IRS & California Tax Blog

IRS Crypto Tax Challenges Cryptocurrency tax attorney Alex Kugelman joined the BitcoinTaxes podcast to share his expert crypto opinions on what the latest round of IRS activity means for crypto holders. Alex and Matt Metras, an Enrolled Agent with MDM Financial Services, had a roundtable discussion with host Salvatore Vescio to breakdown the increased IRS…

What To Do If You Are a Crypto Scam Victim The mainstream adoption of cryptocurrency means a corresponding increase in crypto scams and hacks. This article will explore what scams look like, warning signs that you may have fallen for a cryptocurrency scam, and what options are available if you are a victim of a…

Crypto Taxes and IRS Enforcement Cryptocurrency tax attorney Alexander Kugelman joined the Crypto Craze TV show to discuss how the IRS is cracking down on cryptocurrency investors and traders who may not be paying their crypto-related taxes. The IRS sent 10,000 letters to suspected cryptocurrency traders who did not meet their tax requirements related to…

IRS and the Coinbase Summons In 2018, Coinbase handed over information on more than 14,000 account holders to the IRS. Since that time, cryptocurrency traders have held their breath waiting for IRS enforcement. In June 2019, cryptocurrency traders are seeing the first step of that enforcement – IRS Letter 6174-A. This has all the hallmarks…

First Conclusive Indication Regarding Altcoin Trades Cryptocurrency traders often ask whether an altcoin trade, exchanging one cryptocurrency for another (e.g., bitcoin for ripple), is a taxable event. For practical and financial reasons, many cryptocurrency traders hoped that it was not. And many taxpayers that conceded altcoin trades were taxable, argued that like-kind exchange rules under…

Did you recently receive Letter 6174-A from the IRS? If you are a crypto holder who has received IRS Letter 6174-A, then this is what you should about it and the questions you should be asking. Is this the IRS acting on Coinbase summons information? It is a reasonable assumption, but the notice does not…

How To Stay in Crypto Tax Compliance Cryptocurrency accounting presents a unique challenge for U.S. taxpayers who must deal with incomplete records, unique documentation standards, and limited IRS direction. Cryptocurrency tax attorney Alexander Kugelman joined the Crypto Craze TV show to explain why compliance with crypto tax laws is so difficult and what can be…

Crypto Tax Podcast Cryptocurrency tax attorney Alex Kugelman appeared on the BitcoinTaxes Podcast with Salvatore Vescio to discuss the purpose behind IRS Letters 6173, 6174, and 6174-A and what they mean for crypto users and traders. Listen to the full podcast here! We Can Help with Your Cryptocurrency Tax Compliance Kugelman Law is a tax…

Crypto Tax Audit Podcast Alex Kugelman, a tax controversy lawyer with expertise in cryptocurrency and IRS audits, joined the BitcoinTaxes Podcast for a deep dive into a cryptocurrency tax audit. Host Salvatore Vescio asked Alexander questions about what to do in the event of an IRS Criminal Investigation (CI) and how the COVID-19 pandemic has…

Crypto Tax Compliance A current court case regarding taxation of cryptocurrency staking could have long-lasting ripple effects throughout the crypto community. The lawsuit (Jarrett v. United States) filed by a Tennessee couple claims staking rewards should not be counted as income. Crypto staking is a way of earning rewards for holding certain cryptocurrencies on proof-of-stake…