The Clinton Donnelly Show

Curious about how the IRS keeps an eye on crypto traders? It's a complex process, but understanding it is crucial. Learn how the 'John Doe' summons operates and why it's a significant factor for exchanges like Kraken, who had to hand over vital information. Learn about IRS tactics since 2016 and how they can potentially audit or investigate you! Taxes can be confusing and overwhelm...

Ever wondered about the tax consequences of buying stuff with Bitcoin or other cryptocurrencies? In this episode, Clinton Donnelly breaks down the tax events that happen when you make direct purchases with crypto or use crypto-backed cards. Dive in to understand how capital gains play a role and get tips on managing these transactions. Perfect for crypto investors looking to stay compliant! Don&#3...

Have you received an IRS letter and felt a chill down your spine? Well, you're not alone! In this episode, we're breaking down everything you need to know about the CP2501 letter. How does it compare to the CP2000? What’s new, and why is the IRS changing gears? Do you have questions about IRS letters? Feel free to drop a comment below. We love hearing from you, and your input makes our com...

We ran a poll on X for the 2024 presidential election, and the results are wild! Trump has surged ahead with a staggering 69% support in our poll, leaving Kennedy at 23% and Biden trailing at a mere 8%. 😱 How has the Biden administration's crypto stance influenced these figures? With crypto investors constituting 20% of the U.S. voting population, there's a noticeable shift towards pro-cr...

Today's video tackles the crucial but often overlooked topic of crypto inheritance. We'll explore the challenges heirs face when a crypto investor passes away without sharing their private keys. Learn about solutions like multi-signature wallets, which can protect assets, ensure smooth inheritance transitions, and prevent key loss. Taxes can be confusing and overwhelming. That's where...

In this episode, Clinton invites Jake Claver from the Digital Ascension Group to discuss wealth management strategies, digital asset custody, and long-term financial planning.  They explore the beginning of a potential bull market, insights on managing digital assets, market dynamics, tax strategies, and the growing interest from institutional investors in the cryptocurrency space.  Uncover the in...

Join Clinton Donnelly as he breaks down Senator Mark Warren's recent National Intelligence Authorization Act and its surprising provision for the Department of the Treasury to seize and monitor digital assets. Clinton, a top U.S. crypto taxation expert, evaluates the Chamber of Commerce's concerns about this bill's potential overreach and lack of due process. In this detailed discussio...

In this episode, we are joined by Clinton Donnelly, a renowned expert in cryptocurrency taxation, as he dives into the IRS audit process, with a special focus on the rising trend of crypto-related audits. Learn how data mining flags discrepancies in tax returns, particularly for crypto investors. Understand the necessary documents to prepare, grasp the audit timeline, and acquire essential strateg...

Guy Ficco of the IRS reveals a rise in pure tax crimes involving cryptocurrencies under Section 26 of the U.S. Code. Experts have highlighted that compliance is paramount as the IRS is placing more emphasis on criminal investigations, as evidenced by recent tax fraud indictments. Taxes can be confusing and overwhelming. That's where CryptoTaxAudit.com comes in. Our team of experts specializes...

Discover the inspiring journey from a missionary in Uruguay to a Bitcoin advocate aimed at transforming financial stability for churches worldwide. Learn the connections between the ethics of money production, Bitcoin adoption, and how faith can guide financial investments. Don’t miss out on this blend of spirituality and crypto insights! #Bitcoin #Faith #Economics 🙏💸 Taxes can be confusing and...

In this episode of The Clinton Donnelly Show, Clinton discusses the increasing debate over whether cryptocurrency holdings should remain private or be disclosed to the government. Highlighting the Biden administration's push for financial institutions to report crypto wallet holdings to the IRS, we explore the implications for crypto investors, including potential wealth taxes and regulations....

Buckle up, because President Biden's veto just sparked a political firestorm you won't believe. The bill returns to Congress, requiring a two-thirds majority vote for approval. This move could impact the future of cryptocurrency regulation in the United States. Taxes can be confusing and overwhelming. That's where CryptoTaxAudit.com comes in. Our team of experts specializes in cryptocu...

