The cryptocurrency world is very new and presents a host of tax and legal challenges that not even the IRS has fully grasped yet.
The good news is that as an Attorney and CPA, I can help. These are just a few of the services we offer to clients located all over the country:
- Cryptocurrency IRAs and 401(k)s: Holding cryptocurrency in a tax deferred account can potentially remove all future appreciation from taxation. I can cut through all of the confusion and guide you through the entire process of setting up the legal structure necessary to hold Bitcoin or other cryptocurrency in an IRA or 401(k), as well as help with the tricky process of opening an account on an exchange under the retirement plan’s name and Tax ID. Unlike most “Bitcoin IRAs”, our structure allows you to hold your own private keys.
- Staying Out of Trouble: In an unclear and confusing regulatory environment, I can provide advising on staying on the right side of the tax laws, as well as assist in filing all of the necessary forms.
- Capital Gains Tax Reduction: If you’ve benefited from large amounts of cryptocurrency appreciation, we can help minimize the capital gains tax when you diversify. There are a variety of strategies, but one of the most powerful is a charitable remainder trust, where you can the value of your cryptocurrency while still drastically reducing taxes. Other non-trust options include installment sales and timing projections.
- FBAR (FinCen Form 114): If you have an account in a non-USA cryptocurrency exchange, you probably need to be filing Form 114 each year to disclose the amount of fiat currency in those offshore exchange accounts. The penalties for failing to file this form are severe. We can take this hassle off your plate.
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