Legacy Tax & Resolution Services

IRS Accepts Audit Reconsideration for Unreported Crytocurrency Transactions in Bellevue, WA

IRS Accepts Audit Reconsideration for Unreported Crytocurrency Transactions in Bellevue, WA

IRS Revised Audit Outcome – 04-26-2020

Taxpayer Situation: The taxpayer received a CP 2000 for unreported Crypto Currency transactions in 2018 and did not respond.  The taxpayer was accessed with 65,456 in additional taxes for the year 2018.  The taxpayer did not know how to respond, so the situation worsened, and the IRS issued a Letter of Determination.  The Letter of Determination gave the taxpayer the right to Petition the U.S. Tax Court.  At this point, the taxpayer knew he was way in over his head and contacted Legacy Tax & Resolution Services.

Resolution Outcome: Legacy Tax & Resolution Services successfully negotiated an Internal Revenue Service Audit Reconsideration for a client in Bellevue, WA. Legacy Tax & Resolution Services petitioned the U.S. Tax Court and got the case moved back to appeals.  Appeals deferred the case back to the Audit Division. Over the course of 3 months, Legacy Tax & Resolution Services worked with the audit division and provided all cryptocurrency transactions and their cost basis. Legacy Tax & Resolution Services was able to secure a “substantially reduced” audit result for the taxpayer in the amount of $12,855

Total Savings: $52,601

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