Key Takeaways
- What You’ll Learn
- Related Service
- Crypto Tax FAQs
- Book Your Free 15-Minute Call
Free Tax Guide
The Ultimate Guide to Virtual Currency Taxation
Complete guide to cryptocurrency taxation — reporting requirements, how tax liability is calculated, audits, penalties, and foreign accounts. Free guide.
Written by Sam Brotman, Esq.
18 min read
What You’ll Learn
This comprehensive guide covers every aspect of the topic in detail. Click any chapter below to dive in.
Chapter 1
How Is Crypto Tax Liability Calculated?
Chapter 2
How to Report Crypto Earnings
Chapter 3
How Are Crypto Audits Initiated?
Chapter 4
Crypto Transactions & the Audit Process
Chapter 5
Tax Court, Cryptocurrency & You
Chapter 6
Penalties for Crypto Tax Evasion
Chapter 7
Foreign Cryptocurrency Accounts
Chapter 8
Finding a Crypto Tax Attorney
Chapter 9
How Can Virtual Currency Be Used?
Related Service
Need professional help with this issue? View our crypto tax services →
Frequently Asked Questions
Crypto Tax FAQs
How long do I have to respond to an IRS audit notice?
Typically 30 to 60 days from the date on the notice. However, some notices have shorter or longer deadlines. Don’t wait — contact us as soon as you receive any correspondence from the IRS.
Can the IRS audit me if I used a CPA to prepare my return?
Yes. Using a CPA doesn’t prevent an audit. You are ultimately responsible for the accuracy of your return, regardless of who prepared it. However, having professional representation during the audit is critical.
What if I can’t find the documents the IRS is requesting?
We can often reconstruct records using bank statements, third-party records, and other sources. The sooner you engage us, the more options we have to build your case.
Will an audit affect my future tax returns?
Not directly. However, if the IRS made adjustments, those changes may affect carryforward items like losses or credits. We’ll review the impact and make sure your future returns reflect the correct figures.
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