Cryptocurrency Investors Are Being Audited by IRS
Lance Wallach
You will get a letter from the IRS if you are in a cryptocurrency. CPAS must report on you and that is part of the problem. You need to get help ASAP. Some easy steps can save you a lot of money and give you peace of mind. Lance Wallach, who speaks at legal and accounting conventions rarely meets an advisor that knows what to do. IRS 6707a talks about CPAs etc. must report on their clients or face a $100,000 fine, and that is a problem for their clients.
More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings.
Should they quickly file amended tax returns correcting prior omissions or mistakes and hope that’s enough to avert an audit? Should big-time dodgers come forward and acknowledge their actions -- all while risking that the IRS might audit them or charge them with criminal tax evasion?
What about investors who didn’t get a letter, but think they might have failed to report some cryptocurrency investments? Should they quickly sneak in an amended or delinquent return?
“For 90% of people it’s not worth the time or the effort to fight or hide from the IRS,” said Lance Wallach who as an expert witness has never lost a case, VEBA LLC “Amend the returns, take the lumps, pay the tax and penalties and consider yourself lucky to have crypto gains instead of crypto losses.”
The warning letters, which the IRS started sending in late July, represent a new front in the agency’s attempts to curb tax evasion involving virtual-currency transactions. The IRS has been slow to stay abreast of the evolving industry as it has exploded in size and value.
Top Priority
But cryptocurrency tax compliance is now a priority. IRS criminal chief Don Fort has described digital and virtual currencies as a “significant threat” to tax collection and said
Lance Wallach, CLU, ChFC, CIMC, the National Society of Accountants Speaker of the Year, consults on abusive tax shelters, captive insurance, conservation easements,bitcoin, ,insurance, estate planning, retirement and employee benefit plans,419,412i,section 79 plans and other IRS audit targets etc. As an expert witness his side has never lost a case.
ReplyDeleteLance Wallach advised thousands of high-income clients including hundreds of famous entertainers and athletes about captive insurance, 419, 412i section 79 and other abusive tax shelters. Lance also counseled famous Wall Street luminaries such as Hugh Downs and Louis Rukeyser, the host of 2 long-running programs Wall Street Week with Louis Rukeyser & Louis Rukeyser’s Wall Street.
Speaker at over 50 annual conventions and author for more than 500 publications on tax reduction ideas, abusive welfare benefit and retirement plans, captive insurance companies,abusive tax shelters and conservation easements, cash balance plans, life settlements, premium finance, and more. He is a course developer and instructor for Continuing Professional Education courses administered by
The American Institute of Certified Public Accountants.
Lance is a prolific author, having written or collaborated on numerous books, including 'The CPA Guide to Life Insurance', published by BISK Education, 'The Team Approach to Tax and Financial Planning', published by the American Institute of CPA s, and most recently 'Protecting Clients from Fraud, Incompetence, and Scams', published by Wiley. He has been hired as an expert witness on some issues of which he speaks about, and to this day, Lance Wallach has never lost a case.
Lance Wallach has appeared on radio and TV financial programs, most recently, on National Public Radio and NBC 25. Lance consults on abusive tax shelters like 412i,419, section 79, captive insurance bitcoin, easements, tax shelters and VEBA Plans.
Additionally, Lance Wallach's expertise is sought after by the U.S. Securities and Exchange Commission, U.S. Department of Labor, the Enforcement Unit of the IRS The State Inusrance Dept etc.