Tax Help For Crypto Investors Austin

If you received a CP2501 Notice, it means the information reported to the IRS by third parties does not match the information you reported on your tax return. When it comes to crypto, this often means that one of your cryptocurrency exchanges reported information about you to the IRS, but you didn’t include this cryptocurrency income on your tax return.

Notice CP2501 doesn’t include how much tax the IRS thinks you owe, but it will likely be followed up by a Notice of Deficiency if you don’t act in time.

Responding to your CP2501 Notice quickly is key to achieving a favorable resolution.

If you’ve received this cryptocurrency letter from the IRS, don’t delay. Call (847) 580-1279 now to get help from our experienced tax lawyers!

If you receive a CP2000 notice, don’t hesitate to contact our crypto tax attorneys. Unlike other cryptocurrency letters from the IRS, the CP2000 states the amount that the IRS thinks you owe, including interest and penalties.

The good news? For cryptocurrency investors, that number is usually way off base. We can help you respond to this notice and, in most cases, prove that you actually owe much less. We’ve even had some clients whose losses result in a refund!

But you need to act fast before the proposed debt becomes final and the IRS begins collection measures.

The IRS crypto letter CP2000 includes a response deadline. If you don’t respond in time, the IRS’s proposed amount becomes final. It becomes more and more difficult (and costly) to contest this notice past the deadline. Not to worry you, but once a tax balance is assessed, the IRS can take many steps to collect, such as garnishing wages, levying assets, and filing a lien against your home.

Contact us today to nip this problem in the bud!

Have you received Letter 6323 from the IRS? This indicates a tax audit is forthcoming, and your cryptocurrency investments might complicate the process. Although Tax Help For Crypto Investors Austin has been practicing cryptocurrency tax law since 2014, most tax professionals—including IRS audit examiners—are still striving to understand this complex field.

Learn more about cryptocurrency audits and how we can assist, or contact our tax attorneys now for a confidential consultation. We’ve helped 100s of clients with complex audits!

If you receive Notice CP90 from the IRS, there’s no time to lose; call our tax attorneys immediately at (847) 580-1279 to stop the IRS from seizing your assets!

This is the final warning before the IRS begins extreme collection measures for unpaid tax debt (including cryptocurrency tax debt). If you ignore the letter, the IRS could place a lien on your house or car; contact your employer to begin garnishing wages; legally take control of your cryptocurrency holdings; or even levy funds directly from your bank account.

But it’s not too late to stop these worst-case scenarios. If you’ve received this IRS cryptocurrency letter, contact our experienced attorneys now and we’ll guide you through the Due Collections Process to tackle the problem. Let’s turn that looming tax debt into a thing of the past!

Numerous cryptocurrency investors may receive a CP518 Notice due to unfiled tax returns. Failing to respond often results in the IRS preparing a tax return for you with the information it has available, called a Substitute For Return.

For crypto traders, that’s usually very bad news: The information reported to the IRS by third-party sources tends to make your capital gains look much higher than they really are, leading to a higher tax bill.

If you receive IRS Letter CP518 and need help filing your tax returns correctly—including a comprehensive crypto tax report to prove the correct amount of capital gains—contact the experienced tax attorneys at Tax Help For Crypto Investors Austin!

Letter 6174 and 6174-A

If you’ve received Letter 6174 or 6174-A and you’re not 100% sure you’ve met your filing obligations, it’d be wise to amend past tax returns and report your cryptocurrency correctly going forward.

These IRS cryptocurrency letters are considered soft notices to suspected investors in virtual currency. Letters 6174 and 6174-A indicate that the IRS believes you have unreported cryptocurrency activity. These letters do not require a response, but they do alert you that the IRS is monitoring.

Want to discuss your IRS risk with a cryptocurrency tax attorney? Give us a call at (847) 580-1279 for a confidential consultation!

Letter 6173

IRS Letter 6173 requires a response. This warning letter indicates that the IRS has reason to believe you’ve had cryptocurrency that wasn’t properly reported on your tax returns. It also notes that you may be referred for examination (meaning a cryptocurrency tax audit) if you don’t respond by the deadline.

If you receive IRS Letter 6173, contact our crypto tax attorneys right away. We’ll get to work fast to correct any reporting errors, and get you squared away before the IRS escalates to an audit!