Cryptocurrency Tax Audits + IRS Tax Audit Experts + Tax Attorney, Tax Lawyer, Former IRS Agents + Miami, Ft. Lauderdale, Palm Beaches, Boca Raton

Fresh Start Tax

Michael Sullivan Fresh Start Tax Expert

We are a team of AFFORDABLE tax attorneys, tax lawyers, CPAs and experienced former IRS agents, managers and instructors. We can help you if you are going through any IRS tax audit.

 

We have over 200 years of professional tax experience in over 100 years of working directly for the Internal Revenue Service and the local, district, and regional South Florida tax offices. We are true IRS tax experts for crypto currency and like kind audits.

 

Call us today for a free initial tax consultation and hear the truth.

 

The Internal Revenue Service is auditing taxpayers who have accounts with virtual currency transactions and cryptocurrency.

This is not to be fooled around with, the

Internal Revenue Service has two options:

1.to go after the taxpayer civilly or,

2.criminally if you have infractions.

 

Please call us today for a free initial tax consultation and let us review for you what your options are at no cost.

 

What is happening at this time.

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig.

“The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

For taxpayers receiving an educational letter, there are three variations:

Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.

Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.

Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers.

The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.

Virtual currency is an ongoing focus area for IRS Criminal Investigation.

IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles.

The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.

The IRS anticipates issuing additional legal guidance in this area in the near future.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest.

In some cases, taxpayers could be subject to criminal prosecution.

Call us today for a free initial tax consultation and speak to a true IRS tax audit expert.

IRS Tax Audit Experts + Tax Attorney, Tax Lawyer, Former IRS Agents + Virtual Currency Transactions, Cryptocurrency

Cryptocurrency Tax Audits + IRS Tax Audit Experts + Tax Attorney, Tax Lawyer, Former IRS Agents + Miami, Ft. Lauderdale, Palm Beaches, Boca Raton
.

IRS Tax Audit Experts + Tax Attorney, Tax Lawyer, Former IRS Agents + Virtual Currency Transactions, Cryptocurrency

 

Fresh Start Tax

We are a team of tax attorneys, tax lawyers, CPAs and experienced former IRS agents, managers and instructors. We can help you if you are going through any IRS tax audit.

 

The Internal Revenue Service is auditing taxpayers who have accounts with virtual currency transactions and cryptocurrency. This is not to be fooled around with, the Internal Revenue Service has two options:

1.to go after the taxpayer civilly or,

2.criminally if you have infractions.

Please call us today for a free initial tax consultation and let us review for you what your options are at no cost.

 

What is happening at this time.

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

For taxpayers receiving an educational letter, there are three variations:

Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.

Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.

Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers.

The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.

Virtual currency is an ongoing focus area for IRS Criminal Investigation.

IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles.

The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.

The IRS anticipates issuing additional legal guidance in this area in the near future.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest.

In some cases, taxpayers could be subject to criminal prosecution.

Call us today for a free initial tax consultation and speak to a true IRS tax audit expert.

IRS Tax Audit Experts + Tax Attorney, Tax Lawyer, Former IRS Agents + Virtual Currency Transactions, Cryptocurrency
.

Help, Tax Audit Help + IRS Letter Notice Letter 6173, 6174 or Letter 6174-A, Affordable Audit Experts + Virtual currency transactions audits

Fresh Start Tax

The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.

 

Get the help you need from former IRS agents, managers and teaching instructors who know the system. Do not do this by yourself.

We have over €200 a professional’s tax experience in over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.

 

Not only did we work as managers, appeal agents, we are also supervisors, managers and teaching instructors.

• “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig.

“The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

• The IRS started sending the educational letters to taxpayers last week.

By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

• For taxpayers receiving an educational letter, there are three variations: Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.

• Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.

• Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers. The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.

• Virtual currency is an ongoing focus area for IRS Criminal Investigation.

• IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles. The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.

• The IRS anticipates issuing additional legal guidance in this area in the near future.

• Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest. In some cases, taxpayers could be subject to criminal prosecution.

Call us today for a free initial tax consultation and hear the truth.

