A One-Stop Shop Tax Services For Cryptocurrency
Cryptocurrency Taxes in the United States
There has historically been quite a bit of confusion on how virtual currencies would be taxed. Some believed that they all must be reported as capital gains, and some believed that they don’t need to report them since they have never received 1099 forms from the crypto trading platform.
Now, the IRS is actively targeting crypto holders and cracking down on those who are not reporting, under-reporting, or mistakenly reporting with their transactions. According IR-2018-71, the IRS noted that “taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions”. In other words, it is time to get serious about cryptocurrency tax reporting and filing.
From the past years, a lot of new clients with crypto came to us to amend their prior year returns to bring them in good standing with the IRS. Now, it is the time to do so.
Welcome to One-Stop Shop Tax Service for cryptocurrency offered by
SBS Tax and Consulting Services
Our brand new One-Stop Shop Tax service allows you to experience quick, accurate, and simple cryptocurrency tax reporting and filing.
Unlike other firms, we truly understand what you need to report with your crypto transactions. We won’t ask you to go from one platform to another to calculate the capital gain and losses on your own. We will calculate cost basis for you to compute any capital gains and losses, and then identify any taxable events and report them on your tax returns.
We will discuss your tax situation and filing requirement during our client implementation process, and we will ask you to provide all the requested data documents. After that, you can sit down, and we will handle the rest for you.
Why Use Our Services?
First, we speak the same crypto language as you do. We have been actively trading cryptocurrency since 2018, and we know the inside out about cryptocurrency. Second, we know what the IRS wants to see with your crypto transactions. We’ve closely monitored all the IRS guidance on the tax treatment of crypto, and we have prepared many amended tax returns involving crypto. Not just amending the tax returns, we have to explain to IRS how our works on the amended return could minimize our clients’ tax burdens and penalty/interest.