💰 Are you prepared for the most significant changes in crypto taxation since 2014?
Join CPA Matthew Parker and the Jonezy-IX team to discuss the IRS's new Crypto Safe Harbor Allocation Plan (2024-28) and how it can protect taxpayers from potential audits and recalculations of past crypto transactions. This session is essential for crypto holders, traders, and entrepreneurs to stay compliant and safeguard their financial future.
***
### Meeting Purpose:
- Discuss crypto tax relief and the new Safe Harbor Allocation Plan with CPA Matthew Parker.
***
### Key Takeaways:
- A new Crypto Safe Harbor Allocation Plan is available to protect taxpayers from potential audits/recalculations of past crypto transactions.
- The IRS is implementing a new FIFO by account method for crypto transactions starting in 2025.
- Taxpayers must file safe harbor documents and take a "snapshot" of all crypto holdings by December 31, 2024, to be protected.
- Even small crypto transactions from years ago could lead to large tax liabilities due to penalties and interest if not addressed.
***
### Topics We’ll Cover:
#### 1. New Crypto Tax Regulations
- The IRS’s FIFO (First-In-First-Out) by account method starts in 2025, eliminating the ability to choose the most advantageous cost basis across wallets/exchanges.
- Applies to all past crypto activity, not just future transactions.
- IRS can potentially recalculate past gains/losses using the new method.
#### 2. Safe Harbor Allocation Plan
- Protects taxpayers from audits or recalculations of past transactions.
- Two key steps:
- File documentation citing relevant IRS codes by December 31, 2024.
- Take a "snapshot" of all current crypto holdings across wallets/exchanges.
- No downside to including more assets in the snapshot—acts as "insurance" against future IRS actions.
#### 3. Implications for Taxpayers
- Applies to anyone who has held, traded, or mined crypto in the last 4–5 years.
- AI/technology now enables the IRS to trace previously untraceable transactions.
- Centralized exchanges will report all transactions to the IRS starting in 2025.
#### 4. Addressing Past Crypto Activity
- Safe harbor covers past transactions, even if you no longer hold the crypto.
- Specific IRS codes allow deductions for fraudulent losses (e.g., exchange hacks).
- Capital losses from crypto can potentially offset other income.
#### 5. Next Steps
- File Safe Harbor documentation by December 31, 2024.
- Take a comprehensive snapshot of all current crypto holdings.
- Work with a CPA to structure crypto accounting/reporting for 2025 and beyond.
- Consider financing options if unable to pay safe harbor fees upfront.
***
### Who Should Attend?
- Crypto holders, traders, and miners.
- Entrepreneurs accepting or working with crypto assets.
- Anyone concerned about future IRS audits or compliance.
***
### Why You Should Join:
- Expert Guidance: Learn directly from CPA Matthew Parker and the Jonezy-IX team.
- Actionable Insights: Protect your financial interests and avoid penalties.
- Live Q&A: Get answers to your specific questions.
***
#### RSVP Now!
📲 Spaces are limited. Reserve your spot today to secure your gains and peace of mind.
***
####
