Membco Tax guide to surviving a crypto tax audit
triggered by an SFOX 1099.
This Membco Tax guide provides tips on surviving an IRS audit if your
return includes an SFOX 1099 form. Get the free guide at:
https://rebrand.ly/CryptoAudit.
If you are selected for an audit, the IRS will send you
a notice in the mail telling you which tax year they will
be auditing.
The IRS can audit your return if they think you have
underreported your income or if you have claimed certain
deductions or credits that they think you are not eligible for.
In a recent ruling, a federal judge has
cleared the way for the IRS to seek
customer records from SFOX, a
cryptocurrency trading platform.
The IRS had subpoenaed SFOX
to uncover potential tax evasion
by its customers.
Why would an SFOX 1099 form trigger an IRS crypto audit? A 1099
form is generally used to report income that is not subject to
withholding tax.
If an SFOX 1099 form is filed with
the IRS that reports income from
cryptocurrency may trigger an IRS
crypto audit.
Recently, the IRS has begun to take an
interest in cryptocurrency and has been
asking questions about how it is taxed.
How to survive an SFOX 1099 IRS audit if you get one If you're
one of the unlucky few who get audited by the IRS, don't panic.
Some steps can be taken to survive
an audit, such as keeping records of
all crypto transactions and being
honest with the IRS.
Membco Tax Offers Guide to
Survive an SFOX 1099 IRS Crypto
Audit. Get the free guide at:
https://rebrand.ly/CryptoAudit.
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om/