Want more info on Crypto? We invite you to listen to our most recent podcast, which has great information about Crypto and IRS reporting. Listen on our website at allenbarron.com/abcast or find us on all of the major podcast platforms.
In the ABCast Episode 13 – Cryptocurrency and NFT Services Jan discusses the impact of onshore and offshore ownership of cryptocurrency and Non-Fungible Tokens or NFTs from a tax and accounting perspective. What are some of the common misconceptions US citizens tend to believe regarding IRS compliance, tax reporting and Crypto / NFTs? How will the IRS find out about your onshore and offshore cryptocurrency and NFT exchange accounts and transactions? What happens if you check the “no” box on the IRS Form 1040 regarding cryptocurrency when you actually own crypto or NFTs and have conducted transactions? Why is it a big deal to neglect to disclose crypto and NFT information to the IRS on your US tax return? How would a US taxpayer come into compliance with their responsibilities as a US taxpayer and why should they consider taking action to do so immediately?
Find information for those who hold cryptocurrency and/or NFT assets either here in the United States or anywhere around the world. What is cryptocurrency? What is a Non-Fungible Token? Many crypto investors mistakenly believe their assets and transactions are hidden from the IRS and therefore do not need to be reported on the IRS Form 1040 and associated tax forms. What impact will reporting avoidance have upon taxpayers here in California? Did you realize that misrepresenting whether or not you hold crypto or NFT assets on the IRS Form 1040 (question near the top of the form) and/or signing an IRS or California tax return without fully disclosing your assets and transactions is not only a financial risk but a criminal offense punishable by prison time?
In the podcast, Cryptocurrency and NFT Services, Janathan Allen explains why it is important to come into compliance with IRS disclosures, FBARs and other associated tax reporting forms at a federal and state level. Cryptocurrency transactions generate short-term or long-term capital gains. How will you determine the basis for each transaction and whether the resulting capital gain or loss is short-term or long-term? What are the services provided by Allen Barron which can answer your questions and provide truthful insight into your risks, exposure and remediation options?
Listen at https://allenbarron.com/abcast-episode-13-cryptocurrency-and-nft-services/ to find out more.
