09 May Stop My IRS Bill Talks about Trends: IRS Focuses on Bitcoin Cryptocurrency Investigations
Summary: Local Tax Firm, Stop My IRS Bill, announced today it is now focused on the growing targets of IRS audits dealing with bitcoin and other cryptocurrencies.
San Diego, CA, United States – Tax professionals from the tax firm, Stop My IRS Bill, based in La Mesa, CA, touched on the delicate topic of cryptocurrencies. There remains a great deal of confusion on what is or is not reportable in the world of cryptocurrency. For those who deal or trade in—or perhaps use the digital assets as a means of exchange for goods and services—the IRS requires transactions to be reported as in other forms of income. If there are foreign digital assets, every U.S. taxpayer is required to disclose these assets under the guidelines of FBAR (Foreign Banking Asset Reporting).
James Harnsberger, Enrolled Agent and Sr. Case Manager for the firm, commented, “The IRS has been working for some time now developing audit techniques aimed at a two-prong approach: first, unreported transactions involving bitcoin and other cryptocurrencies; and second, unreported foreign assets, bank accounts and bitcoin or other cryptocurrency wallets.”
Stop My IRS Bill is a local firm headquartered in La Mesa, CA, and specializes in the representation of taxpayers who have disputes or problems in filing or paying taxes when dealing with the IRS. The firm began its focus on digital assets representation about three years ago and currently reports that in audits, collection of past due tax cases, offers in compromise or installment agreements, the IRS is now requiring full disclosure of all digital assets. Mr. Harnsberger continued, “The IRS has serious penalties for failure to disclose foreign assets. For taxpayers who trade or exchange in digital assets, the scrutiny the IRS is giving has increased significantly and these are signs the IRS is serious about reporting transactions and income from cryptocurrencies such as bitcoin and other digital currencies or assets.”
For more information, please visit https://www.stopmyirsbill.com/
Name: Susan Harnsberger
Organization: Stop My IRS Bill.
Address: 7777 Alvarado Road, Ste., 211, La Mesa, CA 91942