IRS Audit Experts CRYPTOCURRENCY + Do Not Talk To the IRS + Former IRS agents

Fresh Start Tax

 

We are former IRS agents and true experts for cryptocurrency IRS tax audits. AFFORDABLE  Since 1982, A plus rated

 

If you have received a letter or notice that Internal Revenue Service is going to audit your tax returns for these issues whatever you do, do not speak to IRS speak to a true and bona fide tax professional. There can be criminal issues involved.

 

 Call us today for a free tax consultation.

On staff are tax lawyers, tax attorneys, former IRS agents, managers and teaching instructors who have a combined 100 years of direct IRS work experience.

What is happening now!

The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments.

The IRS has begun sending letters to taxpayers who potentially failed to report income and pay taxes on cryptocurrency transactions, the agency said Friday.

The IRS said it obtained the names of the taxpayers through “various ongoing IRS compliance efforts.”

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Charles Rettig said in a statement Friday.

The letters, which the agency began sending last week, represent one of the IRS’s broadest attempts to-date to rein in tax avoidance on virtual currency transactions. The IRS has struggled to enforce tax laws on digital currencies in recent years as crypto investments have gained popularity and value.

Last year, the IRS’s audit division identified cryptocurrencies as one of five areas where taxpayers could easily avoid taxes. IRS Criminal Investigations head Don Fort has said the agency will soon announce criminal tax evasion cases involving digital currencies.
Voluntary Disclosure

Taxpayers who receive the letters “generally won’t be eligible” for an IRS voluntary disclosure program, where taxpayers can come forward with undisclosed financial accounts in exchange for the potential to reduce penalties or avoid criminal prosecution.

However, taxpayers who haven’t been notified by the IRS and may have underpaid or avoided taxes for cryptocurrency transactions still could seek some relief by coming forward before the IRS finds them, she said. The IRS said all letters will be sent by the end of August.

The IRS in 2014 classified all virtual currencies as property for tax purposes, meaning the assets — much like a home — can be sold at a profit and trigger tax implications.

The agency served a summons against digital currency exchange Coinbase, seeking details about customers who traded digital currencies from 2013 to 2015.

Treasury Secretary Steven Mnuchin said on Wednesday that U.S. regulators are likely to soon issue new regulations on cryptocurrencies, so they don’t negatively impact the financial system.Credit Forbes for report for article.

Call us today for free initial tax consultation.

AFFORDABLE + IRS Tax Audit Attorney, Sales Tax Lawyer, Former Agents + Tax Audit Defense + Jupiter, Palm Beach Gardens, Greenacres, Royal Palm Beach

Have true AUDIT tax experts represent you during an IRS or state tax audit. AFFORDABLE, SINCE 1982

Fresh Start Tax

 

We have over 200 years of professional tax experience and over 100 years of working directly for the government.

 

We are used by several hundred clients in the West Palm Beach area and have been representing individuals, businesses and corporations in the Palm Beach areas since 1982.

 

We know all the systems and protocols that the federal and state used to assure you the very best tax audit defense. We have worked thousands of cases since 1982.

On staff are attorneys, lawyers, CPAs, enrolled agents, and former IRS agent, managers and teaching instructors. We have over 100 direct years of government experience.

WE are some of the most seasoned and veterans professionals in the business. We can handle any IRS or state tax matter and we’ve been doing that in South Florida since 1982. We are the affordable professional tax firm.

You go to your mailbox and there it is, a nasty gram!

 

Everyone fears the dreaded letter from the IRS. You open it up and it is some of the worst news possible, ” you have been selected for a tax audit for years……….

There are ways you can protect yourself from a IRS Tax Audit.

As IRS Tax Attorneys, Former IRS Agents, Managers and Instructors we have discovered ways for the average taxpayer to keep themselves from a IRS tax audit.

When you retain our firm you’ll never have to speak to IRS or State.

As former IRS agents, managers and teaching instructors we know all the IRS systems, and the methodologies, and the best way to settle your tax case for the lowest amount possible.

When dealing with the IRS the key making sure we can provide the very best tax defense, make sure the IRS will not dig into other years and if you’re going to owe money, work out a plan or a settlement at the same time.

 

How to Protect Yourself From Future Audits

 

1. Have your tax return prepared by a reliable tax return preparer. If your preparer promises large refunds without asking to see the proper records for deductions and credits, you know that you will be audited after the return has been filed.

