Cryptocurrency Tax Attorney in Tampa
Direct Guidance From Brian Loughrin for Serious Cryptocurrency Tax Problems
Crypto tax problems can become tax controversies when transaction records are incomplete, filed returns don’t match exchange information, or the IRS questions unreported activity. We help Tampa taxpayers assess reporting concerns involving audits, tax fraud allegations, tax crimes, and other serious IRS matters.
For federal income tax purposes, digital assets are generally treated as property. Selling cryptocurrency, exchanging one token for another, receiving rewards, or using digital assets as payment can raise questions about capital gains and losses, ordinary income, and cost basis.
Discuss your cryptocurrency tax concerns with us before responding to an IRS notice or attempting a correction. Call (800) 600-1040 to request a case evaluation.
When Crypto Tax Problems Need More Than a Filing Correction
A missing tax form or isolated calculation error may be relatively straightforward. Multiple years of unreported transactions, inconsistent records, significant unpaid tax, or questions about intentional conduct may require a broader legal review.
Tax questions may arise from:
- Sales for U.S. dollars: A sale generally requires calculating gain or loss using the amount realized and the asset’s adjusted basis.
- Crypto-to-crypto exchanges: Exchanging one digital asset for another can be a reportable disposition even when no U.S. dollars are received.
- Payments and compensation: Using cryptocurrency to pay for services can create a disposition, while receiving it for services can produce ordinary income.
- Staking and airdrops: Rewards and distributed tokens can create income and valuation questions based on the facts of the transaction.
- DeFi transactions: Swaps, liquidity activity, and transactions across decentralized platforms can complicate classification and record reconstruction.
- Wallet transfers: Moving assets between accounts controlled by the same taxpayer generally isn’t a taxable disposition, although transaction costs may affect the analysis.
Legal guidance may also be appropriate when a case involves unfiled tax returns, penalties, interest, collection activity, an audit, or potential civil or criminal exposure. The right response depends on the tax years at issue, what was previously reported, and how the IRS characterizes the conduct.
How We Review a Crypto Tax Controversy
We begin by defining the scope of the problem rather than assuming every discrepancy requires the same correction. Our review may cover the relevant tax years, exchanges and wallets used, returns already filed, IRS correspondence, and whether the issue involves reporting, collection, an audit, or possible fraud allegations.
Records that may clarify the situation include:
- Exchange statements and transaction histories
- Wallet records and transfer details
- Bank statements connected to purchases or sales
- Previously filed federal tax returns
- Tax forms and transaction reports
- Notices, examination letters, and other IRS correspondence
After reviewing the available information, we can assess whether the case calls for a filing correction, a response to an IRS notice, audit defense, action involving unpaid tax, or an approach for addressing allegations of intentional conduct. We assist with personal and business tax problems, including tax audits, tax crimes, and tax fraud claims.
More Than 25 Years of Focused Tax-Law Experience
Brian Loughrin has more than 25 years of focused tax-law experience and is admitted to practice before the United States Tax Court. That background matters when a reporting problem develops into a contested IRS case rather than a routine tax preparation question. Clients receive personalized attention and can consult directly with Brian Loughrin about their circumstances and response options.
Get Clarity Before Responding to the IRS
If you’ve received an IRS notice, discovered unreported cryptocurrency activity, or can’t reconcile records from multiple exchanges and wallets, an early legal review can help define the problem and identify possible next steps. We offer free case evaluations to Tampa taxpayers facing serious crypto-related tax concerns.
Bring any notices, filed returns, exchange reports, and available wallet histories to the initial consultation. You don’t need complete records to begin identifying the tax years, transactions, and reporting issues involved.
Call (800) 600-1040 to request a free case evaluation with Regal Tax Relief.
