Filed your IRS 2023? Here’s what to expect next—review timelines, payment notices, potential proof requests for crypto activity, the policy outlook, our Q3 agenda, and where to get the updated 2024 crypto tax eBook.
Thomas Maas
Jun 1, 2024
As we approach the end of July, the IRS season closes soon—late submissions can lead to substantial fines. If you still need help, now’s the time to get a professional involved. Below is a practical rundown of what happens after you submit, how Finanças communicates amounts due, what crypto filers might be asked to prove, and what we expect for Portugal’s crypto tax rules over the next few years.
1) After you submit: timeline & notifications
Once your IRS 2023 declaration is filed, Finanças typically reviews it in 2–4 weeks. When approved, you’ll receive both a physical letter with the taxes due and a digital copy in the Portal das Finanças.
2) Don’t miss the deadline
With the season ending in late July, delayed submissions may trigger fines ranging from €375 to €22,500. Seek support promptly if you’re running behind.
3) Crypto proofs the authorities may request
Because 2023 is the first year that crypto capital gains must be reported, authorities may sample some crypto returns to better understand activity and taxation. Be prepared to provide screenshots or other evidence of taxable events if requested.
4) Policy outlook: 2–3 years of stability likely
After consulting multiple professionals, we expect Portugal’s current crypto-friendly framework to remain for the next 2–3 years. Political parties continue to court digital entrepreneurs, and the new government will likely need time before proposing any changes to crypto tax law.
5) eBook update: IRS Crypto Taxation in Portugal 2024
We published the 2024 edition of our eBook with clearer explanations and examples than the 2023 version. If you bought the 2023 edition, you can upgrade to the 2024 edition for free—email your proof of payment to contact@cryptotaxesportugal.com and we’ll send you the new version. (Available via our store.)
6) What we’re working on for Q3
Testing leading crypto tax software providers
Observing how authorities process the first wave of crypto filings
Developing a Crypto & Taxes AI agent to assist you 24/7
If you’ve already submitted, watch for your letter and portal notice. If you haven’t, get help before the July cutoff to avoid fines. To stay updated on post-filing steps, crypto documentation requests, and any policy shifts, subscribe to our newsletter and follow @cryptaxpt on your preferred social channel. For resources and support, reach us at contact@cryptotaxesportugal.com or visit cryptotaxesportugal.com.
