Should I Fix Past Tax Returns To Report Crypto Trading?Mar 18, 2021
Learn about a breakthrough technology that allows those crypto trading to better handle fixing past crypto tax returns reported with the IRS.
Many people ask if they should fix prior-year tax returns where they hadn’t reported crypto income correctly.
We have noticed that amended returns are being selected for audit five times more often than original returns in my practice.
And trust me, Nobody wants the agony or expense of being audited by the IRS.
Recent breakthroughs in technology now allow traders a better option for handling past returns, so they can sleep at night.
We know that’s a big claim. So let me explain how.
How To Protect Yourself From Past Crypto Trading?
I started CryptoTaxAudit to help crypto traders protect themselves from the IRS.
My tax law firm has prepared thousands of tax returns for large crypto traders and whales.
We are the top specialty firm defending crypto traders under audited by the IRS.
Alert Service For Crypto Trading
Breakthrough technology now allows my firm to monitor your IRS crypto returns weekly.
How can we monitor your IRS crypto returns weekly?
- The IRS uses supercomputers to flag which returns to audit.
- If you get flagged for an IRS audit, crypto or non-crypto-related, CryptoTaxAudit will notify you immediately.
- On average, there are six months between when a return gets flagged and when a human auditor starts the audit.
- In six months, we can fix any problems and refile the return before the audit starts. You thus avoid the auditor’s 20-40% accuracy penalty plus significant interest.
No-one else in the industry is offering this type of service.
Fixing Past Returns For Crypto Trading
Some crypto traders want to fix past returns but are rightfully concerned about attracting an audit.
Instead, they have my firm CryptoTaxAudit monitor their past returns and, as a result, only fix those returns flagged for an audit.
Crypto traders feel this is a safer strategy while waiting for the statute of limitations protection to kick in, three to six years after filing.
It is much cheaper to have CryptoTaxAudit monitor all your past returns than to amend them.
Why throw good money after bad if you never get selected for an audit?
What Is The Dreaded CP2000 If You Are Crypto Trading?
CryptoTaxAudit also monitors for under-reporting of income which is the most common cause of IRS examinations.
When crypto traders under-report, the IRS adds up all your W-2 and 1099 forms to see if you accounted for all the income on your return.
CryptoTaxAudit technology can detect under-reporting and send you an alert before the IRS sends the dreaded CP2000 examination letter.
No Other Service Protects Your Crypto Trading Like CryptoTaxAudit
There is no other service like CryptoTaxAudit.
Neither TurboTax, TaxAct, H&R Block, nor your friendly local accountant offers an early warning service.
Related Reading: Let's Talk About TurboTax and Tax Compliance For Crypto Whales
They offer passive audit protection that doesn’t kick in until after you get the audit letter. They’re too late. The damage is done.
Their passive audit protection looks cheap, but it will cost you tens of thousands of dollars.
We think you deserve better!
CryptoTaxAudit monitors the last twenty years of returns regardless of who prepared them. The competitors only help with one year at a time.
Members of CryptoTaxAudit also benefit from education on tax preparation and tax problem resolutions.
Related Reading: 3 Reasons Why Crypto Traders Should Have Crypto Tax Audit Defense
Become a member at CryptoTaxAudit.com and start having real peace of mind.
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