CryptoCurrencyWire’s latest audio production features Andrew Gordon, Managing Attorney of Gordon Law Group, a firm specializing in helping individuals and businesses navigate the complexities of digital asset taxation, including NFTs and DeFi.
During the interview, Gordon discussed some key steps to staying on the right track with tax compliance, particularly when it comes to crypto activity.
“Crypto tax compliance is, unfortunately, quite difficult. As a taxpayer or individual investor, if you’re trading on more than just one exchange, you typically are responsible for your own tax reporting,” said Gordon. “You need to obtain all the different documents from different exchanges or sources that you’ve used and compile those tax reports. One of the most important yet basic steps is to ensure you have all records or documents from the various exchanges or platforms where you’ve traded.”
“The IRS has had a question on tax returns for quite a few years now asking taxpayers whether or not they’ve had crypto activity to report. Going all the way back to 2014, the IRS issued guidance saying that crypto was reportable on your tax return as property, so this requirement has existed for many years. We talk to people all the time who are just learning about this requirement but wanting to be on the right side of the law and tax compliant.”
“The IRS has a few ways to do this. One of the most straightforward ways is amending your tax returns, working with a professional or identifying what those crypto amounts should be on your own. There are also more formal programs, such as the IRS Voluntary Disclosure Program, which is available for people who knew they had to report but for whatever reason did not… The IRS is getting more information than ever before from a variety of sources, including exchanges that are located outside the U.S… With this information, the IRS has decided to send a warning letter to many individuals, identifying crypto transactions that may not have been reported. We’re talking to people on a daily basis that have been receiving this letter, so it’s a great opportunity to be proactive if you haven’t fully reported previously.
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