Baker Law Firm, P.C.
Contact Us 203-648-4737
24 Delay Street, Suite 1, Danbury, CT 06810

September 2019 Archives

Don't forget to pay taxes on CVC transactions

Convertible virtual currencies have been around for a while now, and there are likely numerous Connecticut residents who have some in their financial portfolios. In 2014, the Internal Revenue Service released a statement saying all CVC-related transactions need to be reported when filing taxes. Up until now, the IRS has been relatively lax on enforcing this rule, but that is changing. It is said that the IRS will be purposefully targeting CVC users to ensure they are meeting their full tax liability.

What to do if the IRS comes calling

A typical day can quickly take a negative turn just by looking into one's mailbox. The Internal Revenue Service, if it sees an issue with one's tax return, makes contact via mail. The letter received will give one vital information about the potential problem, or the amount allegedly owed, and who to contact about it. Some people may choose to just pay and be done with the whole thing, while other Connecticut residents may want to question the IRS. Thankfully, those who wish to do the latter do not have to do it alone.

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Phone: 203-648-4737
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