Conservation Easement Cases

Cryptocurrency Explained Lance Wallach Digital and online forms of money handled through transactions constitute cryptocurrency, and these networked interactions lead to possible legal complications based on real world issues with the technical and financial realms. To understand these matters better, a courtroom may need the help of an expert witness to detail what cryptocurrency is and how it affects the plaintiff. In the digital world, computers and networking are becoming more important in the business and financial aspects of the globe, cryptocurrency has a purpose. The implications of online currency and payment for like services is not uncommon. However, by shifting income to strictly online aspects of money, it is possible for services and networked products to come to the forefront without real money interfering. Some may transfer cash into online gaming and other electronic pursuits, but cryptocurrency may remain digital payment for services and work without...

Cryptocurrency IRS 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 a tax expert. “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 lett...

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...

Cryptocurrency transactions who potentially failed to report income You need to get help now. The Internal Revenue Service  announced  today that it has begun mailing what it calls “educational letters” to taxpayers with The Internal Revenue Service  announced  today that it has begun mailing what it calls “educational letters” to taxpayers with cryptocurrency transactions who potentially failed to report income and pay the resulting tax from such transactions, or did not report their transactions properly. The IRS started sending these letters to taxpayers last week. By the end…who potentially failed to report income and pay the resulting tax from such transactions, or did not report their transactions properly. The IRS started sending these letters to taxpayers last week. By the end… Published on November 26, 2019