The introduction of the portfolio reconstruction tool allows the IRS to trace your transactions on the blockchain, including interactions with various addresses, potentially leading to taxable events. It's crucial to report your trading activity to the IRS to avoid severe enforcement actions in the future. Stay ahead of the game, pay your taxes, and secure your financial future. Don't dela...

Understand the implications of clawback on your taxes and ensure you accurately account for it to avoid issues with the IRS. Stay informed and stay compliant with the latest tax reporting requirements! Taxes can be confusing and overwhelming. That's where CryptoTaxAudit.com comes in. Our team of experts specializes in cryptocurrency taxation and can help you accurately report your income, pote...

U.S. taxpayers find themselves at a crossroads of compliance and complexity, especially when dealing with foreign brokers and investments. The intricate laws and obligations surrounding foreign asset reporting and taxation can be a labyrinth for the uninitiated. However, understanding these regulations is crucial to safeguard against potential audits and legal implications. Taxes can be confusing...

Attention all US-based crypto traders! The IRS knows that approximately 75% of crypto traders need to report their crypto income on their tax returns. The IRS is using a new technique that we call "portfolio reconstruction" to identify underreported income.  Additionally, they are using AI and machine learning tools to go after those who fail to report their income. Failing to report you...

Join us for an expert discussion on tax laws for crypto investors in the US and UK in 2024. In this episode, Clinton Donnelly and Jamie Nuttall from Myna explore the different tax regulations in both countries. Learn about the differences and similarities between the tax systems, from capital gains to airdrops and potential future tax implications. Stay informed with insights from two seasoned pro...

In March 2024, the government released a budget proposal outlining potential planned increases in benefits and initiatives. To finance them, they are considering two methods of taxation: increasing business taxation from 21% to 28%, and increasing taxes on high-income taxpayers. One controversial proposal is to impose a minimum income tax of 25% on total income, including unrealized capital gains,...

The Biden administration's 2025 budget proposal includes plans for generating revenue through digital asset taxation, including a wash sale rule on cryptocurrency sales. This could generate $25 trillion over the next eight years, but it's unlikely to pass.  For more details, you can download the entire budget from the U.S. Department of Treasury's website. If you're facing crypto t...

Have you received a CP59 Notice from the IRS? Don't wait—take action now! In this video, we'll discuss what you must do when receiving one. The IRS has flagged that you may not be reporting your cryptocurrency income. Ignoring this can lead to severe legal consequences, including accuracy-related penalties or even criminal charges. Don't risk escalating the situation. If you're fac...

CryptoTaxAudit is the ultimate solution for ensuring your crypto taxes are precise and fully compliant with the latest regulations. With expert guidance and support, you can avoid costly penalties and enjoy complete peace of mind. Don't take any chances with your hard-earned assets. Become an IRS Guard Dog member today and take control of your financial future! Learn More 👉 https://www.crypto...

If you've suffered losses from Celsius, you need to report them on your taxes. This video provides two potential different types of reporting Celsius losses on your tax return. It's important to bear in mind that everyone's tax situation is unique. If you need help with your taxes or have any questions about similar matters, don't hesitate to check out CryptoTaxAudit.com. We offer...

Crypto Tax Audit is a US-based company founded by Clinton Donnelly in 2015. Our team comprises CPAs, Enrolled Agents, Forensic Accountants, and Crypto Analysts, who are not only tax experts but traders as well.  We understand the risks involved in trading, which is why we specialize in a range of services, including IRS audits, tax return preparation, crypto gain calculations, IRS resolution servi...

If you're worried about unreported crypto income, don't ignore it. The IRS is targeting large traders and holders and obtaining data from 2016 forward. Seek professional help to calculate your gains and work out a plan for reporting and paying off your taxes.  Need help with cryptocurrency taxes? Contact CryptoTaxAudit for expert assistance. Secure your peace of mind and stay compliant by...

Crypto traders must report all their income that the IRS knows about. The 1099 form provided by U.S. and crypto exchanges shows the total amount received, not the profit made. If the total amount received is over $400,000, the tax return is more likely to be audited.  CryptoTaxAudit is the ultimate solution for ensuring your crypto taxes are precise and fully compliant with the latest regulations....