Tuesday, May 17, 2022
  • Home
  • News
    Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

    Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

    Buffalo shooting: Social media posts reveal suspected mass shooter spent months planning racist attack

    Buffalo shooting: Social media posts reveal suspected mass shooter spent months planning racist attack

    Woman granted emergency protective order against Rajon Rondo, alleges Cleveland Cavaliers point guard threatened her with gun

    Woman granted emergency protective order against Rajon Rondo, alleges Cleveland Cavaliers point guard threatened her with gun

    Vicky White news update: Recordings of jailhouse phone calls prove guard’s relationship with Casey White

    Vicky White news update: Recordings of jailhouse phone calls prove guard’s relationship with Casey White

    McDonald’s is Selling Its Russia Business After 32 Years

    McDonald’s is Selling Its Russia Business After 32 Years

    Total Lunar Eclipse and Blood Moon 2022: How to Watch

    Total Lunar Eclipse and Blood Moon 2022: How to Watch

    Chaos in the Loop: Lightfoot bans unaccompanied minors from Millennium Park on weekend evenings after teen killed near The Bean

    Chaos in the Loop: Lightfoot bans unaccompanied minors from Millennium Park on weekend evenings after teen killed near The Bean

    Authorities say the suspected Buffalo supermarket shooter traveled from hours away. Here’s what we know

    Authorities say the suspected Buffalo supermarket shooter traveled from hours away. Here’s what we know

    Jermell Charlo vs. Brian Castano 2 fight results, highlights: Charlo becomes undisputed champ with vicious KO

    Jermell Charlo vs. Brian Castano 2 fight results, highlights: Charlo becomes undisputed champ with vicious KO

  • Business
    • MAKE MONEY ONLINE
  • Celebrity

    BIZZLINE: A STUDIO FOR PHOTOGRAPHERS SET TO OPEN

    THE DAY I LEARNED TO STOP HATING LAPTOP DJS

    HOW MALE MODELS GET SUPER RICH IN A FEMALE-DOMINATED INDUSTRY

    WHAT IS LIKE TO WORK AS A SUPER MODEL

    HOW TAYLOR SWIFT HELPED ME LOSE 425 LBS

    LIFETIME UNVEILS FIRST LOOK OF FULLHOUSE MOVIE

  • Fashion
    • All
    • Y2K Outfits
    18 Platform Shoes To Shop Right Now

    18 Platform Shoes To Shop Right Now

    Queen opens delayed Elizabeth Line in surprise appearance

    Queen opens delayed Elizabeth Line in surprise appearance

    Friends: The Main Characters’ First & Last Outfits

    Friends: The Main Characters’ First & Last Outfits

    Meme Fashion is the Next Big Trend According to Instagram Creators — What Is Meme Fashion?

    Doja Cat’s Schiaparelli Couture Deserves Its Own Award

    Doja Cat’s Schiaparelli Couture Deserves Its Own Award

    Is fashion sliding backwards when it comes to size inclusivity?

    Is fashion sliding backwards when it comes to size inclusivity?

    Post-Recession Internet and Tumblr Aesthetics • The Greylock Glass

    Post-Recession Internet and Tumblr Aesthetics • The Greylock Glass

    22 Best Halterneck Dresses for Summer

    22 Best Halterneck Dresses for Summer

    These Dope Outfits Look Good On Everyone & Are Cheap As Hell On Amazon

    These Dope Outfits Look Good On Everyone & Are Cheap As Hell On Amazon

  • Design
    • All
    • Indian Living Rooms
    • Indoor Water Fountains
    • Scrunchies
    • Solar Light Craft
    • Thrift Store Crafts
    • Thrifted Home Decor
    The best silk scrunchies can help prevent split ends and breakage

    The best silk scrunchies can help prevent split ends and breakage

    Scrunchies Market 2022 to Showing Impressive Growth by | [No. of pages: 124] Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

    Scrunchies Market 2022 to Showing Impressive Growth by | [No. of pages: 124] Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

