Janathan Allen published in “The American” March/April 2022 Issue

“More Changes to Crypto Signal Government’s Efforts to Regulate the Industry and Tax Profits”

An Excerpt:

‘…How will international governmental agencies ultimately regulate and tax cryptocurrencies, Non-Fungible Tokens (NFTs) and other blockchain cryptographic assets?  How should US taxpayers prepare for direct questions from the IRS about cryptocurrency activities on their 2021 Form 1040?  Should cryptocurrency investors give substantial consideration to the tax strategies associated with business income versus capital gains?  It is important for all holders of cryptocurrency to seek the advice of an experienced tax attorney or financial adviser.  The failure to disclose holdings presents substantial financial and in some cases criminal exposure.  The IRS is laying the foundation for pursuing this potential source of tax revenue now and into the future.

These recent developments clearly signal the intentions of international governments to regulate the cryptocurrency industry and ultimately monitor and tax associated activities.  For those who perceived crypto as a secretive method for aggregating wealth and avoiding taxation the message is clear: “Forewarned is forearmed.”’

   

Watch Janathan Allen Present “Crypto and US Tax in 2022 – What You Need to Know” at an International Financial Summit

Janathan Allen spoke recently at The American 2022 Expats Virtual Financial Summit, presenting “Crypto and US Tax in 2022 – What You Need to Know”. Watch the video of her presentation at this prestigious event.

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ABCast:An Overview of the Services of Allen Barron / Janathan L. Allen, APC

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