If you have a bitcoin tax issue, the agency might be auditing you. The audit is designed to uncover tax issues which may result in additional taxes due. Alternatively, the IRS might decide to file an additional tax due to a failure to pay capital gains taxes, employment taxes, income tax, or other financial obligation related to your Bitcoin — with interest. The appeals of IRS tax determinations is an option you have.
The exact type of appeal that is available to you will depend on where in the assessment and collection process you are. It’s important you speak to a bitcoin tax attorney who can help you – before you file an appeal, because certain appeal options can limit your ability to appeal further in federal courts.
You have a right to appeal unfavorable tax determinations
If you disagree with the IRS, you have a right to file an appeal. There are strict time limits though. Taxpayers who fail to file a timely appeal can lose their ability to do so.
In general, following an IRS audit, you will get a letter setting forth your rights. The 30 day letter sets the IRS’s determination and your rights. You should respond to the letter. If you do not, a 90 day notice of deficiency will be issued. Should you decide to appeal, you can elect to file for a case review. Small case reviews are available if the amount is $25000 or less. Additional appeal options also include an appeal in federal court.
The collection process can also be appealed
If your legal issue is beyond the assessment phase and the IRS actively is trying to collect debt, then you can engage in collection appeals. Collection appeals options include CDP and CAP. Each appeal program has a different focus, and can impact your later appeal options. It’s important to hire a tax lawyer before you do anything.
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