Cryptocurrency Tax Advisory and Representation

Cryptocurrency investors can no longer avoid taxation, as the IRS now regulates assets like Bitcoin, Ether, and Dash, requiring taxpayers to report related income. While cryptocurrency tax rules remain complex and sometimes unclear, Mildrid Esua CPA specializes in resolving cryptocurrency tax issues. He can handle negotiations with the IRS and represent clients in IRS or NCDOR when necessary.

Cryptocurrency Tax Problems

The biggest difficulty for traders and investors is keeping accurate records. If you don’t report your virtual transactions properly the IRS will go after you for penalties and interest, and you can even face criminal prosecution. But reporting your income on these transactions is tricky. You must maintain records that include the U.S. dollar value of the purchase at the time of each transaction. If your recordkeeping does not already include this information, careful research is required in order to calculate tax correctly.

Foreign Reporting on Cryptocurrency

Just as with other types of income, taxpayers may also be required to file FBAR if their foreign crypto accounts exceed $10,000 at any time during the year. The IRS is watching and has methods for discovering these types of transactions. So, if your circumstances require you to pay taxes on your foreign investments, the IRS will eventually find you.

Are you unsure about your filing responsibilities on your crypto accounts? Call tax CPA & Advisors on 336 825 7994

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Don’t try to fight the IRS alone! Our staff is bilingual and can assist you in English or Spanish.