Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR, writes about the confusion surrounding the taxing of cryptocurrencies and reveals that the IRS is being lenient with investors who declare cryptocurrency holdings while issues are being sorted out.
Fairhope, AL, July 30, 2018: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently posted a new article on his website entitled “It’s Not Monopoly Money Anymore,” in which Mr. Willis points out that what once seemed like a game is now serious business to the IRS.
Willis confesses, “I couldn’t resist using the quote I read in a NY Times piece about the confusion over taxes and cryptocurrencies.” He continues adding, “The statement brings what started out as a science fiction comic book virtual reality crashing into the harsh world of reality. The geniuses who brought this alternative currency into being did so in hopes of creating a decentralized form of payment that would not be subject to taxes.”
“As the Times piece points out, says Willis, “Cryptocurrencies are tax-unfriendly by design. Many of the early adopters of Bitcoin were libertarians and anarchists who were drawn to the technology’s stateless, decentralized nature. And while cryptocurrency transactions are permanently recorded on the blockchain, it’s possible for users to conceal their identities.”
According to Willis, “For early investors it must have felt like playing with Monopoly money on steroids!” He emphasizes, “Those days are over now that the IRS has taken a keen interest after last year’s cryptocurrency boom which saw the price of Bitcoin rise more than 1,500%. It didn’t help at all that most of the gains came during the last two months of the year. “
“In its early days cryptocurrencies were traded as currency for currency which is not a taxable event,” Willis explains. He continues adding, “However, now the IRS is treating cryptocurrency as property. As the NY Times article emphasizes, “That means that every time you sell or transfer a digital coin for something else — whether you’re cashing out Ether for dollars, trading Bitcoin for another cryptocurrency or using Ripple to buy a cup of coffee — you’re creating a taxable event that must be separately recorded and accounted for.”
The entire article can be read at: http://www.irsallstar.com/articles/its-not-monopoly-money-anymore.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.