Cost of Cryptocurrency Tax Preparation| Genesis Tax Consultants, LLC
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Cost of Crypto Tax Preparation

Who to Hire for Cryptocurrency Tax Return Preparation | Genesis Tax Consultants, LLC 

 

Cost of Crypto Tax Preparation 

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HIRING THE RIGHT TAX PREPARER for Crypto Currencies

 

The difference between deciding whether to use a larger, well known tax preparation company versus a smaller, independent firm is similar to eating fast food compared to a eating at a three star Michelin restaurant at a lesser price. The larger firm wants you to come in and sit there while the stressed out tax preparer hastily prepares your return as a queue of people waiting in the lobby continues to fill.  The smaller firm is unrushed, focused and relaxed, having you supply them with your paperwork while they take their time crafting it to provide you with the best possible outcome. 

Crypto currencies are unique and many accountants do not have the experience of dealing with them.  Our fee is $5 per transaction, which is 50% less than CPA firms charge per stock transaction.  If you are a miner you will need to file a Schedule C which cost $125.  

A typical individual tax return with 50 transactions would cost as follows:

Form 1040 $125 + Schedule D (50 transactions) $250 + State $75 + Free E-file = $450

Genesis can help to file your U.S. tax return conveniently and confidently wherever you are in the world. I have in-depth knowledge and experience in expat tax preparation and filing. 

Send me your questions and tax documents and I will get to work for you. 

 

5 Tips for Choosing a Tax Return Preparer

 

Your annual physical. Spring cleaning. Flu shots. What do these activities have in common? Just like preparing and filing your taxes, you need to complete them every year. Yet filing your annual tax return can seem confusing or even scary. To make the process easier, many people prefer to work with an expert.

But even if someone else does the math, prepares, and files your tax return with the IRS, you are responsible for everything reported on your return. To avoid careless mistakes or even tax return preparer fraud or misconduct, it’s important to know what to look for – and avoid – when choosing a tax return preparer.

Here are five tips to help you find a qualified tax professional:

1. Do your research. Before the filing deadline, research potential tax return preparers to determine if they match your personal requirements (I myself am an expat living in Germany and a licensed Enrolled Agent-very rare in Deutschland), are responsive to your questions, and you’ll be able to contact them after your tax return is filed.

The IRS has a directory of preparers with certain kinds of credentials, such as enrolled agents. IRS.gov (search Hartney, Germany, Enrolled Agent, 65812 area code).

Check with the Better Business Bureau to see if the preparer has had complaints filed.

You can also check with associations to see if the preparer has received any disciplinary actions, and for the status of the preparer’s license:

2. Get technical. Be sure the preparer’s qualifications meet your needs. Every professional tax return preparer must have a PTIN (Preparer Tax Identification Number). You can decide if you need an enrolled agent, a Certified Public Accountant, or an attorney who can represent taxpayers before the IRS in situations like audits, collection actions, and appeals.

3. Watch out for scams. Avoid any preparer who claims they can obtain a larger refund than other preparers, guarantees a refund, or bases their fees on a percentage of your refund. Also keep away from preparers who don’t offer follow-up support after tax season. Credible tax professionals are available year-round.

4. Stand your ground. If a preparer tries to persuade you to say something on your tax return that’s not true in order to secure a bigger refund, find another preparer. Also avoid any preparer who pressures you into buying additional services, asks you to sign a blank tax return, or requires that your tax refund be sent to a bank account under their control.  

5. Be diligent. Make sure your preparer gives you a copy of your completed tax return that was filed, and that it has the preparer’s signature and Preparer Tax Identification Number (PTIN). This will help protect your tax refund and guard against fraud or misconduct. Keep that signed copy in a safe place.


 
 
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Click on image to verify professional license in the IRS Preparer Directory Search: Country: Germany | Zip: 65812 | Last Name: Hartney

Click on image to verify professional license in the IRS Preparer Directory

Search: Country: Germany | Zip: 65812 | Last Name: Hartney





➤ locations served

Available for all taxpayers in every state and all Expatriates living abroad. 

☎ CONTACT NICHOLAS HARTNEY, EA

nick@genesistaxconsultants.com
and tell me about your situation. 
 

Areas of Practice


expat tax preparation 

Foreign earned income and housing exclusions for both federal and state income tax returns. Foreign bank account reporting (FBARs), Statement of Specified Foreign Financial Assets, Tax Treaties, Application for IRS Individual Taxpayer Identification Number,etc.


business tax debt representation 

We will file a power of attorney with the IRS and State Taxing Authority to negotiate a hold on all enforcement action such as bank and account receivable levies while we work on an appropriate resolution including Installment Agreements, Company Restructuring, Penalty Abatements, Offer in Compromises, and Currently Not Collectible Status.  We will also advise you if bankruptcy is an option. 


irs and state tax debt representation 

We will file a power of attorney with the IRS and State Taxing Authorities to negotiate an appropriate resolution for back tax debt including Installment Agreements, Penalty Abatements, Offer in Compromises, Innocent Spouse Requests, and Currently Not Collectible Status.  We will also advise you if bankruptcy is a option. 
 


new business entity formation 

We will educate you of the pros and cons of organizing an Limited Liability Company versus a Corporation, S-Corp., Limited Partnership, etc. and assist in the formation of the entity of your choosing.   


previous years tax returns

We will prepare your previous years tax returns to bring you back into compliance with the IRS and State. 


business tax return preparation 

Whether you have a sole proprietorship with a Schedule C or a 1120 Corporate return we will prepare any business return.  

 
 

 
 
The hardest thing in the world to understand is the income tax.
— Albert Einstein, physicist
 
 

 
 
 

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For job opportunities, please email us your resume. We’re always looking for new and exceptional talent to lead the firm into uncharted fields of practice.