Quick answer (read this first) There is no general profit, trading-volume, or account-size threshold that requires a prediction-market trader or trading firm to obtain a written tax opinion. The need […]
Quick answer (read this first) A prediction-market trader or trading firm can finish the year with a reliable estimate of economic profit and still be materially unprepared to file a […]
Quick answer (read this first) The short answer: There is no separate federal tax treatment that applies merely because a participant is described as a prediction-market market maker, professional trader, […]
Quick answer (read this first) Professional market making on Kalshi can present a substantially more complicated federal tax and accounting profile than occasional prediction-market trading. Two-sided quoting, automated execution, short […]
Quick answer (read this first) A CPA advising a professional prediction-market trading firm may need to do considerably more than transfer annual platform totals onto a tax return. Depending on […]
Camuso CPA PLLC has submitted a formal recommendation to the U.S. Department of the Treasury and Internal Revenue Service requesting coordinated federal tax guidance for prediction-market event contracts under Notice […]
Quick answer (read this first): What they are: IRS Letters 6174 and 6174-A are advisory crypto compliance letters, sometimes called soft letters. Neither strictly requires a response, which sets them […]
Quick answer (read this first): What it is: IRS Letter 6173 is a response-required compliance letter sent to taxpayers the IRS believes had cryptocurrency transactions that were not properly reported. […]
Quick answer (read this first): What it is: A CP2000 crypto notice is a proposed adjustment generated by the IRS Automated Underreporter program when third-party data, increasingly Form 1099-DA proceeds […]
Quick answer (read this first): What it means when the IRS contacts you about crypto: An IRS crypto letter means the agency has data suggesting your digital asset activity was […]
