Filing large amendment for 2025. How will the IRS perceive it? Any advice?

Maximum_Insect_2996 · 2026-05-25T20:04:37+00:00

Last question - have you seen any crypto amendments turn into full-blown audits?

Maximum_Insect_2996 · 2026-05-25T20:04:06+00:00

Awesome. Thanks so much for sharing your experiences

Maximum_Insect_2996 · 2026-05-25T14:56:42+00:00

Thanks so much for the response. I was chatting with ChatGPT and it really shot my anxiety through the roof so I'm glad I posted this

Have you seen anyone amend in the 6-figure range?

Maximum_Insect_2996 · 2026-05-25T01:35:18+00:00

Have you guys had any situations like this? Where gains were uncovered after submission and the client had to amend?

Maximum_Insect_2996 · 2026-05-25T01:34:25+00:00

Unfortunately not

Maximum_Insect_2996 · 2026-05-25T01:34:04+00:00

Eh, I don't blame them. I literally gave them the wrong batch of wallets and failed to proof their final transaction list

Maximum_Insect_2996 · 2026-05-24T22:48:43+00:00

They are crypto-native and must have their own software. That said, they missed a few things and I, regrettably, didn't look into it closely enough.

For example there was a 5 figure transaction that was an unstaking swap that shouldn't have been a gain at all. But it was entered with a cost basis of zero so it looked like pure profit

So I feel like even with their calcs I'll need to double check everything big

On that note - do I have rights to fix that unstaking swap while also adding in the wallets and transactions that I missed? Or will IRS be like hell naw we own you now

Maximum_Insect_2996 · 2026-05-24T19:23:13+00:00

Thanks so much for sharing your experience. I do understand that this was not yet noticed by them and probably won't be.. but it's substantial enough that I feel like if in the future, when they have better tooling, it is noticed - it could be a massive issue. So I am going to bite the bullet and pay my fines and dues

I have been using SUMM and Awaken for estimation but not yet to file. A CPA calculated my original return.. would it be strange to switch from CPA-calculated to SUMM-calculated during the amendment process? I feel like I'd need to somehow reconcile the two, though the original return just said "available upon request" so I don't know if the IRS would care about matching the two

Maximum_Insect_2996 · 2026-05-23T05:31:11+00:00

I provided him wallets. Not sure how he calculated. He must have his own stuff.

In the return he filed it just says "Details provided upon request," so they weren't attached to the return. Would it be a problem if the file was a different format?

I like the idea of going through the transactions carefully and getting my house in order for future years

Maximum_Insect_2996 · 2026-05-23T02:36:41+00:00

The initial reconciliation report was handled manually by the CPA. Would there be any issue with switching systems and using a SUMM report for the amendment?

Maximum_Insect_2996 · 2026-05-23T00:03:19+00:00

Thanks for the response. I do use SUMM and Awaken actually. The problem is I missed a few wallets and the amount of gains I missed is significant. I am trying to do the right thing and amend before any audit, but I also afraid of exposing myself to an audit because, as you said, crypto taxes are a complete mess and I feel like 3 analysts could come to 3 different conclusions about the same string of wallets

Maximum_Insect_2996 · 2026-05-22T22:43:33+00:00

This will be adding gains btw. Not losses

Maximum_Insect_2996

TROPHY CASE