- Tax payment and income is an essential tool for determining the development of a country.
- IRS also states that independent contractors who receive payment in virtual currency must pay self-employment taxes.
- Platinum Tax Defenders is a firm located in Los Angeles that offers tax resolution and tax preparation services to both individuals and businesses.
Tax payment and income is an essential tool for determining the development of a country. Tax returns too are necessary for this purpose, whether in terms of currency or cryptocurrency. The Internal Revenue Service(IRS) has undergone a new form, for filing amended returns.
It applies to those taxpayers who have involved in acquiring, selling or exchanging cryptocurrency. In matters of money, one needs to be quite attentive, and thus taxpayers must pay close attention while filing their taxes every year.
As cryptocurrency is a virtual currency, so IRS remarks- at any time during 2019, did one receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency; will be addressed with letters sent by IRS. This generally includes those taxpayers with virtual currency transaction who did not report their cryptocurrency holdings on their taxes and therefore failed to report income and pay taxes owed.
Any such cryptocurrency received from an employer would be subject to federal income tax withholding federal unemployment taxes. IRS also states that independent contractors who receive payment in virtual currency must pay self-employment taxes, but what if taxpayers fail to report cryptocurrency transactions. Their fate would rely on ending up with costly consequences. Also, so and so a person may be liable for penalties and interest.
Its rightly said the more significant the cause, the larger is the punishment. So for extreme cases of fraud, taxpayers would be facing prison time and a fine up to $250,000 for not reporting income from virtual currency holdings. Platinum Tax Defenders can help the fresher in many ways.
If a person hesitates to say or doesn’t know the correct procedure, then Platinum Tax Defenders have a tax resolution team that can give relief to people. It includes agents, attorney generals and certified public accountants who are ready to help people with any tax needs.
Platinum Tax Defenders is a firm located in Los Angeles that offers tax resolution and tax preparation services to both individuals and businesses. The experienced team at Platinum Tax Defenders has helped hundreds of taxpayers to get the relief they need from the IRS. One can reach to particular sites and can find out the best solution offered by PTD, marking a magic wand in such situations.