Tax Resolution Attorney John P. Willis Reminds Crypto Investors That The IRS Is Paying Closer Attention To Them Than Ever And To Look At Tax Implications.
Tax resolution attorney John Willis, CEO, and founder of IRSALLSTAR, writes about the significant life events that can affect what’s owed to the IRS when taxes are filed.
Fairhope, AL, December 21 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “Cryptocurrency Will Be Major IRS Focus In Upcoming Tax Season.” Mr. Willis encourages a year-end review of crypto investments to avoid surprises at tax time.
“If you’ve invested in cryptocurrency,” Willis writes, “you’ll have to agree that 2022 has not been the best of years for your investment. Nonetheless,” he adds, “the IRS is turning an ever more focused eye on crypto or virtual currency investments. And now, before the end of the year, is the time to think about the tax implications.”
Willis writes, “You’re not sure if the IRS will be looking at you? If that’s the case,” he continues, “take a look at the three most common definitions of virtual currency then decide. (1) Virtual currency is any monetary asset in digital form, including digital forms of government currency; (2) Virtual currency is a type of digital currency but is often unregulated; and (3) Virtual currency is any currency that uses cryptographic technology to ensure the security of the transactions and control of the creation of new units, which include Facebook’s Libra currency.”
According to Willis, “If you are invested in anything that fits any of those definitions, you can be sure the IRS will be zeroing in on your tax returns to see if you are claiming any gains or losses. The losses,” he adds, “may be more beneficial to some investors this year, especially because they are likely to be rather significant losses.”
The entire blog can be read at: LINK HERE
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 25 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.