IRS AUDITS CRYPTOCURRENCY, CONSERVATION EASEMENTS AND CAPTIVE INSURANCE

Cryptocurrency audits by the IRS of bitcoin (BTC), ethereum (ETH), litecoin (LTC), ripple (XRP), Zcash (ZEC), darkcoin/dash (Dash), and more. Cryptocurrency compliance investigations may also turn into larger, criminal tax investigations. These situations can be a massive intrusion into your personal and professional life and your accountant could be compelled to tell the IRS everything you’ve told him or her because the “accountant-client privilege” does not extend to criminal investigations or state tax proceedings. CONSERVATION EASEMENT AUDITS With the increased reporting requirements, IRS audits of conservation easement transactions have greatly increased. Instead of working collaboratively with taxpayers to seek a reasonable resolution, Revenue Agents are being directed to disallow deductions no matter what. With a high percentage of cases headed to litigation, taxpayers need to take every step to protect themselves now. With the increased reporting requirements, IRS audits of easement transactions have greatly increased. Instead of working collaboratively with taxpayers to seek a reasonable resolution, Revenue Agents are being directed to disallow deductions no matter what. With a high percentage of cases headed to litigation, taxpayers need to take every step to protect themselves now. CAPTIVE INSURANCE AUDITS Another IRS audit target is captive insurance. The IRS has long taken note of the rise of micro-captive insurance schemes, placing the scheme on the “Dirty Dozen” of tax schemes to avoid every year since 2014. Their investigations have heated up in recent years. Lance Wallach gets hundred of calls to help fight the IRS and sue the salesmen that sold people these scams. As an expert witness his side has never lost a case. Google Lance Wallach and your advisor, who do you TRUST? 516-236-8440 wallachinc@gmail.com