Cryptocurrency has emerged as a sustainable component of our economy and has proved to be a viable means of transacting business. While initially under the control of tech enthusiasts and outlaws, these digital assets have quickly become both a mainstream investment vehicle and an opportunity for early-stage tech companies to raise capital through the process of an Initial Coin Offering (“ICO”).
At the same time, cryptocurrency and tokens have gained the attention of Internal Revenue Service, the Securities and Exchange Commission, and Federal/State courts. Our professionals have the knowledge and expertise to assist you and/or your company in navigating all of the related accounting, audit, and tax compliance issues that arise with your personal investments or your business.
Many individuals have been unaware of tax reporting requirements for cryptocurrencies and tokens. As a result, the IRS is beginning to take action and will likely attempt to make an example of individuals who fail to stay in compliance. We can help you determine your gains and losses, correctly file your tax returns, and even amend prior tax filings to limit potential penalties and interest.
We utilize a team based approach to service all of your cryptocurrency and token related issues. Whether it is tax reporting, estate planning/wealth management, or providing advice regarding entity formation for a cryptocurrency based investment fund, Citrin Cooperman has the professionals to help.