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Beware Crypto-Traders: 1099 Forms May Bury You

September 20, 2023 by admin

Crypto-Tuesday, September 19, 2022 – Hey taxpayers, If you’re messing around with this Bitcoin and other digital money, you better brace yourselves. The government wants their cut too, and they’re real serious about it.

So here’s the thing: end of the year comes, and WHAM! You get hit with a ton of these 1099-B tax papers (soon to be 1099-DAs) What’s a 1099-B? Well, it’s a paper that says how much you made or lost trading stuff. And guess what? Every place you traded crypto is gonna send you one. So if you’re trading a lot, or using different apps to do it, you’re gonna have a mountain of papers to deal with. I have clients who received 100’s of 1099-B forms in one year!

Don’t think you can get just any brainiac with a calculator to figure this out. This crypto tax stuff is like the Wild West, and you need someone who knows the ropes. So get someone who really gets how digital money taxes work.

And here’s the kicker: some of these trading places don’t even send out 1099-Bs. So you gotta be real careful, or you’re looking for trouble with the IRS. My old man used to say, “Time is money.” So use your time wisely and get to know how taxes work with this crypto stuff.

Hey, I know it sounds like a headache, but life ain’t always easy, right? This is part of the game if you wanna get rich and keep your money safe. Just remember, the taxman always wants his share, so you better be ready. It’s not just about making a quick buck; you gotta be smart about keeping it too.


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk Tagged With: 1099-B, Bitcoin, Crypto, Ethereum, IRS, Tax Return, Taxes

The SEC, IRS & US Government Do Not Like Crypto!

July 21, 2023 by admin

In recent years, cryptocurrencies like Bitcoin and Ethereum have gained immense popularity, leading to a surge in people buying and selling digital assets. However, with the rise of these digital currencies, the Internal Revenue Service (IRS) is taking a more serious approach to ensure tax compliance in the crypto space.

For tax purposes, the IRS treats digital assets as “property,” similar to stocks or real estate. To tackle the complexities of cryptocurrency taxation, the IRS launched “Operation Hidden Treasure” in 2021, targeting individuals who fail to report their cryptocurrency income on their tax returns. Furthermore, the Inflation Reduction Act of 2022 allocated substantial funds to the IRS, a portion of which is dedicated to monitoring and enforcing cryptocurrency tax regulations.

Looking ahead, the IRS has laid out its strategic plan from 2023 to 2031, signaling its commitment to enhancing enforcement actions concerning digital assets. Stricter reporting requirements are being imposed on cryptocurrency brokers, including exchanges, which will provide the IRS with more data to closely monitor taxpayers involved in virtual currency transactions.

Taxpayers should take heed of the evolving tax reporting requirements for digital assets. Recent federal income tax returns have included questions about “digital assets,” including Non-Fungible Tokens (NFTs), which represent unique digital or real-world items on the blockchain.

Though cryptocurrencies offer a degree of anonymity, the IRS has demonstrated its ability to trace digital assets. In a recent court case, the IRS successfully obtained the cryptocurrency account information of a Coinbase customer.

To navigate the ever-changing landscape of cryptocurrency taxation, it’s crucial for taxpayers engaging in digital currency activities to stay informed and seek professional tax advice. Reporting cryptocurrency activities accurately and honestly is vital to avoid potential penalties or legal troubles with the IRS. Remember, compliance is key to stay on the right side of the law while delving into the world of digital currencies.

Article in The Pittsburg Post Gazette

https://www.post-gazette.com/business/money/2023/07/17/irs-cryptocurrency-digital-money-mining-bitcoin-bitcoin-ethereum-tax-enforcement/stories/202307160033


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Cryptocurrency, Today's Tax Talk Tagged With: Crypto, crypto-tax, cryptocurrency

Mr. Dave Guttman

May 5, 2023 by admin

Friday May 5, 2023 – Meet Dave Guttman, Cheif Operating Officer of CryptoFi. As COO Mr. Guttman is responsible for helping Banks and Credit Unions add the ability for their customers to buy, sell and hold cryptocurrency within their banking ecosystems.

Mr Guttman is a friend of the show, and appeared here as the.General Manager & SVP of Operations for CoinFlip – the world’s leading bitcoin ATM operator.

CryptoFi provides Crypto-as-a-Service (CaaS) solutions bridge the gap between traditional finance and the digital assets of the future, compliant with all regulations.the gap between traditional finance and the digital assets of the future, compliant with all regulations.

Join Attorney Steven A. Leahy in Today’s interview with Mr. Dave Guttman of CryptoFi.

Click Here Reach CryptoFi.Tech

Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Trust Radio Network Tagged With: blockchain, Crypto, NFT

How AI and Blockchain Are Changing the World

May 3, 2023 by admin

Crypto-Tuesday May 2, 2023 – Today we explore the intersection of AI and blockchain and how these two technologies can work together to revolutionize various industries.

We discuss how AI can improve the efficiency and accuracy of smart contracts, while blockchain can ensure transactions are secure and transparent. Additionally, we explore how AI and blockchain can be used in healthcare to improve medical record-keeping, in cybersecurity to create stronger and more resilient systems, and in renewable energy to create more efficient and sustainable energy systems.

Attorney Steven A. Leahy also discusses the potential challenges and ethical concerns that must be considered when using these technologies. Join us as we delve deeper into the exciting possibilities of AI and blockchain and their potential impact on our world.

https://www.rollingstone.com/culture-council/articles/ai-needs-blockchain-1234726883/

https://cointelegraph.com/innovation-circle/ai-meets-blockchain-revolutionizing-smart-contracts-and-cryptocurrency


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk Tagged With: AI, blockchain, ChatGPT, Crypto

Bitcoin Breaks $30,000

April 11, 2023 by admin

Crypto-Tuesday April 11, 2023 – Bitcoin, the world’s largest cryptocurrency by market capitalization, has broken through the $30,000 threshold for the first time since May 2021, marking a significant milestone in its volatile price history.
The digital currency has been on a rollercoaster ride in recent years, experiencing extreme fluctuations in value, but this latest surge is a positive sign for investors who have held onto their bitcoin through the ups and downs.

The price surge can be attributed to several factors, including increased institutional adoption of bitcoin, growing interest from retail investors, and a renewed focus on the potential use cases of cryptocurrencies. Some experts also point to the current economic climate, which has seen governments around the world pumping trillions of dollars into their economies to counter the effects of the COVID-19 pandemic, as a key driver of the bitcoin price surge.

Speculation is rampent. Will Bitcoin continue the surge. Some speculate to $1 Million. Or, will it crash and burn to zero. Only time will tell.

Attorney Steven A. Leahy looks at the latest Bitcoin news on Today’s Tax Talk.

https://coinflip.tech/markets

https://www.reuters.com/technology/bitcoin-pushes-past-30000-investors-eye-end-rate-rises-2023-04-11/

https://www.coindesk.com/business/2023/04/11/bitcoin-breaks-above-30k-for-first-time-since-june-2022/


Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

Filed Under: Today's Tax Talk Tagged With: Bitcoin, Crypto, cryptocurrency, IRS, Tax

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