Tax Resolution Attorney John P. Willis Encourages Cryptocurrency Owners To Come Forward Before IRS Finds Them
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR writes about the 10,000 letters the IRS is sending to owners of cryptocurrency accounts and encourages anyone who hasn’t yet received a letter to improve their chances of negotiating lower penalties by coming forward.
Fairhope, AL, August 26, 2019: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published an article on his website entitled “The World Of Virtual Currency Is About To Get Real IRS Scrutiny.” Mr. Willis tells readers, “You can run, but you can’t hide from the IRS forever.”
“It seemed too good to be true,” writes Willis. “And,” he continues, “like all things that appear that way, it was. Virtual currency. Cryptocurrency. It was like a dream come true for investors. Tax free income on something that most people found impossible to understand, let alone to track and tax!” Willis states, “Well, the IRS has found out how to get to some of the U.S. taxpayers who hold virtual currency accounts. And now they are going after them. So, it’s time to face the music.”
According to Willis, “The IRS started sending the ‘educational’ letters to taxpayers in mid-July.” He goes on to say that, “By the end of August, more than 10,000 taxpayers will receive these letters.” The real question, says Willis is, “just how did the IRS get all these names that were supposed to be untraceable?” He tells readers that, “According to the IRS, “The names of these taxpayers were obtained through various ongoing IRS compliance efforts.””
Willis points out, “If you receive a letter, it will be too late for you to be eligible for an IRS voluntary disclosure program in exchange for the potential to reduce penalties or avoid criminal prosecution.” He continues, “However, if you have not received a letter, you simply don’t know what the IRS knows. Even if you have not been notified and may have underpaid or avoided taxes for virtual currency transactions, you could seek some relief by coming forward before the IRS finds you. In other words, it’s better to fess up now.”
Willis goes on to explain that, “When you consider that since the IRS began their concerted efforts in 2009 to go after Americans who hid money offshore, they’ve found more than 56,000 who have subsequently paid more than $11 billion to resolve tax issues, you know the IRS is just getting started on the cryptocurrency targets.”
The entire article can be read at: http://www.irsallstar.com/articles/the-world-of-virtual-currency-is-about-to-get-real-irs-scrutiny.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 19 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.