Have You Underreported Your Cryptocurrency Taxes to the IRS?- Guest Post

Crypto currency taxes

CP2000 can be given tax notification to those trading in cryptocurrencies like bitcoin, dogecoin, Ethereum, and so on. In case you have not reported your crypto-tax liabilities to the IRS, you should contact a Cryptocurrency Tax Attorney in Florida for profound legal services.

However, in advance, you should know that the cryptocurrency tax must be disclosed. We provide you with short information on whether to hire a Cryptocurrency Tax Attorney or not.

We provide a brief overview for you to decide whether or not to hire a Cryptocurrency Tax Attorney.

Does hiring a tax lawyer make sense or is it worth it?

Consider the following things for knowing your need regarding hiring a Tax Attorney:   

  • You’ll have an expert who can help you in dealing with the IRS in all dimensions.
  • They offer comprehensive and problem-solving IRS services, including all domains from tax debt settlement to build the most efficient tax approach for businesses and individuals.
  • Cryptocurrency Tax Attorney in Florida also provides complete Estate Planning, including Wills Trusts & Powers of Attorney, as well as Estate Settlement and Probate.
  • The IRS advises cryptocurrency traders and investors to check their tax returns from the previous year.
  • Experienced Tax Attorneys can transparently clarify- How does the IRS calculate tax payment digital currency-related income tax liabilities?
  • If you haven’t received any CP2000 tax notice related to crypto trading taxes, you are safe and don’t need to file taxes.

Things to Know About CP2000 Notice

What is a CP2000 Notice?

If the Internal Revenue Service (IRS) detects a difference in your income or payment information on file, you may get a CP2000 Notice letter that increases or decreases your tax, or it may not modify at all.

In short, this notice may show the taxes and even penalties that you owe for the missing revenue of your return.

What if I ignore the CP2000 letter?

The IRS will evaluate extra taxes, fines and interest if you choose to disregard the CP2000 notification then continue to enforce payments. It’s never a smart idea to ignore a CP2000.

Could I even ask the IRS to cancel the CP2000 notice penalty?

When responding to your CP2000 notice letter, you must oppose the penalty by stating the facts as well as a reasonable cause justification for why the penalty should not be imposed.

Is it possible to react to the CP2000 by fax?

Yes, and if you’re on the verge of missing the 30-days revert deadline, this is the best option.If your description exceeds one page, number each page so the tax examiner knows he is reviewing the entire document.

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Choose the best solution for you below. Furthermore, when negotiating with the IRS, you need to consider several factors.IRS. If you have received the CP2000 letter, it would be a smart choice to hire a Cryptocurrency Tax Attorney in Florida who can easily guide you by providing the best-fit solution to your specific case.