Audit Guard

Want to know well in advance if the IRS has flagged you for audit?

  • Our IRS Tax Audit Guard service is proactive about early detection.
    This program monitors for an early warning of an upcoming IRS audit.
  • We monitor your IRS account proactively and deliver to you status updates to flag potential concerns. We would inform you of any IRS debt, alert you if a return has underreported income, identify any liens on your file, and highlight any IRS audit activity. Our technology delivers information directly from the IRS databases.
  • You will receive notifications worthy of your attention only if and when issues arise. Typically, selection for audit would appear on an IRS account approximately a month or several months before the IRS sends out an IRS audit letter. With this service, you would receive a notification of prior year tax returns flagged for an IRS audit.
  • You can register for this service for yourself (as an individual filer of IRS Form 1040). You can also register for any of your business if your business files a separate business return (IRS Form 1120, 1120-S, 1065, 1041, and not on Form 1040 Schedule C). This service requires a 12-month subscription and authorization to access your IRS account.

Are you facing an IRS crypto tax audit?

Have you received an IRS letter?

IRS Tax Audit Defense

  • We provide expert representation before the IRS throughout the entire IRS audit, appeals process, all the way up to U.S. Tax Court. We handle the negotiations with the IRS and protect your legal rights proactively.
  • We bridge tax law expertise with hands-on knowledge of crypto transactions and calculations.
  • Once we take on your case, we review your records and develop a personalized audit plan. We negotiate directly with the IRS auditors on your behalf, so you wouldn’t have to interface with your IRS auditor.
  • We prepare the documents to submit to the IRS. We keep you informed of the status of your case and your options every step of the way.
  • Crypto tax audits are data and numbers driven. Recalculating crypto gains early on is the key to a strong audit defense. It also establishes a basis for potential refunds. We will recalculate your crypto gains and have an amended return prepared as needed.

Have you received an IRS letter?

Reserve a private consultation

Timing is everything. Don’t wait! Take steps to resolve the matter before things escalate. Let our experience work for you.

  • Crypto traders and investors face a high risk of an IRS audit. What can begin as a basic adjustment to an individual federal income tax return can lead into inquiries into crypto transactions and a multi-year IRS audit.
  • Now that most exchanges are required to deliver information reporting to the IRS, the risk of discrepancies and taxpayer under-reporting is higher. Because they do not report cost basis to the IRS, the gains reported to the IRS may appear inflated and significantly higher.
  • While CPAs are masters of tax return filing, very few CPAs have actually defended a client in a full-blown IRS audit. Even fewer have dealt with IRS audits of crypto transactions. Our firm has experience representing clients in complex situations before the IRS.
  • While IRS tax issues related to crypto transactions share similarities, every case has its own nuances and specifics. Our services are personalized to fit your specific circumstances.
  • If you have received an IRS letter or are in the middle of an IRS audit, schedule a consultation ASAP. We accept new clients on a selective basis.

First 5 Steps When You Receive IRS Audit Letter

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This free report maps out the first five (5) steps a tax attorney would recommend taking after receiving an IRS audit letter. Enter your email address to receive this report.

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Top 3 Crypto Tax Audit Risk Factors

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This free report identifies three (3) of the most significant factors implicated in IRS crypto tax audits. Enter your email address to receive this report.

PDF, 5 MB,
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