Millennials

The Crypto Tax Solution For Non-Compliant Millennials

bitcoin taxes crypto tax audit crypto tax return crypto taxes Aug 18, 2021

Learn why 40-50% of millennials are non-compliant in reporting crypto and the cutting edge solution that will help them get back into compliance with the IRS.

 

Did you know that roughly 40 to 50 % of the entire millennial generation is currently non-compliant in reporting their cryptocurrency? 

 

How is that number possible? 

 

The millennial generation has the most significant amount of cryptocurrency ownership, while also being the newest to investing and the least financially educated in understanding their crypto tax liabilities. 

Why Don't Millennials Understand Their Crypto Tax Liabilities? 

The IRS has unintentionally criminalized an entire generation by providing scant directions on cryptocurrency tax.   

 

Now, many millennials are frightened and unsure how to make things right.  

 

Read more: An Overview Of Crypto Taxes In The US

 

How Did This Happen To Millennials?

It started very innocently.

 

Many millennials didn't know they were supposed to report crypto gains in their first year owning cryptocurrencies.    

 

Their accountant didn't ask questions about reporting crypto. Neither did tax software programs like TurboTax or H&R Block. 

 

They learned they should report their cryptocurrency gains and losses in year two, but they didn't know how to fix the year prior.  

 

And for many traders, this downward spiral continued for subsequent years, while some form of this hiding continues today.

 

Read more: Let's Talk About TurboTax And Tax Compliance For Crypto Whales

 

Many Millennials Have Moved From Tax Ignorance To Tax Panic 

Something that started as harmless now enters into the area of tax fraud because these taxpayers have knowingly filed a false tax return. 

 

And as the subsequent years pass, this fraudulent tax behavior progresses into what's known as full-blown tax evasion.  

 

Millennials Do Not Want To Be Tax Evaders

Nobody in this situation wants to be a tax evader, but many feel that the IRS will ask questions about the years prior if they try to report their crypto gains now.

 

This scenario describes many young people with a legitimate fear.

 

And it shows how the tax system has left many young crypto investors behind.

 

They want to get compliant, but now the price feels too high.

 

We need a solution to help these young investors get back into compliance with their crypto taxes.

  

Read more: Everything Crypto Traders Need To Know About An IRS Audit

 

Amending Your Past Tax Returns Could Flag An Audit

Many people ask if they should fix prior-year tax returns where they hadn't reported crypto income correctly.

 

In my practice, we have noticed that amended returns are being selected for audits 5x more often than original returns. 

 

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 that they can sleep at night.

 

Read more: Should I Fix Past Tax Returns To Report Crypto Trading?

 

CryptoTax Audit Is Millennial Radar Against an IRS Audit

CryptoTaxAudit's Transcript Membership helps crypto traders sleep at night by monitoring their IRS accounts weekly, watching for early warning audit flags assigned by IRS supercomputers indicating the IRS wants to audit your account.

 

On average, there are 4-6 months between when an audit flag is registered and a human auditor initiates the audit. So a taxpayer  can proactively fix and refile their return before an audit starts and avoid a 20-40% accuracy penalty. 

 

CryptoTaxAudit is cutting-edge technology, and there is no other service to protect you from an IRS audit like this Transcript Membership.

What Can Millennial Crypto Traders Do To Protect Themselves With This Advance Notice?

  • Examine your tax return for error, ensuring all the incomes are correctly reported, 
  • Recalculate your crypto capital gains and income, 
  • Amend your return to avoid significant accuracy-related penalties.

 

How Can CryptoTaxAudit Provide Traders This Cutting-Edge Technology?

  • When you join our Transcript Membership service, you sign a form that allows us to communicate with the IRS on your behalf. 
  • You pay a monthly fee, and for the length of your membership, we check your IRS account weekly and alert you as soon as we see an audit flag so that you can take steps to protect yourself. 
  • Unlike other services, we look at all possible tax years where the IRS could issue an audit letter. 
  • We do not look just at one year, and this is a unique benefit to you, so you can sleep well at night. 
  • If you're a business, you can also use this service to determine whether your business will be audited in the same way.
  • We keep on top of all transactions and codes entered into your accounts weekly. 
  • We send you a complete copy or summary of all your transcripts, usually a 15 to 40-page document. You'll receive this in your second month of membership.

