New York City Cryptocurrency Tax Attorney
The Internal Revenue Service (IRS) has recently implemented stricter regulations regarding the disclosure of cryptocurrency transactions, as seen in the updated Form 14457. These new rules, which require detailed records of all domestic and international digital asset transactions, have raised concerns among taxpayers and tax professionals. Given these new requirements’ complexities and potential legal risks, consulting with a tax law attorney is essential to help ensure accurate and lawful compliance.
At M. Bradford Randolph, Esq., PLLC, I have over 25 years of experience handling complex tax laws, such as cryptocurrency tax, in Manhattan, New York. On this matter, laws are constantly changing, making it vital to stay updated with the latest laws to help reduce liability and ensure compliance. I can help you understand the recent changes made by the IRS on crypto tax.
What Are The Risks Of Noncompliance?
Failing to comply with the IRS’s reporting rules for cryptocurrency can lead to penalties, including fines and potential criminal charges. The changes mean taxpayers need professional assistance to navigate the process effectively. Taxpayers with unreported crypto risk audits, investigations and other legal issues without accurate and thorough disclosure.
Given the complexities of the updated Form 14457, working with a skilled tax lawyer can make the disclosure process more manageable. A cryptocurrency taxation lawyer can help taxpayers understand the required information, gather the necessary data and ensure all filings are completed accurately.
Additionally, they can provide legal advice on minimizing liabilities and reducing the risk of penalties, helping ensure taxpayer compliance without exposing themselves to unnecessary scrutiny.
Ensure Compliance And Peace Of Mind With Legal Guidance
The IRS’s recent updates to cryptocurrency disclosure requirements change how digital assets are regulated. While these rules aim to enhance transparency, they also pose challenges for taxpayers trying to comply.
For those facing uncertainty in New York City, seeking professional assistance is essential. I can help navigate the new crypto tax laws and offer protection from potential legal issues. Call 347-315-1648 today or use my online form to schedule a consultation to get the support you need directly from me.