    Scrunchies Market 2022 to Showing Impressive Growth by |

    Scrunchies Market 2022 to Showing Impressive Growth by |

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More – E! Online

    Global Hair Scrunchies Market Overview, Experiments, Evolution, Key Players And Forecast Until 2028 – ManufactureLink

    Global Hair Scrunchies Market Overview, Experiments, Evolution, Key Players And Forecast Until 2028 – ManufactureLink

    Scrunchies Market by Covid-19 Impact, Competitive Landscape, SWOT Analysis, Opportunities and Challenges, Growth by 2022-2028 – ManufactureLink

    Scrunchies Market by Covid-19 Impact, Competitive Landscape, SWOT Analysis, Opportunities and Challenges, Growth by 2022-2028 – ManufactureLink

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    These $5 Hair Tie Bundles Have Customers Ditching Their Scrunchies Because They Don’t Dent Your Hair

    These $5 Hair Tie Bundles Have Customers Ditching Their Scrunchies Because They Don’t Dent Your Hair

    Strength in Mothers: The story of Sloan’s Scrunchies | News, Sports, Jobs

    Strength in Mothers: The story of Sloan’s Scrunchies | News, Sports, Jobs

  • Technology
    • All
    • Facebook
    • Headphones
    • Mobile
    • Social
    • Voip Phone Service

    Win A NEW Macbook NOW!

    Latest 7 Best Wireless Headphones For Skype

    How To Make Your Headphones Louder

    11 Best Noise Cancelling Headphones For Call Center 2018

    11 Best Noise Cancelling Headphones For Call Center 2018

    7 Best Wireless USB Headset

    7 Best Wireless USB Headset

    7 Best Wireless Headset With Noise Cancelling Microphone

    7 Best Wireless Headset With Noise Cancelling Microphone

    Latest 7 Best Wireless Headphones For Skype

    Latest 7 Best Wireless Headphones For Skype

    Top 7 Best Corded Headset For Office Phone

    Top 7 Best Corded Headset For Office Phone

    7 Best Wireless Headset For Skype For Business 2018 (updated)

    7 Best Wireless Headset For Skype For Business 2018 (updated)

  • FISHING
No Result
View All Result
  • Home
  • News
    Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

    Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

    Buffalo shooting: Social media posts reveal suspected mass shooter spent months planning racist attack

    Buffalo shooting: Social media posts reveal suspected mass shooter spent months planning racist attack

    Woman granted emergency protective order against Rajon Rondo, alleges Cleveland Cavaliers point guard threatened her with gun

    Woman granted emergency protective order against Rajon Rondo, alleges Cleveland Cavaliers point guard threatened her with gun

    Vicky White news update: Recordings of jailhouse phone calls prove guard’s relationship with Casey White

    Vicky White news update: Recordings of jailhouse phone calls prove guard’s relationship with Casey White

    McDonald’s is Selling Its Russia Business After 32 Years

    McDonald’s is Selling Its Russia Business After 32 Years

    Total Lunar Eclipse and Blood Moon 2022: How to Watch

    Total Lunar Eclipse and Blood Moon 2022: How to Watch

    Chaos in the Loop: Lightfoot bans unaccompanied minors from Millennium Park on weekend evenings after teen killed near The Bean

    Chaos in the Loop: Lightfoot bans unaccompanied minors from Millennium Park on weekend evenings after teen killed near The Bean

    Authorities say the suspected Buffalo supermarket shooter traveled from hours away. Here’s what we know

    Authorities say the suspected Buffalo supermarket shooter traveled from hours away. Here’s what we know

    Jermell Charlo vs. Brian Castano 2 fight results, highlights: Charlo becomes undisputed champ with vicious KO

    Jermell Charlo vs. Brian Castano 2 fight results, highlights: Charlo becomes undisputed champ with vicious KO

