LOS ANGELES (PRWEB) August 02, 2019
Following this week’s news that the IRS will begin cracking down on taxpayers who didn’t report Bitcoin earnings on this year’s tax returns, tax relief firm Platinum Tax Defenders has announced its plans to assist those who need help amending tax returns or paying back taxes. According to the news that broke this week, the IRS will begin cracking down on cryptocurrency traders who didn’t report their earnings on their taxes. By the end of August, the IRS will reportedly send approximately 10,000 taxpayer letters asking them to pay back taxes on unreported profits from cryptocurrency trading, according to a report in Engadget.com.
The IRS began monitoring virtual currency as early as last year with the launch of a Virtual Currency Compliance campaign to address noncompliance related to the use of virtual currency.
The IRS statement from July 2018 regarding the crackdown on cryptocurrency trading read, “U.S. persons are subject to tax on worldwide income from all sources including transactions involving virtual currency.” The announcement continued that “taxpayers with unreported virtual currency transactions are urged to correct their returns as soon as practical.”
The IRS started sending letters containing more information on reporting Bitcoin gains last week to 13,000 individuals whose contact information it acquired from “various ongoing compliance efforts” conducted by the IRS.
In a statement from the IRS on July 26, Commissioner Chuck Rettig said, “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest, and penalties.” Commissioner Rettig continued that the IRS is “expanding our efforts involving virtual currency, including increased use of data analytics.” Rettig concluded that the IRS is “focused on enforcing the law and helping taxpayers understand and meet their obligations.”
Platinum Tax Defenders has announced it will offer free consultations to taxpayers that did not accurately report their earnings through cryptocurrency trading. Taxpayers that did not report their profits will be held liable for the tax for those earnings as well as any penalties and interest. The IRS also noted that in some severe cases, those who have not paid taxes on cryptocurrency earnings might face criminal prosecution.
For those taxpayers who received a letter from the IRS last week, or who experienced earnings from bitcoin that should have been reported on this year’s taxes, should contact Platinum Tax Defenders immediately. The experienced team of tax relief professionals at top tax defenders can help those affected taxpayers with filing amended tax returns, settling any back taxes owed, and, if needed, attempt to seek the removal of any penalties incurred as a result of not reporting bitcoin earnings.
For those taxpayers who are not in a financial place to afford tax resolution services, Platinum Tax Defenders recently announced its partnership with Lending USA to offer select financing options for taxpayers seeking tax relief. As a result of the collaboration, Platinum Tax Defenders clients can enjoy up to 60 months of special financing to pay for tax relief services.
About Platinum Tax Defenders
Platinum Tax Defenders (http://www.platinumtaxdefenders.com), a subsidiary of Cardiff Lexington Corporation (Cardiff Lexington Corp (CDIX)), has successfully helped taxpayers navigate their tax debt situations with the IRS since 2011. A top-rated tax resolution firm with its headquarters in Los Angeles, Platinum Tax Defenders has saved thousands of clients hundreds of thousands of dollars in tax debt. The professionals at Platinum Tax Defenders have the knowledge and experience necessary to provide tax relief services to help entrepreneurs, individuals, and small businesses. The experienced CPAs, enrolled agents, and tax attorneys at Platinum Tax Defenders work with taxpayers who are struggling to pay back small to large tax debts. Taxpayers seeking tax resolution services can call Platinum Tax Defenders. Also, Platinum Tax Defenders provides a variety of services, including bookkeeping, back tax help, tax planning, and tax preparation services for individuals and businesses.