Miami Crypto Tax Lawyer
Cryptocurrency is gaining popularity, and there’s no evidence that this growth is going to slow down. Bitcoin, the most popular cryptocurrency, is estimated to account for over a $1 trillion of the world’s financial transactions — and Bitcoin is one of over 12,000 types of cryptocurrencies.
Where there’s value like this, taxes are going to be involved. Our Miami crypto tax lawyer has experience in this new and unique field.
Good Attorneys At Law has over 20 years of experience with the types of legal issues that are now part of the cryptocurrency landscape. Reach out to our Miami office today by calling (305) 902-2760 or by filling out our online contact form to set up a consultation. We serve clients nationwide.
The Cryptocurrency Tax Challenge
Cryptocurrency is also referred to as a digital asset. It’s an asset that becomes taxable once it’s sold or exchanged. Like capital gains, it has to be properly reported to the Internal Revenue Service (IRS). Tax officials are going through their own learning curve on all that is involved with crypto, but they are becoming increasingly active in investigating the firms that make an extensive use of crypto. The failure to be in compliance can result in steep penalties.
Charitable giving with digital assets is one example. The increased use of this currency form means that more and more non-profits are looking to be able to take contributions in this way. Current tax law has not yet fully caught up to all the implications this has for both the giver and the recipient. The fact that cryptocurrency doesn’t have actual value until cashed in leaves unanswered questions from the tax perspective.
Unanswered questions are not what anyone is looking for, particularly when the IRS gets to be the one answering the questions — even though they may be as adrift as the people they are questioning. An experienced Miami crypto tax attorney can be particularly valuable in an otherwise uncertain landscape.
More new ground comes with the management of digital assets and what it means for tax expectations. Cryptocurrencies are being used as an investment vehicle, and tax rules are still very much a gray area. Good legal counsel can help both companies and individuals proceed with sufficient caution, while still making the most of the opportunities that are presented.
The tax issues discussed to this point only scratch the surface, and that doesn’t even cover how crypto may or may not be handled at the state level. To date, the state of Florida has not issued formal guidance on the tax treatment of crypto. If this currency keeps growing in usage, that will likely change. Both individuals and companies need to know that an experienced Miami crypto tax lawyer will be alert to changes as they develop.
Get crypto tax advice you can trust by calling (305) 902-2760 or by contacting us online today.
We’re Available to Discuss the Details of Your Case
Good Attorneys at Law is there for our clients every step of the way. That starts with proactive planning, by finding the most efficient ways to achieve tax savings. It involves staying on top of changes and clarifications to existing tax law, dealing with IRS inquiries, and fighting on your behalf, if that proves necessary. We take on the burden of monitoring this changing world of cryptocurrency so our clients can focus their energy where it’s needed — growing their wealth or expanding their business.
Call our office at (305) 902-2760 or contact us online to set up a consultation.