  • Business
    • MAKE MONEY ONLINE
  • Celebrity

    BIZZLINE: A STUDIO FOR PHOTOGRAPHERS SET TO OPEN

    THE DAY I LEARNED TO STOP HATING LAPTOP DJS

    HOW MALE MODELS GET SUPER RICH IN A FEMALE-DOMINATED INDUSTRY

    WHAT IS LIKE TO WORK AS A SUPER MODEL

    HOW TAYLOR SWIFT HELPED ME LOSE 425 LBS

    LIFETIME UNVEILS FIRST LOOK OF FULLHOUSE MOVIE

  • Fashion
    • All
    • Y2K Outfits
    18 Platform Shoes To Shop Right Now

    18 Platform Shoes To Shop Right Now

    Queen opens delayed Elizabeth Line in surprise appearance

    Queen opens delayed Elizabeth Line in surprise appearance

    Friends: The Main Characters’ First & Last Outfits

    Friends: The Main Characters’ First & Last Outfits

    Meme Fashion is the Next Big Trend According to Instagram Creators — What Is Meme Fashion?

    Doja Cat’s Schiaparelli Couture Deserves Its Own Award

    Doja Cat’s Schiaparelli Couture Deserves Its Own Award

    Is fashion sliding backwards when it comes to size inclusivity?

    Is fashion sliding backwards when it comes to size inclusivity?

    Post-Recession Internet and Tumblr Aesthetics • The Greylock Glass

    Post-Recession Internet and Tumblr Aesthetics • The Greylock Glass

    22 Best Halterneck Dresses for Summer

    22 Best Halterneck Dresses for Summer

    These Dope Outfits Look Good On Everyone & Are Cheap As Hell On Amazon

    These Dope Outfits Look Good On Everyone & Are Cheap As Hell On Amazon

  • Design
    • All
    • Indian Living Rooms
    • Indoor Water Fountains
    • Scrunchies
    • Solar Light Craft
    • Thrift Store Crafts
    • Thrifted Home Decor
    The best silk scrunchies can help prevent split ends and breakage

    The best silk scrunchies can help prevent split ends and breakage

    Scrunchies Market 2022 to Showing Impressive Growth by | [No. of pages: 124] Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

    Scrunchies Market 2022 to Showing Impressive Growth by | [No. of pages: 124] Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

    Scrunchies Market 2022 to Showing Impressive Growth by |

    Scrunchies Market 2022 to Showing Impressive Growth by |

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More – E! Online

    Global Hair Scrunchies Market Overview, Experiments, Evolution, Key Players And Forecast Until 2028 – ManufactureLink

    Global Hair Scrunchies Market Overview, Experiments, Evolution, Key Players And Forecast Until 2028 – ManufactureLink

    Scrunchies Market by Covid-19 Impact, Competitive Landscape, SWOT Analysis, Opportunities and Challenges, Growth by 2022-2028 – ManufactureLink

    Scrunchies Market by Covid-19 Impact, Competitive Landscape, SWOT Analysis, Opportunities and Challenges, Growth by 2022-2028 – ManufactureLink

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    This $12 Pack of Scrunchies on Amazon Can Hide Cash, Lip Balm & More

    These $5 Hair Tie Bundles Have Customers Ditching Their Scrunchies Because They Don’t Dent Your Hair

    These $5 Hair Tie Bundles Have Customers Ditching Their Scrunchies Because They Don’t Dent Your Hair

    Strength in Mothers: The story of Sloan’s Scrunchies | News, Sports, Jobs

    Strength in Mothers: The story of Sloan’s Scrunchies | News, Sports, Jobs

  • Technology
    • All
    • Facebook
    • Headphones
    • Mobile
    • Social
    • Voip Phone Service

    Win A NEW Macbook NOW!

    Latest 7 Best Wireless Headphones For Skype

    How To Make Your Headphones Louder

    11 Best Noise Cancelling Headphones For Call Center 2018

    11 Best Noise Cancelling Headphones For Call Center 2018

    7 Best Wireless USB Headset

    7 Best Wireless USB Headset

    7 Best Wireless Headset With Noise Cancelling Microphone

    7 Best Wireless Headset With Noise Cancelling Microphone

    Latest 7 Best Wireless Headphones For Skype

    Latest 7 Best Wireless Headphones For Skype

    Top 7 Best Corded Headset For Office Phone

    Top 7 Best Corded Headset For Office Phone

    7 Best Wireless Headset For Skype For Business 2018 (updated)

    7 Best Wireless Headset For Skype For Business 2018 (updated)

  • FISHING
No Result
View All Result
No Result
View All Result
Home Blog

How To Legally Shorten Your Crypto Tax Audit Clock?

