Clinton Donnelly and Charlie Shrem discuss crypto taxes, the IRS, the difference between big fish and small fish, and tax amnesty.
Clinton Donnelly, the Crypto Tax Fixer, joins Charlie Shrem on this week’s episode of Untold Stories. They begin by discussing a new question on this year's IRS forms asking everyone if they have owned, sent or received any crypto transaction. Clinton explains the importance of the question, potentially setting up the filer for past audits. Charlie and Clinton talk about big fish vs small fish and how the IRS will approach different filers. Clinton gets into the issue of a critical question on the IRS tax form regarding foreign exchanges. He explains how to deal with it, how to hack TurboTax to answer it and file the appropriate forms, and discusses tax amnesty. They further discuss how to talk with the IRS, update taxes, and get current. Clinton ties it up by explaining why it's worth trying to understand and not be afraid of taxes, especially for crypto owners.
This episode is sponsored by CryptoTaxAudit. Clinton Donnelly from Donnelly Tax Law will talk about how to prepare a great crypto tax return that defends you from the IRS. Author of five books on crypto tax preparation for Americans, he has tremendous insight into how to defend oneself from the IRS. He is an expert in anti-money laundering reporting for individuals. His firm has done hundreds of crypto returns and over 900 tax amnesty returns with a 100% success rate.
Donnelly Tax Law specializes in complex crypto tax return preparation. No situation is too complex. The firm also offers CryptoTaxAudit which is a IRS defense offering design for the needs of crypto traders. Schedule a consultation now at DonnellyTaxLaw.com.
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