Claudia Moncarz is the founder of Moncarz's law firm, which focuses on helping people get out of trouble with the IRS. She has negotiated with the IRS to reduce over $3 million in taxes and penalties on behalf of her clients and is an AV preeminent rated Martindale hubble.
Claudia Moncarz learned about tax laws for cryptocurrency from her cousin and through the news. She realized that the IRS sees cryptocurrency as a digital asset, similar to a stock, and that any transactions involving cryptocurrency are taxable events. Claudia explains how the IRS is investing in technology and algorithms to catch people evading taxes, and that they are getting better at it. She also explains how sales tax is a local issue and that NFTs may be subject to state taxes depending on the state's nexus laws. Lastly, Claudia emphasizes the importance of having good records to reduce the chance of audit.
"Knowledge is power - with knowledge, we have power to plan and do all the great things we want to do, even with just a little bit of planning."
In this episode, you will learn the following:
1. How the IRS views and treats cryptocurrency differently than cash or other stocks, and the implications of this for the average person.
2. How the IRS is using massive funding to bring people into compliance with digital asset taxes.
3. The importance of having good records and understanding your rights as a taxpayer to prevent and navigate audits.
Connect with Claudia:
FREE TAX GUIDE: https://www.freeauditguide.com/optin1667658657840
Website: https://www.moncarzlaw.com/
Free Download:
The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3
Connect with me:
Instagram: https://www.instagram.com/drbrooksheehan
YouTube: https://www.youtube.com/c/DrBrookSheehan
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