From the Tax Law Offices of David W. Klasing: Texas Man Accused of Failing to Report Large Cryptocurrency Winnings
IRVINE, California, May 30, 2024 /PRNewswire/ -- According to a Department of Justice Press Release, a Texas man was recently charged federally after prosecutors alleged he failed to report a large cryptocurrency profit. This story should remind taxpayers that whether income comes from salary income or from the sale of assets (including cryptocurrency), it must be reported for state and federal tax purposes. If you have not filed a tax return for one or more years or have not reported the appropriate amount of income on a filed tax return, you should check with a lawyer with experience in tax defense to determine how to make peace with the government and comply with taxes without facing criminal tax charges.
If you have not filed a tax return for one or more years or have taken a position on a tax return that could not be supported by a IRS or state tax authority audit, eggshell audit, reverse eggshell auditeither criminal tax investigationYou may want to contact a experienced tax defense lawyer to determine your the best route to return to federal or state tax compliance without facing criminal prosecution.
Note: Whenever a taxpayer who has tax crimes committed intentionally (potentially including several years of unreported cryptocurrency income, possibly along with Affirmative evasion of US income tax. on offshore income) self-reports tax fraud (including a pattern of non-filing returns) through a domestic either voluntary disclosure abroad before the IRS has initiated an audit or criminal tax investigation or prosecutionNormally it is possible to get the taxpayer back into compliance with tax obligations and receive an almost guaranteed pass in criminal tax processing and simultaneously they often receive a break the civil penalties that would otherwise apply.
Is imperative that you hire a Experienced and reputable criminal tax defense attorney. to guide you through the voluntary disclosure process. Only a Lawyer has the Attorney-client privilege and Work Product Privileges that will prevent the same professional you hire from being potentially forced to become a witness against you, especially when they prepared the statements that must be modified, in a subsequent audit, investigation or criminal tax prosecution.
Besides, just a lawyer you can include it in a voluntary disclosure without participating in the unauthorized practice of law (a crime in itself). Only a trained Criminal Tax Defense attorney fully understands the risks and rewards involved in voluntary disclosures and how to protect you if he does not qualify for a voluntary disclosure.
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Defendant Accused of Failing to Declare Large Crypto Profits
Court documents reveal that Frank Richard Ahlgren III, of Austin, Texas, was recently charged with allegedly filing false tax returns and structuring cash deposits to circumvent monetary transaction reporting requirements. This indictment was handed down by a federal grand jury, questioning activities between 2017 and 2019 in which Ahlgren they did not report or did not report the sale of bitcoins valued at $4 million, despite realizing significant taxable capital gains from the transactions.
Tax regulations require disclosure of all sales income, including profits or losses, from cryptocurrency transactions on tax returns. In 2017, Ahlgren is accused of using proceeds from the sale of approximately $3.7 million in bitcoin to buy a house, but he filed a tax return for that year that falsely inflated the original purchase price of the bitcoin. This manipulation supposedly allowed him not to declare the capital gain obtained from this sale. Furthermore, in the following years of 2018 and 2019, Ahlgren allegedly sold more than $650,000 worth of bitcoins without reporting these transactions on their tax returns.
Additionally, Ahlgren is accused of structure a series of bank deposits for amounts less than $10,000 after selling bitcoins for cash. This strategy was allegedly used to evade the banking system's monetary transaction reporting requirements, which apply to deposits greater than $10,000. Ahlgren could face up to five years in prison for each count of structuring and up to three years for each count of filing a false tax return.
Get along with the government
This case is an important reminder of the legal obligations to accurately report financial gains from cryptocurrencies and other transactions. If you have filed a tax return that you know is false, or have not filed a tax return for one or more years, it is in your best interest to Contact an Experienced Tax Defense Attorney to determine the The best way to get you into compliance with your taxes while keeping your physical and financial freedom in mind..
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Regardless of your business or estate needs, the professionals at the Tax Law Offices of David W. Klasing are here to help. We are open for business and our team will help ensure your business is too. Contact the Law Offices of David W. Klasing Today to discuss your business with one of our professionals.
In addition to our main office with all staff in the center irvine California, the Tax Law Offices of David W. Klasing has unstaffed satellite offices (conference room only) based in California at The Angels, Saint Bernardine, Saint Barbara, panoramic city, Oxnard, San Diego, Bakersfield, Saint Joseph, San Francisco, Oakland, Carlsbad, Sacrament. We also have unmanned satellite offices (conference rooms only) in The Vegas, Nevada, Salt Lake City Utah, Phoenix, Arizona & Albuquerque New Mexico, Austin, Texas, Washington D.C., Miami Florida and New York, New York that only handle federal and California tax issues.
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