Barry G. Fowler, EA, leading expert in tax resolution issues and CEO of Taxation Solutions makes it very clear that the anonymous and tax-free days of cryptocurrencies are soon to be nothing more than a memory as the IRS establishes new cryptocurrency tax rules.
Houston, TX – July 30, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new article on his website entitled “If You’ve Been Playing In Cryptocurrencies Playtime Is Over,” in which Mr. Fowler helps bring cryptocurrency out of the virtual world and into the real world of taxes.
According to Fowler, “For those of you who have been drawn into the cryptocurrency craze, it’s probably been a wild, wildly profitable and fun few years.” He adds, “You might have had some phenomenal gains and maybe some equally devastating losses, but the wild days are over. The law has caught up, the IRS has taken an interest and everything in the world of virtual currency is set to become regulated and taxed.”
“Playtime is over,” says Fowler, adding, “The IRS wants what they consider to be their fair share.”
Fowler shares an article at nulltx.com for its succinctness. The articles states, “The IRS is keeping close tabs on cryptocurrency users across the United States. A brand-new compliance campaign has been launched to ensure everyone files their taxes properly when it comes to Bitcoin and altcoins. This new development is not entirely surprising, as there are still plenty of speculators who do not report gains or losses to the tax agency.”
As Fowler emphasizes, “The anonymity and tax-free years are soon to be nothing more than a memory.” He elaborates, “Of course, as always, the dabblers and small investors are the ones who are going to be hardest hit when the tax man comes a calling. Those with deep pockets don’t worry too much about anything. “ He adds, “According to a recent New York Times article, “A lot of crypto investors are younger and don’t have a lot of experience trading stocks. When they find out they owe taxes on their cryptocurrency trades, a lot of people are kind of shocked.”
The entire article can be read at http://www.taxationsolutions.net/if-youve-been-playing-in-cryptocurrencies-playtime-is-over/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America’s Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: NAEA, NATP, TSEA, ASTP