When your tax return preparer deducts items that should have not been deducted, you’re the one who will be audited and you will be required to pay the additional tax, interest and penalties.

If the IRS believes that your tax return preparer is incompetent or deducts large non-existent deductions, all of the returns prepared by that return preparer will more likely be selected for audit.

You do not want a tax return preparer who promises you the largest refund, but a tax return preparer who will compute the correct tax.

It is recommended that you hire a tax return preparer who knows the tax law and who deducts items on the tax return that you can properly document.

Don’t forget you are ultimately responsible for the additional tax, interest and penalties.

2. File all your required tax returns by the due date. If you haven’t filed your tax returns, the IRS will eventually audit on you.

By not filing your tax returns timely, the IRS will assess the failure to file penalty at 5% per month up to 25% of the tax. If the IRS determines that your failure to file was attributable to fraud, the penalty will be 15% per month up to 75% of the tax.

Thus, you are always better off filing the tax return by the due date, even if you don’t have the funds to pay the tax because you will not be assessed the failure to file penalties.

3. Report all of your income shown on the Form 1099’s that you have received. Even if you don’t receive a 1099, you still have to report all of your income. If you file your tax return without reporting all of your income, you are risking an audit.

If the IRS audits your tax return and finds omitted income, you will be assessed tax on the omitted income plus interest on the tax computed from the due date of the tax return to the date that the tax is paid.

Then, the IRS will apply the 20% accuracy related penalty or the 75% fraud penalty on the additional tax plus the interest on the penalties computed from the due date of the tax return to the date that it is paid.

4. Don’t deduct an office in a home. To qualify for an office in a home deduction, you must use the office for work and it must be your primary place of business. Most taxpayer’s abuse this deduction.

Unless, your office in the home is your primary place of business, don’t take this deduction.

Further, let’s say that you properly documented that you used 15% of your residence for business, when you sell the residence, the IRS will correctly argue that 15% of the gain from the sale is taxable income. This will create unintentional tax liability on your part. Unless you have a compelling reason to take this deduction, stay away from it.

5. Don’t deduct a large Sch C loss, unless you truly have a loss. A large Sch C loss means that your business deductions exceeded your income from the activity.

The IRS will be questioning you on the source of the funds to pay for those excess deductions. You will need to document sources of the non-taxable income to pay for that loss. If you sold assets to fund the loss, you will need to document those sales.

The possible sources of the non-table income would include loans, gifts and inheritances. These sources will have to be documented to the IRS, if requested by them.

The documentation would include copies of checks, closing papers, gift tax returns of the person who made the gifts and estate tax returns for inherited funds.

6. Don’t deduct a loss from a business activity that the IRS can classify as a hobby loss, unless you have the documentation for that loss.

If you deduct a loss from a horse racing, dog racing, car racing, a boat chartering activity or any other activity that is fun; the IRS will ask you to prove that the activity is engaged for profit.

Thus, you should have a separate bank account for these activities and a business plan on how you expect to make a profit from the activity. You will need to show valid business projections.

7. When you deduct donations of property to a charitable organization, you need to have the required documentation that will always include a valid appraisal. Only deduct what you actually donated to the charitable organizations and can verify with copies of canceled checks.

8. When you deduct a casualty loss, you need the proper documentation for the deduction. The documentation will always include an appraisal of the property before and after the casualty.

The amount reimbursed by insurance for the casualty. You will also need to prove your adjusted basis in the property before the casualty.

If you have a theft loss, make sure that you report the theft to the police and obtain a police report for the incident.

9. You should always be prepared for an audit by having in your possession all of the documents needed to verify the items shown on your tax return even before it is ever audited.

You do not want to search for the verification after your tax return has been selected for audit by the IRS.

10. If you are selected for a tax audit, call Fresh Start Tax LLC to ensure the best possible results.

Protect yourself from an IRS tax audit. Have Fresh Start Tax LLC prepare your next tax return.

AFFORDABLE + IRS Tax Audit Attorney, Sales Tax Lawyer, Former IRS + Tax Audit Defense + Palm Beach, West Palm Beach, Raton Raton