The IRS has developed a new focus on virtual currency. In recent years, they have added sections regarding virtual currency to tax returns and informational statements. Now more than ever, the IRS is pursuing those individuals who have traded cryptocurrency and have not reported the transactions.

Frey Law Firm strives to be at the forefront of the IRS’s evolving policy on virtual currency and the tax consequences that follow. Nicholas Frey has the knowledge to assist taxpayers with the following services:

• Tax litigation and audits
• Regulatory compliance
• Reporting requirements such as,
  • Virtual currency transactions
  • Services paid with virtual currency
  • Ordinary versus capital gains income

If you did not report your cryptocurrency transactions, the Voluntary Disclosure Program may be right for you. A voluntary disclosure will not automatically guarantee immunity from prosecution; however, a voluntary disclosure may result in prosecution not being recommended. A voluntary disclosure occurs when the taxpayer provides a truthful, timely, and complete disclosure to the IRS Criminal Investigations Department.

Frey Law Firm is able to assist you with any of your reporting requirements and needs regarding virtual currency. Nicholas Frey’s knowledge and expertise in cryptocurrency and the IRS's evolving policies will give you the upper hand that you need when taking on the IRS.

Contact us today for your initial free consultation.