Cryptocurrency Tax Planning
Cryptocurrency, commonly referred to simply as Bitcoin, has recently fallen under governmental scrutiny. As the currency rises in popularity, it has been used to pay employees, as well as purchase from retailers. Crypto tax law is complex and hard to understand. Many long-term Bitcoin owners have found the rise in cryptocurrency taxes especially difficult because Bitcoin was previously untaxed and unregulated. The law considers cryptocurrency a capital asset. This popularity has resulted in a renewed focus on clarifying e-currency tax law. The Internal Revenue Service (IRS) will be treating most cryptocurrency transactions as a taxable event and intends to enforce cryptocurrency taxes. Due to this shift, many investors and advocates will now need cryptocurrency tax planning and accountants to avoid hefty fees and excessive withholdings. The experienced professionals at Azran Financial provide comprehensive crypto tax services and dedicated Bitcoin accountants so that there are no surprises on tax day.