 

Not only that, but we'll also send it to you again in or around November so that you can review the prior year's entries.

  • This tax summary lists all the penalties, the interest, the tax amounts, the statute of limitations, expiration dates, which outstanding tax debts are available for removal through bankruptcy. 
  • And also, look at the last three years of returns and identifies what areas are most likely to be red flags to the IRS computers looking to do an audit. 

 

This extra service is an invaluable tool.

 

Make This The Year You Get Compliant

As a member of CryptoTaxAudit, we give you all the tools you need to make this the year to file what we call a "Bulletproof Tax Return" using all the same methodologies that protect our whales and most prominent investor clients.  

 

You will receive a free masterclass (a value of $400) to learn how to "Do Your Own Bulletproof Crypto Tax Return."

 

This masterclass includes step-by-step instruction from the CryptoTaxFixer and proven tax disclosures to reduce the chances of an audit. 

 

You will also receive a 10% discount with access to endless tutorials for tracking your crypto and tax reporting dashboard with an Accointing Pro Plan. Discounted access to Accointing is available with a one-time payment as you become a Transcript Member of CryptoTaxAudit.

 

Extra Transcript Membership Benefits If You Are A Millennial Business Owner

If you're a business owner, you can use this membership to:

  • Monitor that your payroll company is making timely and accurate deposits of your payroll taxes with the IRS. 
  • Use your June wage and income transcript to review an invaluable list of all the W-2's, 1099 forms issued to you in the prior year for the prior year's income. 
  • Go back and make sure your tax return includes all the income that the IRS knows about.
  • Failure to do this is a source of many mistakes from taxpayers filing their own tax returns.

 

The Transcript Membership serves as an invaluable tool to help you stay on top of your business and personal accounts.

 

We want this service to help you sleep well at night and take charge of your tax situation. 

 

Don't wait another day. Sign up and take back control of your crypto tax obligations and join a community that's got your back. 

 

Become a Transcript Member of CryptoTaxAudit.com today. 

 

What You'll Get

  • Pay A Low Monthly Membership Price of $35 For Peace-Of-Mind and Protection From An IRS Audit.
    • Automatically, recurring monthly fee. A full 30-Day Money-Back Guarantee - Cancel Anytime.
  • Audit Monitoring
    • Notification of filed returns selected for audit. Usually, the notice is 2-6 months prior to the IRS sending you a notification letter of an audit.
  • Coverage For All Possible Years The IRS Can Audit
    • Coverage for all years The IRS Can Audit
  • Masterclass: Do Your Own Bulletproof Crypto Tax Return
    • Learn from Clinton Donnelly, The Crypto Tax Fixer, how to report your crypto with your US tax return and what to include to make it bulletproof. Included for FREE ($400 value).
  • Crypto-Aware Tax Debt Relief Consultation
    • Resolving tax debt while owning cryptos is extra tricky. Work with experts who understand your eligibility for installment plans, offers-in-compromise, and other debt management options. Additional charges apply.
  • Identify Hidden Tax Refund Opportunities
    • Learn if you are entitled to special refunds of past penalties and interest.
  • Annual Wage & Income Pulls From IRS Database
    • The number one cause of IRS letters is the failure to report all the 1099s that were sent to you. By pulling from the IRS's own 1099 database, you can file a thorough tax return the first time.
  • Initial IRS Consolidated Transcript Report
    • After the second month of membership, you will receive the report.
  • Monthly IRS Consolidated Transcript Reports
    • Each month, the updated transcript report is provided to you, keeping you informed of your IRS account.
  • Tax Transcript For College FAFSA Application
    • Receive a transcript for your FAFSA application.

 

We've got your back!   We are radar for crypto traders, so they can sleep at night.



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