08-01-2021, 01:35 PM
CPA - Tax Professional 12+ years here [USA]. Happy to answer any questions regarding
<!-- SC_OFF --><div class="md"><p>The IRS added a new checkbox this year on Form 1040 p. 1 ‘Did you trade virtual currency?’. They’ve subpoenaed Coinbase and are forming entire divisions devoted to finding those not paying tax on crypto gains. That being said, there are still ways to properly report while also mitigating your liabilities. Luckily COVID has set them back quite a bit with regards to work in general - that being said, pandemic cost the US a lot and they’ll be coming after any easy targets for tax (usually billionaires-crypto traders will be at the top of the list in next couple years imho)</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/idkwat2dowithmyhands"> /u/idkwat2dowithmyhands </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ovjf7o/cpa_tax_professional_12_years_here_usa_happy_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ovjf7o/cpa_tax_professional_12_years_here_usa_happy_to/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>The IRS added a new checkbox this year on Form 1040 p. 1 ‘Did you trade virtual currency?’. They’ve subpoenaed Coinbase and are forming entire divisions devoted to finding those not paying tax on crypto gains. That being said, there are still ways to properly report while also mitigating your liabilities. Luckily COVID has set them back quite a bit with regards to work in general - that being said, pandemic cost the US a lot and they’ll be coming after any easy targets for tax (usually billionaires-crypto traders will be at the top of the list in next couple years imho)</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/idkwat2dowithmyhands"> /u/idkwat2dowithmyhands </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ovjf7o/cpa_tax_professional_12_years_here_usa_happy_to/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ovjf7o/cpa_tax_professional_12_years_here_usa_happy_to/">[comments]</a></span>Kind Regards R