Virtual Currency Tax Filing

Focused on Clarity

The IRS is aggressively focusing on cryptocurrency taxation. They have sent subpoenas to well-known digital asset exchanges, worked with Chainalysis (a “big data” blockchain analytics company), and now require all taxpayers to state on the first page of their tax returns whether or not they have had any virtual currency transactions during the year.

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Virtual currency tax filing

How Citrin Cooperman Can Help

There has been significant misinformation in the cryptocurrency community regarding tax obligations. Many individuals incorrectly assumed that crypto-for-crypto trades were not taxable. More recently, the rise of DeFi and NFTs has created a gray areas in existing tax laws and regulations.

It is critical for early adopters to obtain the right tax advice, and file/amend prior returns as soon as possible to reduce or avoid interest and penalties. Please reach out to a Citrin Cooperman professional for help.