CRYPTOCURRENCY TAX RETURNS: SHOULD YOU PREPARE YOUR OWN?
Many people have reaped some serious rewards from their cryptocurrency investments. It’s a lucrative new monetary medium that many people are getting behind. But because it is new, it becomes harder to navigate when tax season comes around. Taxes can be hard enough to understand when you are dealing with normal income, and many people end up leaving money on the table. Mistakes become much more likely when dealing with cryptocurrencies, so we make the argument that filing cryptocurrency tax returns should be left up to the professionals. Here’s why.
IT’S GOING MAINSTREAM
Cryptocurrencies, especially the big ones like Bitcoin, are becoming more mainstream than ever. That means that the IRS is cracking down on them come tax season. While many have been able to under report their virtual currency assets in the past, this practice is fast becoming inviable. In fact, the IRS has recently filed a suit in court against Coinbase, which is one of the largest cyrpto exchanges in the United States, in order to find information on potential tax evaders. This is not a good time to be making mistakes on cryptocurrency tax returns.
PROFESSIONALS ARE KNOWLEDGEABLE
Cryptocurrencies are in an unusual middle ground where the IRS is now cracking down on them, but even many licensed CPAs are struggling to understand the new tax law. So, to navigate, it’s important to not only find a professional in tax law, but one who is current on cryptocurrency tax law as well. Here at Camuso CPA, we have all the knowledge necessary to save you as much money as possible on your cryptocurrency tax returns. That puts us on the cutting edge of a brand new financial trend. When it comes to protecting your investments in the form of cryptocurrencies, Camuso CPA is one of the few CPA firms that can work with you to ensure you are compliant with tax law.
Even something as simple as human error on a tax return can result in an audit by the IRS. For investors out there, this poses a significant problem when trying to report income. By hiring out to a professional CPA firm, that firm can assume responsibility for the veracity of your tax returns. Considering how busy many investors are, the savings on time alone can be enough to justify cryptocurrency CPA services. An audit alone is stressful enough, but having to go to federal court to prove you earned your wealth legally is a real drain on both time and resources.
Hopefully we’ve explained the necessity for CPA tax help when it comes to cryptocurrency tax returns succinctly enough. Here at Camuso CPA, we are proud to help people in the Charlotte area save money on their tax returns. If you would like to know more about how our cryptocurrency tax services can benefit you, please do not hesitate to reach out to us at your earliest convenience. One of our friendly and knowledgeable representatives will be happy to answer any questions that you may have.