Who to hire for cryptocurrency tax preparation Cost of Cryptocurrency Tax Preparation| Genesis Tax Consultants, LLC
Genesis Tax Consultants
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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.   

A typical individual tax return with up 1,000 transactions would cost as follows:

Form 1040 + Schedule D (up to 1,000 transactions) $0 + State + Free E-file = $500 Crypto Tax Package.  YOU WILL NOT BEAT THIS PRICE

COMMON COIN ISSUES WE WILL RESOLVE & REPORT CORRECTLY ON YOUR 1040  

  • Reporting the correct amount of Capital Gains and Capital Losses

  • Coin-to-Currency Trades

  • Coin-to-Coin Trades

  • Coin Hard Forks

  • Deducting Coin-Trading Costs

  • Purchasing Goods and Services with Coins

Example of a common crypto question:  

I bought a bitcoin and turned around and sold it to buy ripple. I bought it for 10k and then sold it for 10k to get the ripple. Is this still a tax event but with a zero gain/loss? I would argue I had some kind gain or loss cause of how it bitcoins fluctuates but I am not sure. 

Answer:

It is still a taxable event and you should report it on Form 8949. The tax will calculate to $0 but you will be in compliance with reporting. Just because the gain ends up being zero doesn’t mean you do not have to report.

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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Receive a Quote by Submitting the Below Form, Otherwise your Crypto Return is a flat $500 for Federal & State
If there is anything outside the ordinary going on with your return (i.e. you more than 2 rental properties, need multiple years prepared, sale of real estate, etc.) please make a note in the message box. Import Trades We are able to import your trades from the following exchanges directly to our tax preparation systems that you have traded during the tax year, and/or you may choose to upload a General CSV by using a comma-separated list of all of your trades.
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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




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  National Society of Tax Professional Member Nicholas Hartney, EA

National Society of Tax Professional Member Nicholas Hartney, EA


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➤ 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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