Editorial Team by Editorial Team
April 29, 2020
in Blog
0
How To Legally Shorten Your Crypto Tax Audit Clock?
587
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

close up of calendar and alarm clock on the green background, planning for business meeting or travel planning concept

close up of calendar and alarm clock on the green background, planning for business meeting or … [+] travel planning concept

Getty

When you file a tax return, you trigger the statute of limitations. In simple terms: the audit clock. The statute of limitations controls the time frame during which the IRS has the legal authority to audit your tax return.

What Is The Statute Of Limitations?

The statute of limitations is the time frame that the IRS has to examine your tax profile and assess additional taxes. The less time you legally offer the IRS to examine your tax return, the less likely the IRS is to find errors and assess additional taxes. You can use the Statute of Limitations to your advantage by understanding three rules: Three Year Rule, Six Year Rule and Forever Rule.

You might also like

James Charles claps back at Ethan Klein following accusations of copying merch design

Crypto adoption has no future without regulation and law enforcement

China Gives Unproven Covid-19 Vaccines to Thousands, With Risks Unknown

Three Year Rule

By default, the IRS has three years from the original tax filing deadline (normally April 15th, though extended to July 15 in 2020 due to COVID-19) or the date you file your taxes, whichever is later, to assess additional taxes on your return. For example, if you were to file your cryptocurrency transactions on your tax return on April 1, 2020, the IRS has until July 15, 2023 (three years from July 15, 2020) to audit your return. After this date, the IRS cannot generally examine your return and assess taxes unless you fall into the “Six Year Rule” or the “Forever Rule.”

Side note: As a result of COVID-19, the IRS extended tax filing deadline to July 15, 2020 for 2019 tax year. If you filed your tax return in the beginning of the tax season around February, your three year statute of limitations would not start until July 15, 2020. This indirectly gives additional time for the IRS to examine your return. 

Six Year Rule

The “Six Year Rule” extends the IRS power to audit your return up to six years from the filing. This happens only if you understate income reported in the return by more than 25%. Let’s say you had $100,000 worth of crypto capital gains in 2019 but you only reported $70,000 in 2019. You filed your 2019 tax return on July 1, 2020. In this case, the IRS has the power to audit your tax return and assess taxes on missing gains up until July 15, 2026.

Forever Rule

If you do not file a tax return or commit fraud (filing a false return or willfully attempting to evade taxes), the IRS can audit your return indefinitely. This, in addition to the fact that on-chain cryptocurrency transactions are recorded on an indelible public ledger forever, is the reason why not filing a return is the biggest mistake a crypto user can make. If you do not file a return, you do not start the statute of limitations, and you may be liable for back taxes forever.

Key Takeaways

Key takeaways to remember when filing your cryptocurrency tax return:

  1. If you are getting a refund, file as soon as possible to get cash in hand faster
  2. If you are not getting a refund, file your taxes as close as possible to the original tax deadline to limit the audit clock for three years and give no additional time to the IRS
  3. Even if you are struggling to precisely calculate your cryptocurrency gains, make sure not to underestimate your gains by more than 25%. Crypto tax software can help here.
  4. Most importantly, file something on your return to start the audit clock

Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

Source link

Previous Post

Coronavirus Brevard: 270 confirmed COVID-19 cases

Next Post

Satellite images point to Kim Jong Un’s whereabouts, but his health remains a mystery

Editorial Team

Editorial Team

Related Posts

James Charles claps back at Ethan Klein following accusations of copying merch design
Blog

James Charles claps back at Ethan Klein following accusations of copying merch design

by Editorial Team
September 26, 2020
Crypto adoption has no future without regulation and law enforcement
Blog

