Happy Tax launches CryptoTaxPrep.com, the first crypto-specialty tax practice to assist bitcoin and cryptocurrency traders
The company has spent much of this year hiring and training CPAs who specialize in tax preparation for the growing number of bitcoin and cryptocurrency traders to staff it's newly launched CryptoTaxPrep.com division. CryptoTaxPrep.com accepts clients from Happy Tax's network of over 1,000 franchisees, independent contractors and investors as well as directly from taxpayers needing assistance. The Tax Division's CPAs not only prepare the tax returns, but also provide accounting for cryptocurrency trades as well as advisory services in an easy to purchase package.
With over five million in the US that have established cryptocurrency accounts to purchase and trade tokens like bitcoin, ethereum, ripple and litecoin, the rise of cryptocurrency traders who need tax assistance is growing rapidly by the day. "There is much confusion and misinformation regarding crypto taxation on the internet and throughout the many crypto groups, forums and discussion boards" said Happy Tax CEO Mario Costanz. "As someone who has been deeply connected within the blockchain and cryptocurrency space for the past two years, I can say that it has progressed to be much more than just hardcore techies and coders. People from all backgrounds have now begun to not only become aware of crypto but also embrace it and trade it."
The site will accept payment in USD by credit or debit card as well as payment by bitcoin. Costanz has also pledged to do weekly AMAs on the subject throughout the tax season in order to provide free information to those who have questions regarding the capital gains and self-employment laws as they pertain to cryptocurrency. "One key misconception is that crypto only becomes taxable if you withdraw it from an exchange to fiat." said L. Knox Wimberly, Happy Tax's Tax Division Director. "Any crypto transaction, even if you use it to buy a cup of coffee, is reportable and, in many cases, a taxable event. The good news is that there are tax planning strategies to legally minimize the amount of taxes that are due from these transactions."
The IRS recently filed a lawsuit against Coinbase, the US's largest exchange to receive KYC (Know Your Customer) data on an initial subset of its users and their trades. In asking a federal judge for Coinbase to turn over its users' account information to the taxing agency, the IRS asserted even though millions had traded cryptocurrency in 2015, only 802 taxpayers included their crypto trades on their tax returns. "This reminds me of what the IRS did with the Swiss banks back in the 2000's" said Ted Muftic, Happy Tax's CFO who was an investment banker at the time. "After they successfully sued UBS to get the information of US citizens holding assets in foreign accounts, other Swiss banks offered up the information of their holders. Many people who were evading taxes through offshore accounts were hit with penalties, interest and fines that went back a number of years."
Cryptocurrency is not anonymous, even when using masking cryptos like Dash or Monero. "I believe the IRS and DOJ will continue aggressively targeting taxpayers who are not reporting their crypto trades on their tax returns." said Mark Milton, owner of MCM Law LLC, who serves as Happy Tax's outside counsel and is a former Trial Attorney with the US Department of Justice Tax Division. "As such, it is imperative that taxpayers ensure they are timely and accurately reporting their crypto trades."
Discounts are available for crypto groups, clubs or forums. Affiliate programs are also available for any companies that would like to offer this to their employees or customers.
CEO Email: Mario@HappyTax.com
Franchise Information: https://GetHappyTax.com
Area Representative Information: https://GetHappyTax.com/Area-Representative
Consumer Information: http://HappyTax.com
Cryptocurrency and Bitcoin Tax Preparation: https://CryptoTaxPrep.com
Small Business Information: http://HappyAccounting.com
Tax Industry Strategy Sessions: https://youtube.com/HappyTax
ABOUT HAPPY TAX
Now shaking up the $19 billion tax preparation industry, Happy Tax's disruptive model was born out of frustration with unreliable, under-qualified tax preparers with no licensing or certification and as little as five days of tax training. Happy Tax is designed to bridge the gap between the high quality, pampering, and convenient customer service that consumers want and accurate, reliable, and professional tax returns prepared by CPAs with a minimum of five years of training and experience. Happy Tax offers franchises, independent contractor relationships and Area Representative deals to those wanting to earn additional income and build their own business. Utilizing its patent-pending technology and processes, Happy Tax partners can operate with low overhead and increased flexibility. Happy Tax also owns Opportunity Tax, a brick and mortar franchise as part of Happy Tax Brands.
ABOUT TAXES MADE HAPPY
Mario Costanz's best selling book, Taxes Made Happy is available on Amazon.com in paperback, kindle and in audiobook versions on Amazon.com, Audible.com and iTunes. The book can be purchased on Amazon by going to BuyTaxesMadeHappy.com.
Crypto Affiliates and Discount Programs: Mario Costanz, CEO
Investors: Ted Muftic, Chief Financial Officer
Franchise and Area Opportunities: Melissa Salyer
EVP of Business Development
Marcus Slater, VP of Marketing
CryptoTaxPrep.com powered by Happy Tax