Chicago IRS Tax Attorney

Chicago Tax Team - We help business professionals solve their IRS problems - FOREVER!

Call Us 312-664-6649
Free Consultation
  • IRS Radio Hour
    • IRS Radio Hour Show – 8/31
    • IRS Radio Hour Show – 8/23
    • IRS Radio Hour Show – 8/17
    • IRS Radio Hour Show – 8/10
    • IRS Radio Hour Show – 8/03
    • IRS Radio Hour Show – 7/27
    • IRS Radio Hour Show – 7/13
    • IRS Radio Hour Show – 7/06
    • IRS Radio Hour Show – 6/29
    • IRS Radio Hour Show – 6/22
    • IRS Radio Hour Audio
      • IRS Radio Hour – 6/15
      • IRS Radio Hour – 6/08
      • IRS Radio Hour – 6/01
      • IRS Radio Hour – 5/25
      • IRS Radio Hour – 5/18
      • IRS Radio Hour – 5/11
      • IRS Radio Hour – 5/04
  • Services
    • Tax Preparation
    • Tax Resolution
      • IRS Installment Agreement
      • IRS Currently Not Collectible
      • IRS Offer in Compromise
      • IRS Penalty Abatement
      • Presidential Tax Resolutions Timeline
    • Bankruptcy
      • Chapter 7
      • Chapter 13
    • Foreclosure Defense
  • About Us
    • Why Us
  • Testimonials
  • Today’s Tax Talk
    • Steven Leahy – Legal Questions Answered
  • Contact Us

Taxing Crypto & Blockchain Assets

January 11, 2022 by admin

Tuesday January 11, 2022 – 2021 saw a boom in cryptocurrency and other Blockchain assets (NFTs, DAOs) activity by taxpayers who never even heard of these assets before this year. If these taxpayers are not prepared, they could be facing a big tax liability AND audits by the IRS – both things to avoid.

When it comes to Cryptocurrency, the first thing to know is -Crypto is taxed as property – and, therefore, likely creates a taxable event each time it is traded, sold, or used as an exchange of value (think buying something). Because Crypto is considered property, it is imperative that the taxpayer keep good records. Untangling Cryptocurrency transactions can be a daunting exercise.

Non-Fungible Tokens create a whole list of different tax issues. NFTs are likely considered collectibles. And collectibles are treated differently depending on your income level.

Attorney Steven A. Leahy talks about the impact these new issues may have on your tax bill.

Filed Under: Today's Tax Talk

Listen to the PodCast!

IRS Radio Hour

Sunday at 5:00 pm
AM 560 The Answer
LISTEN HERE

Our Resources

  • Learn about Chicago Tax Resolution Law Firm »
  • Learn About Bankruptcy Chapter 7 »
  • Look at our blog for more information »
  • Expert IRS Tax Problems - How to Solve »
  • Timeline on IRS Tax Resolutions »
  • 
  • 
  • 
  • 
  • 

Testimonials

Our Office

Our Office has represented Clients throughout Chicago & Northern Illinois. We represent many clients from Cook County; however, we have represented clients from:

DuPage County
Kane County
Kendall County
Grundy County

Lake County
McHenry County
Will County
LaSalle County

We have helped taxpayers in Wisconsin, California, Tennessee, and perhaps your state. No matter where you call home, we look forward to your telephone call for your FREE consultation.

2525 Waukegan Road * Suite 210 * Bannockburn, Illinois 60015
Telephone: (312) 664-6649

Opem Tax Advocates, The Law Office of Steven A. Leahy, PC, Attorneys & Lawyers  Bankruptcy, Chicago, IL

Disclaimer - Privacy Policy

All text and design is copyright © 2021 Opem Tax Advocates, LLC. All rights reserved