• Home
  • Industries
    • Government
    • Government Contractors
    • Charter Schools
    • Enterpreneure
    • Healthcare
    • Architectural/Engineering
    • Nonprofit
    • Real Estate
    • Construction CPA
    • Cryptocurrency
  • Services
    • Tax
      • Business tax
      • High Net Worth
      • Tax Planning
      • Nonprofit Tax
      • International Tax
    • IRS Tax Problems
      • payroll tax problems
      • IRS Collection Issues
      • Back Taxes Owed
      • bankruptcy
      • IRS Audit Representation
      • Offer In Compromise
      • Back Taxes
    • Accounting
      • Business Start-Up
      • Bank Financing/Bonding Companies
      • Virtual CFO Services
      • Bookkeeping
      • Payroll
    • Audit-Review and Compilation
      • Assurance
      • Compliance Audits
      • Single-Audit
      • Financial Statement Audit
      • Financial Statement Review
    • Advisory
      • Management Advisory
      • COVID-19
      • Cash Flow Management
  • About us
    • About us
    • Why-Mildrid Esua, CPA
    • Free Consultation
  • Client Support
    • Client Portal
    • Fee Info (transparency)
    • PAY MY BILL
    • Privacy Policy
    • Terms & Conditions for Professional Services
  • Careers
    • Positions
MILDRID ESUA, CPA, PLLCMILDRID ESUA, CPA, PLLC
MILDRID ESUA, CPA, PLLCMILDRID ESUA, CPA, PLLC
  • Home
  • Industries
    • Government
    • Government Contractors
    • Charter Schools
    • Enterpreneure
    • Healthcare
    • Architectural/Engineering
    • Nonprofit
    • Real Estate
    • Construction CPA
    • Cryptocurrency
  • Services
    • Tax
      • Business tax
      • High Net Worth
      • Tax Planning
      • Nonprofit Tax
      • International Tax
    • IRS Tax Problems
      • payroll tax problems
      • IRS Collection Issues
      • Back Taxes Owed
      • bankruptcy
      • IRS Audit Representation
      • Offer In Compromise
      • Back Taxes
    • Accounting
      • Business Start-Up
      • Bank Financing/Bonding Companies
      • Virtual CFO Services
      • Bookkeeping
      • Payroll
    • Audit-Review and Compilation
      • Assurance
      • Compliance Audits
      • Single-Audit
      • Financial Statement Audit
      • Financial Statement Review
    • Advisory
      • Management Advisory
      • COVID-19
      • Cash Flow Management
  • About us
    • About us
    • Why-Mildrid Esua, CPA
    • Free Consultation
  • Client Support
    • Client Portal
    • Fee Info (transparency)
    • PAY MY BILL
    • Privacy Policy
    • Terms & Conditions for Professional Services
  • Careers
    • Positions

Cryptocurrency Tax Preparation

Preparing for Your Virtual Currency Tax Obligations

In the ever-changing world of cryptocurrency, it is hard enough to keep up with all the different crypto coins (such as Bitcoin), wallets, and crypto exchanges, much less trying to figure out what your tax reporting responsibilities are.

Mildrid Esua CPA is experienced with cryptocurrency taxation. You can trust us with your tax filings because we’re well-versed in cryptocurrency tax rules and regulations. We know how to accurately prepare and file your tax returns in line with the most current laws governing cryptocurrency so you avoid penalties, keep more money in your pocket and don’t get into trouble with the IRS.

IRS and Cryptocurrency

Form 8949 Filing

The package takes care of reconciling and reporting the gains and losses of all the crypto transactions for the entire year including airdrops.

FBAR Filing

FBAR filing (Report of Foreign Bank and Financial Accounts) may be required if you acquired Bitcoin or other altcoins on a foreign exchange. Failure to disclose crypto holdings can result in penalties assessed up to $10,000 or greater.

FATCA Filing

Similar to FBAR reporting, you may need to file 8938 if you have crypto coins held on a foreign exchange. Penalties can reach up to $60,000 for failing to disclose.

These rules apply to all digital and cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (TLC), Dash (DASH), Ripple (XRP), Bitcoin Cash (BCH), etc. You may also be required to file an FBAR and possibly IRS Form 8938 and report all of the digital and cryptocurrencies that you currently own. And, if you don’t report your virtual transactions properly, the IRS may go after you for penalties and interest and, in some cases you may even face criminal prosecution.

Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.

Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply.  Normally, payers must issue Form 1099.

The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.

A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.

Accounting & Attestation

Auditing financial statements for private and public funds

Attest services for technology companies and service providers within the digital asset ecosystem

Attest reporting for stable coins

Examinations and/or preparation of performance records

Crypto-specific outsourced CFO services

Assessing valuation of digital assets and proof of ownership

Cryptocurrency Tax Services

 crypto Preparation of U.S. and state tax returns

Preparing cryptocurrency tax returns

Amending past tax returns

Filing back tax returns

Preparing FBAR (FinCEN Form 114)

Preparing IRS Form 8938

IRS tax problem resolution

You Talk, We listen

Industries

Construction

Not-for-profit

Healthcare

Entrepreneurs

Schools

Crypto & Bitcoin

Real Estate

GovCon

About

About US

Why-Mildrid Esua, CPA, PLLC

Pay Online

Client Portal

Careers

Terms & Conditions for Professional Services

PROUDLY SERVING NORTH CAROLINA

SouthPark Towers
6000 Fairview Road, Ste 1200
Charlotte, NC 28210
T :704 800 3040

Green Valley
Green Valley Rd Suite 200
Greensboro NC 27408
T (336) 825 7994

© 2021 · Mildrid Esua, CPA, PLLC

  • Home
  • Industries
    • Government
    • Government Contractors
    • Charter Schools
    • Enterpreneure
    • Healthcare
    • Architectural/Engineering
    • Nonprofit
    • Real Estate
    • Construction CPA
    • Cryptocurrency
  • Services
    • Tax
      • Business tax
      • High Net Worth
      • Tax Planning
      • Nonprofit Tax
      • International Tax
    • IRS Tax Problems
      • payroll tax problems
      • IRS Collection Issues
      • Back Taxes Owed
      • bankruptcy
      • IRS Audit Representation
      • Offer In Compromise
      • Back Taxes
    • Accounting
      • Business Start-Up
      • Bank Financing/Bonding Companies
      • Virtual CFO Services
      • Bookkeeping
      • Payroll
    • Audit-Review and Compilation
      • Assurance
      • Compliance Audits
      • Single-Audit
      • Financial Statement Audit
      • Financial Statement Review
    • Advisory
      • Management Advisory
      • COVID-19
      • Cash Flow Management
  • About us
    • About us
    • Why-Mildrid Esua, CPA
    • Free Consultation
  • Client Support
    • Client Portal
    • Fee Info (transparency)
    • PAY MY BILL
    • Privacy Policy
    • Terms & Conditions for Professional Services
  • Careers
    • Positions