Do you hold cryptocurrency and concerned about a possible IRS tax audit?
In this video we discuss: How to Avoid an IRS Audit of Your Cryptocurrency
and what the IRS looks for when they actually do audit a taxpayer who holds cryptocurrency.
How are preparing to file your income taxes from cryptocurrency and to make sure you avoid an IRS audit? Let me know why or why not in the comments below ⬇️
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Karla Dennis specializes in working with real estate investors from all over the country. An investor herself, Karla has firsthand knowledge on how to keep money in your pocket when you’re a real estate investor. Everything she teaches is lawful and done by many other real estate investors. Karla wants small real estate investors and small business owners to realize that they too can use these strategies to save money and not leave Uncle Sam a tip!
When Karla finished her undergraduate education, she did not take a traditional route. Instead of working at a CPA firm, she went to work at a Tax Law Firm. It was in this location that she was able to see the main difference between doing taxes and finding tax strategies. Karla got firsthand experience in how these businesses were using the law to legally reduce their taxes. After this experience, Karla went back to school and got her Master’s degree in Taxation and Business Development, thus starting her career as an Enrolled Agent (EA). Today, Karla has worked her business from the ground up, and now has an accounting firm with over 20 employees. Karla Dennis and Associates has clients from all 50 states and focuses on helping their clients save money legally and ethically. Through her tax strategies, her company has been able to help clients save thousands of dollars. She is the author of two books, Tax Storm and Against the Odds. Due to her successful business, Karla has been featured on various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.
*Disclaimer: I am not a financial advisor nor am I an attorney. I am a licensed Enrolled Agent. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
0:09 HOW THE IRS SELECTS TAX RETURNS FOR AUDIT
0:35 LEARN HOW TO PROTECT YOURSELF FROM AN IRS AUDIT
0:44 IRS IS TYPICALLY 3 YEARS BEHIND
1:19 PEOPLE WERE EARNING INCOME FROM SIDE-BUSINESSES SELLING ITEMS ON EBAY
1:32 YOU CANNOT HIDE MOVEMENT OF MONEY FROM THE IRS
1:44 IRS SET UP A NEW DIVISION TO TARGET ONLINE RETAILERS AND MERCHANTS
2:10 IRS KEEPS AN ARCHIVE OF HISTORICAL WEBSITES
3:27 IRS WILL USE THIS INFORMATION FOR FUTURE AUDITS
4:04 START BY PRINTING ALL THE TAX RETURNS AND DOING A DESK AUDIT
4:58 A LOT OF PEOPLE BELIEVE THE IRS CANNOT TRACK CRYPTOCURRENCY
5:23 IRS WILL PUT TOGETHER A PROFILE OF A TYPICAL CRYPTO INVESTOR
5:37 IRS DOES THE EXACT SAME THING
6:48 IRS WILL EXAMINE YOUR LIFESTYLE AND FIGURE OUT HOW YOU WERE ABLE TO PAY FOR IT
7:13 THE SOURCE OF ALL INCOME
