by Noah Green CPA CFE | May 17, 2026 | Sheepdog Tax Amendment Notes
A 2018-2022 crypto trader rebuilding incomplete books today is doing two things at once: reconstructing what should have been on the original return (basis, realization events, character) and assessing whether the penalties the IRS assessed against the original,...
by Noah Green CPA CFE | May 17, 2026 | Sheepdog Tax Amendment Notes
A crypto trader who is preparing a 2018-2022 Form 1040-X to correct basis, add omitted income, or reconcile against an exchange’s revised cost-basis figures is doing one piece of procedural work. If the original return for that year was filed late, or filed on...
by Noah Green CPA CFE | May 16, 2026 | Sheepdog Tax Amendment Notes
A cryptocurrency amendment looks like a Form 1040-X problem and is almost always a records-reconstruction problem. Digital assets are property for U.S. federal tax purposes under IRS Notice 2014-21, so the same return positions that govern stocks and other capital...
by Noah Green CPA CFE | Apr 28, 2026 | Sheepdog Tax Digital Asset Tax Notes
Notice 2014-21, published on March 25, 2014, is the foundational IRS guidance on digital-asset taxation. The Notice answered sixteen questions about the federal-tax treatment of “virtual currency” in a format that has not been formally updated in the...
by Noah Green CPA CFE | Apr 21, 2026 | Sheepdog Tax Digital Asset Tax Notes
Character classification, ordinary versus capital, controls the rate at which digital-asset income is taxed under IRC §1(h) and §1, determines which net-loss limitations apply under IRC §1211, and triggers the §1411 net investment income tax on most capital-gain...
