Sep 28, 2022
In this episode of ABCast Janathan Allen discusses cryptocurrency and Non-Fungible Tokens (NFTs) and the tax and accounting services provided to those with onshore and offshore crypto and NFT accounts. What are some of the common misconceptions about tax reporting and Crypto / NFTs? How will the IRS find out about your offshore crypto accounts and transactions? What happens if you check the "no" box on the IRS Form 1040 regarding cryptocurrency when you do have crypto holdings? Why is it a big deal to omit crypto and NFT information from your US tax return? How would a US taxpayer come into compliance and why should they consider this? A substantive conversation for those who hold crypto and/or NFTs.