Full Service Crypto Tax Prep with Andrew Gordon
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Andrew Gordon is a cryptocurrency tax lawyer and the managing attorney of Gordon Law Group. Andrew concentrates on tax controversy and compliance, crypto, and business law. This multi-faceted approach makes Andrew a valuable source of knowledge when it comes to taxation and crypto taxation.
Andrew is also one of the partners involved in the Bitcoin.Tax full tax preparation service. In this episode, he shares what is involved with the full tax preparation service, the type of client that benefits from working with a professional and the overall advantages of utilizing a professional who really understands crypto.
Guest
Andrew Gordon
Twitter: @Accounting
Facebook: @GordonLawLTD
Website: Gordon Law
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Episode Highlights & Discussion
Andrew’s Qualifications (00:49)
Andrew: We mainly concentrate on tax law and corporate law, but underneath those very broad umbrellas, we have a very strong concentration in cryptocurrency. Overall, we have a lot of clients that we help with tax issues, both in reporting, as well as general issues, planning and so forth. On the corporate side, things like forming entities, both in the US and offshore, for crypto. Outside of crypto industries: as e-sports, e-commerce and just tech as a whole.
Full Tax Prep Services (01:52)
Andrew: We offer full tax return preparation and everything from the crypto reconciliation to non-crypto items, such as W-2, 1099, K-1. We will enter all of those in and prepare your tax returns – including many other forms that I haven’t mentioned.
Even if you just need help entering in your exchanges, your wallets, your transactions into Bitcoin.Tax, we can help you along with that process too. We’ve been using Bitcoin.Tax for years – we’re very familiar with it, so we can generate the reports to then be used in your tax return. From start to finish, we can help you with everything.
Benefits of Hiring a Crypto Tax Professional (02:52)
Andrew: Believe it or not, legal issues and tax law issues come up all the time in preparing crypto reconciliation reports – even if you’re just a casual trader, issues may arise that you might not have an answer to. For example, if you had sent crypto to an exchange that closed down or a wallet that you lost, can you claim that crypto as a loss? And if so, how do you claim it? And at what value?
Questions have come up regarding airdrops and forks – how and when to report. And similarly, at what value?
Recently, the IRS issued guidance on specific identification – so even just interpreting that guidance is something that we’ve worked on and spent a lot of time doing.
We guide our clients through assessing whether or not they need to disclose their foreign exchanges or foreign crypto holdings on FBAR and FATCA forms. Also, if they have non crypto holdings – we have a lot of clients that do have bank accounts in other countries, and we can help disclose those as well.
When to Seek Out a Professional (06:30)
Andrew: If you’re using crypto, or trading crypto, and using Bitcoin.Tax and run into any sort of question, you’re a good candidate for the service – not only to deal with the problem at hand, but also to prepare your tax returns.
Even if you don’t have crypto and you just have a number of tax forms and you’re looking for assistance, we can help you with that.
Small clients, all the way up to people that have thousands, tens of thousands, hundreds of thousands of trades – we can help them reconcile, manage all of their data, and get tax reports. We can also help them plan for the future.
We’ve been doing this for years, we’ve researched the issues, we rely on guidance where possible – we’ve done all that so you don’t have to.
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