FREQUENTLY ASKED QUESTIONS
An extension is only for time to file your return. Any taxes that are due are due by the initial deadline, generally April 15th of the year in question. If you feel that you will need to extend, it is important that we get enough information from you to estimate your tax liability, in order to make a sufficient payment by April 15th.
A visiting IRS Revenue Officer will first identify themselves and show their credentials. To make sure it is not a fraudster acting as an IRS Revenue Officer, it is important that you see the credentials, as well as their Federal ID Card (it is called an HSPD-12 card). At that point, you should call the IRS Field Employee Verification center at 1-844-809-4566 to verify the Revenue Officer’s identity. In this way, you can be certain you are dealing with a government employee, and this is not a fraudulent visit.
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Cryptocurrencies are not currently regulated in the U.S. and they are not backed by any tangible assets. For this and other reasons they are more risky than typical investments. As with all investments, you should not invest more money than you can afford to lose.
From a taxation perspective, gains and losses in trading cryptocurrencies are the same as for trading stocks and bonds. The IRS expects you to report such gains as short- or long-term capital gains, depending on how long you held the asset. Both gains and losses are reported on Schedule D. Read More...
From a taxation perspective, gains and losses in trading cryptocurrencies are the same as for trading stocks and bonds. The IRS expects you to report such gains as short- or long-term capital gains, depending on how long you held the asset. Both gains and losses are reported on Schedule D. Read More...