Crypto adoption has no future without regulation and law enforcement

by Editorial Team
September 26, 2020
China Gives Unproven Covid-19 Vaccines to Thousands, With Risks Unknown
Blog

China Gives Unproven Covid-19 Vaccines to Thousands, With Risks Unknown

by Editorial Team
September 26, 2020
Finding bigfoot | Hatch Magazine
Blog

Finding bigfoot | Hatch Magazine

by Editorial Team
September 26, 2020
Ray Mears heads to High Wycombe
Blog

Ray Mears heads to High Wycombe

by Editorial Team
September 26, 2020
Next Post
Satellite images point to Kim Jong Un’s whereabouts, but his health remains a mystery

Satellite images point to Kim Jong Un's whereabouts, but his health remains a mystery

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

10 trends Gen Z brought back in 2021

10 trends Gen Z brought back in 2021

December 30, 2021
Sky One Gave Us Childhood Memories Galore With Two Classic Football Shows

Sky One Gave Us Childhood Memories Galore With Two Classic Football Shows

July 28, 2021

Categories

  • Beauty
  • Best Auto Parts
  • Birthday Memes
  • Bitcoin Casino
  • Bitcoin Games
  • Blog
  • Breaking News
  • Business
  • Celebrity
  • Dating
  • Education
  • Facebook
  • Fashion
  • Fitness
  • Groove Funnels Review
  • Headphones
  • Health
  • Health & Beauty
  • Indian Living Rooms
  • Indoor Water Fountains
  • Inspired Living
  • Lifestyle
  • Marriage
  • Mind Management
  • Mobile
  • Mortgage
  • MOVIES
  • MUSIC
  • News
  • Nigerian Jobs
  • Relationship
  • Safety
  • Scrunchies
  • Singles & Married
  • Skin Care
  • Social
  • Solar Light Craft
  • Sport
  • Success
  • Technology
  • Thrift Store Crafts
  • Thrifted Home Decor
  • Travel
  • Trending Videos
  • VIDEO
  • Voip Phone Service
  • Y2K Outfits

Don't miss it

Fashion inspo and trendy outfit ideas to wear back to the office this summer | Glam Lab

Fashion inspo and trendy outfit ideas to wear back to the office this summer | Glam Lab

May 17, 2022
18 Platform Shoes To Shop Right Now
Y2K Outfits

18 Platform Shoes To Shop Right Now

May 17, 2022
Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting
Breaking News

Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

May 17, 2022
Best Ski Boots of 2022

Best Ski Boots of 2022

May 17, 2022
Wilderness Survival as Therapy with Dan Coyle

Wilderness Survival as Therapy with Dan Coyle

May 17, 2022
Robinhood shares jump after crypto CEO Sam Bankman-Fried acquires stake

Robinhood to allow users hold their own crypto and NFTs

May 17, 2022

99Newser

We bring you the best breaking news updates, trending news around the globe and other general topics of interest online.....

Favorite Links

  • Contact
  • Terms of Use
  • Privacy Policy
Play Games for Free and Earn Cash

Trending

Fashion inspo and trendy outfit ideas to wear back to the office this summer | Glam Lab

18 Platform Shoes To Shop Right Now

Opinion | Amy Spitalnick battles neo-Nazis, sees ominous signs in ‘great replacement theory’ and Buffalo shooting

Best Ski Boots of 2022

Recent News

Fashion inspo and trendy outfit ideas to wear back to the office this summer | Glam Lab

Fashion inspo and trendy outfit ideas to wear back to the office this summer | Glam Lab

May 17, 2022
18 Platform Shoes To Shop Right Now

18 Platform Shoes To Shop Right Now

May 17, 2022
  • Sitemap
  • Terms of Use
  • Privacy Policy
  • Contact

© 2020 99newser.com

No Result
View All Result
  • Home
  • News
  • Business
    • MAKE MONEY ONLINE
  • Celebrity
  • Fashion
  • Design
  • Technology
  • FISHING

© 2020 99newser.com