Cryptocurrency Tax

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The dream of never paying taxes on crypto gains is a thing of the past.  Taxpayers need to take the IRS seriously and educate themselves about their tax reporting obligations. 

  • On March 23, 2018 the IRS released yet another statement reminding taxpayers that gains from cryptocurrency is reportable as income.

  • In March of 2018 reports surfaced that the NSA has been extensively working on tracking Bitcoin users dating back as early as 2013.

It's no secret, taxes are complicated.  If we add in the nuanced and uncertain landscape of the crypto-tax rules, they become even more complicated. 

Let us help. To bring you into tax compliance with the IRS, HARP LAW offers two basic services:

(1) Initial General Consultations

(2) Tax Assistance for Reporting Cryptocurrency Income, Gains & Losses


 
 

(1) Initial General Consultation

This is a no strings attached initial general consultation with Attorney Hadi Harp to answer your general questions and provide you with a roadmap to come into tax reporting compliance.

Get answers to questions such as: 

  • Which crypto transactions are taxable events?

  • Do crypto-to-crypto trades qualify for like-kind exchanges under IRC 1031?

  • Where and how do I report my cryptocurrency gains and losses?

  • I received payment for services or goods in cryptocurrency, it that taxable?  Does that get the same treatment as gains from trades?

  • Someone paid me in Bitcoin or Ethereum, is that taxable? 

  • Are hardforks and airdrops taxable?

  • What are capital gains? Are they short term or long term?  

  • Can I claim any cryptocurrency losses?  Is anything deductible?

  • I'm starting a cryptocurrency adjacent business, should I form an LLC to do that?

Consultation Flat Fee:  $199

Important:  By scheduling a Crypto-Tax General Consultation you acknowledge, understand and agree that only a signed engagement letter between you and attorney Hadi Harp will establish an attorney-client relationship.

 
 

(2) Tax Reporting Assistance


After scheduling a Crypto Tax Advisor Consultation it may be possible for us to work together further.  Specifically, we may be able to assist you in sorting out your crypto-related tax obligations so that they can be properly accounted for and reported. 

In order to start that process, first schedule a Crypto Tax Advisor Consultation above.  After we talk and have had a chance to learn more about your situation, if we determine there is a good fit to work together further, we will discuss that possibility. 

Thereafter, the process moving forward is simple: 

Step 1.  We will send you our standard Client Engagement Letter for review and signature. Upon signing, we will request that you (a) provide us with all the underlying records requested in order to prepare your tax forms, and (b) pay the requested retainer amount.

Step 2. We will sort through your records and prepare the appropriate documentation to account for your cryptocurrency transactions.  We will also provide an instructional cover letter to give to your tax preparer or CPA so that they can utilize the appropriate documents and records on your tax return.       

Tax Reporting Assistance Fee: Varies based on complexity involved. 

 
 

 

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