Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR tells small cryptocurrency players they are off the hook and out of the IRS crosshairs if their virtual currency transactions are under $600.
Fairhope, AL, September 24, 2019: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “Small Cryptocurrency Players Not In IRS Crosshairs.” Mr. Willis’s message may come as a huge relief to some of his readers.
Willis states, “Last month I wrote about letters the IRS was sending out to more than 10,000 taxpayers who are also holders of virtual currencies.(See: The World Of Virtual Currency Is About To Get Real IRS Scrutiny). ” He continues adding, “Now, I want to put some of your fears to rest.” He goes on to elaborate, “I know many people who’ve been bitten by the cryptocurrency bug. It is a fascinating new world that invites exploration. The fact is you can dabble in this new world in fractions. A single Bitcoin currently trades at around $10,000. However each Bitcoin can be split into 100,000,000 pieces! So you can buy fractions of a Bitcoin to see how cryptocurrencies work.”
“Like everything else,” Willis writes, “there are people who literally dabble and are considered small time players. Of the more than 30 million accounts that Coinbase, the largest U.S. broker for cryptocurrencies claimed in 2013, fewer than 1,000 e-filed federal income tax returns between 2013 and 2015 reported transactions that involved virtual currencies.” He questions, “Does that mean that the rest of those account holders who didn’t report were small players? Chances are that is not the case and the IRS knows it.”
The entire blog can be read at: http://www.irsallstar.com/blog/small-cryptocurrency-players-not-in-irs-crosshairs.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 19 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.