Let me tell you a quick story about when I didn’t understand how cryptos were reported on tax returns.
I already had a tax practice catering to the unique challenges of Americans living abroad. Some of them were investing in cryptos in 2017.
I wanted to understand how to do crypto taxes, so I took a job at a new crypto tax preparation firm working with their sole crypto CPA. My job was to explain crypto taxes to prospects.
There were so many novel situations of crypto investors got into. The IRS had given little guidance. There were no experts. We were pioneers.
Then something really bad happened: Two weeks after I started, the company crypto CPA quit. I was on my own to answer the complex crypto questions.
As you can imagine, I was concerned, but I wasn’t ready to give up on my dream of mastering crypto taxes.
Then I realized I was the only person in the company with an advanced law degree. I was the only Enrolled Agent in the company. I knew I had the expertise to interpret the tax laws in light of the IRS crypto guidance. I researched IRS rulings and court cases. I had to use my legal training and skills to answer each tax situation.
At that point, everything changed!
I became the expert. I realized:
- A great crypto tax return requires legal expertise and accounting.
- The anti-money laundering regulations apply to crypto traders just as much as they did to expats.
- I had mastered crypto taxes. I could find no-one who understood crypto taxes as completely as I did.
Because I could interpret the tax laws in light of the IRS crypto guidance, I was able to:
- Answer any question on crypto taxes – soon crypto tax gain companies were referring their toughest clients to me.
- My personal tax prep business exploded from clients seeking my expertise
- Saved clients fortunes by applying the full breadth of the laws to client situations
Now I’m living my dream of mastering crypto taxes and knowing how to handle every situation.
And that’s why I’m so passionate to tell you about my book “Basics of Crypto Taxes” so you can get excellent advice!