Tax Resolution Attorney John P. Willis Compares The IRS’s Increasing Attention On Cryptocurrency Investors To The Effect Kryptonite Had On Superman.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR acknowledges that some cryptocurrency investors may have felt the first jolt of being exposed to kryptonite for the first time this tax season.
Fairhope, AL, April 22 2022: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published a blog on his website entitled “IRS Attention Affecting Crypto Investors Like Kryptonite,” in which Mr. Willis suggests that cryptocurrency investors are feeling weaker as IRS attention gets stronger.
Willis states, “If you suddenly feel as though you were a superhero cryptocurrency investor exposed to kryptonite, you are not alone.” He continues adding, “The IRS tends to have that effect. (If you’re not a Superman fan, Kryptonite was the only thing that could sap every bit of strength and power from him.) With the IRS increasingly turning its attention to digital currencies and non-fungible tokens (NFTs) many investors are feeling weaker and weaker as the IRS gets closer and closer to taking a large chunk of investors’ profits.”
According to Willis, “Even though this tax season has come to a close, you might be a taxpayer who got a crypto-jolt since the IRS Form 1040 now has an overreaching question that must be answered which asks if you’ve had any type of transaction related to a virtual currency during the tax year. Simply buying crypto isn’t a taxable event. You can buy and hold without any taxes even if the value increases. Cryptocurrencies are only taxed when sold, traded, off ramped, or disposed of in any way and a gain is recognized.”
The entire blog can be read at: LINK HERE
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 23 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. The entire blog can be found at http://irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://irsallstar.com or call toll-free 877-254-4254.