We represent clients entering into agreements, such as partnership or joint venture agreements or contracts for the sale or purchase of property, with the goal of avoiding disputes in the future while striving to achieve the best business, legal and tax result for that client.
Ernest established the firm with offices in Pennsylvania and London in 2005, providing professional services to multinational individual, corporate and private equity clients.
Our International Tax Practice is supported extensively from our U.S. office, encompassing not only all aspects of US tax law but also the many other areas that play a role in any structuring or transactional assignment.
We represent clients entering into agreements, such as partnership or joint venture agreements or contracts for the sale or purchase of property, with the goal of avoiding disputes in the future while striving to achieve the best business, legal and tax result for that client.
ERNEST LEE LLP
Lawyers. Just Different.
Cryptocurrency Tax Decrypted
Legal and Advisory
Our legal and advisory practice strives to provide simple answers to the most complex problems. We advise clients on issues of estate planning and administration, business and corporate law, real estate law,civil and commercial litigation and bankruptcy.
We offer contract and dispute settlement negotiation services. We draft and negotiate contracts, either as a part of a series of contracts, or as a one-off single engagement. We assist in settling disputes both formally and informally, often finding solutions that neither party had previously considered.
Reporting
Contrary to what some would say, reporting your taxable income earned through cryptocurrency transactions is the best defense against unreasonable taxes on that income.
Why? After years of legal battles, the exchanges now report to the IRS. We expect that they will soon begin tracking your cost basis for you; giving you (and the IRS) the best information to avoid any controversy before it starts.
Even some foreign exchanges now report to the IRS.
By sending your own crypto tax report with your properly prepared US Federal Income Tax Return, you are placed in the best position to minimize your tax liability on such income.
Calculating your real taxable gains involves complex calculations and intricate knowledge of the constantly evolving, often confusing laws regulating cryptocurrency taxes.
But that’s why we’re here!
