Learn how to prepare a bulletproof U.S. tax return and accurately report your crypto gains
This course provides you with the same tools and advice we provide to our full service tax clients.
Free Course!
Learn how to prepare a bulletproof U.S. tax return and accurately report your crypto gains
This course provides you with the same tools and advice we provide to our full service tax clients but at a fraction of the cost.
Free Course!Why do you need this course?
There is a lack of understanding, much uncertainty, and significant fear surrounding cryptocurrency taxes. Due to this, many crypto owners are in a situation where they're not reporting their cryptos.
This course will educate you on the complexities of cryptocurrency reporting and give you the confidence you need to complete and file your U.S. tax return.
What does the course cover?
- We show you how to use the IRS free tax preparation software to complete your U.S federal and state tax return.
- Learn how to accurately report your cryptocurrency gains and leverage your losses to lower your taxes.
- How to complete the Form 8275 Disclosure Statement using our crypto tax disclosure statement for items or positions that are not otherwise adequately disclosed on a tax return to avoid certain penalties. This is proven to substantially reduce your chance of being audited.
- Complete the anti-money laundering forms; Report of Foreign Bank and Financial Accounts (FBAR) and the Form 8938, Statement of Foreign Financial Assets to avoid serious penalties for not reporting these crypto assets.
- Learn how to file IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return to provide you with an additional 6 months to complete and file your tax return.
- Best of all, you can schedule a video call with one of our tax professionals to get your questions answered!
I'm ready to get started!
Have a tax return review video call with our tax experts
Schedule a Call
Get the reassurance of a review by a member of our professional tax team. Once you have completed the preparation of your tax return, you can schedule a session to have it reviewed by one of our professional accountants. This session will be a video call that needs to take place while you are at your computer so that we can share screens.
This service is available at an additional cost.
Tax Topic Help Center
Have a unique question that's not covered in the course? Email our Member Services team with your question and we'll provide you with specific tax tips and resources available to assist you.
This service is included with your course purchase!
What makes a tax return bulletproof?
A bulletproof return is the type of tax return that you wished you had filed if you knew in advance that you were going to be audited by the IRS. Our experience defending crypto traders in IRS audits has substantially changed the way we prepare a tax return. We included extra forms and disclosures that can save taxpayers thousands if their tax return is audited. Our crypto reporting disclosure can help you avoid the 20 - 40% accuracy penalty that can occur during an audit. Often the presence of a formal disclosure can prevent an audit from starting in the first place.
We include both anti-money laundering forms when required to report dealings with non-us financial entities. The failure to file these forms when required starts with a $10,000 penalty and if not filed when required, will prevent you from benefiting from the statute of limitations protection of three years. Your tax return will be open for audit indefinitely.
So what makes a tax return bulletproof? We believe that taking all the available steps and precautions to protect your wealth from the IRS does.
- Clinton Donnelly, Course Instructor
Why do you need this course?
There is a lack of understanding, much uncertainty, and significant fear surrounding crypto taxes. Due to this, many crypto owners are in a situation where they're not reporting their cryptos.
This course will educate you on the complexities of cryptocurrency reporting and give you the confidence you need to complete and file your U.S. tax return.
What does the course cover?
- We show you how to use the IRS free tax preparation software to complete your U.S federal and state tax return.
- Learn how to accurately report your cryptocurrency gains and leverage your losses to lower your taxes.
- How to complete the Form 8275 Disclosure Statement using our crypto tax disclosure statement for items or positions that are not otherwise adequately disclosed on a tax return to avoid certain penalties. This is proven to substantially reduce your chance of being audited.
- Complete the anti-money laundering forms; Report of Foreign Bank and Financial Accounts (FBAR) and the Form 8938, Statement of Foreign Financial Assets to avoid serious penalties for not reporting these crypto assets.
- Learn how to file IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return to provide you with an additional 6 months to complete and file your tax return.
- Best of all, you can schedule a video call with one of our tax professionals to get your questions answered!
I'm ready to get started!
Free Course!
Have a tax return review video call with our tax experts
Schedule a Call
Get the reassurance of a review by a member of our professional tax team. Once you have completed the preparation of your tax return, you can schedule a session to have it reviewed by one of our professional accountants. This session will be a video call that needs to take place while you are at your computer so that we can share screens.
This service is available at an additional cost.
Tax Topic Help Center
Have a unique question that's not covered in the course? Contact our help center with your question and we'll provide you with specific tax tips and resources available to assist you.
This service is included with your course purchase!
What makes a tax return bulletproof?
A bulletproof return is the type of tax return that you wished you had filed if you knew in advance that you were going to be audited by the IRS. Our experience defending crypto traders in IRS audits has substantially changed the way we prepare a tax return. We included extra forms and disclosures that can save taxpayers thousands if their tax return is audited. Our crypto reporting disclosure can help you avoid the 20 - 40% accuracy penalty that can occur during an audit. Often the presence of a formal disclosure can prevent an audit from starting in the first place.
We include both anti-money laundering forms when required to report dealings with non-us financial entities. The failure to file these forms when required starts with a $10,000 penalty and if not filed when required, will prevent you from benefiting from the statute of limitations protection of three years. Your tax return will be open for audit indefinitely.
So what makes a tax return bulletproof? We believe that taking all the available steps and precautions to protect your wealth from the IRS does.
- Clinton Donnelly, Course Instructor
Frequently Asked Crypto Tax Questions
Crypto Tax Reporting Questions
How much crypto do you have to report on taxes?
The law requires reporting all crypto-related income. Cryptos generate taxable income whenever you sell/exchange/swap ownership of a token for ownership of something else whether another crypto, a stablecoin, or fiat. Most rewards are considered taxable income at their fair market value in U.S. dollars on the day they’re received.
Can the IRS track cryptocurrency?
All cryptocurrency exchanges operating in the U.S. now file report a 1099-K tax form with the IRS after the year is over to report anyone receiving amounts greater than $600 during the year. Since U.S. exchanges are on and off-ramps for fiat, the IRS becomes aware of who the crypto traders are and have an inkling of their portfolio size.
How does owning cryptocurrency affect taxes?
Crypto owners only report their trading gains and rewards on a return. HODLing is not taxable since nothing is being sold/exchanged/swapped.