By Patrick Camuso, CPA

Patrick Camuso, CPA, is the founder and managing director of Camuso CPA. Before founding the firm in 2016, he worked at Deloitte, advising leading asset managers on financial accounting and fund taxation. He holds degrees in Accounting and Finance from Montclair State University. An early adopter of Bitcoin, Patrick recognized the accounting and tax challenges digital assets would create before much of the profession began addressing them. His work has since expanded from cryptocurrency tax and historical cost basis reconstruction to Web3 accounting, prediction market taxation, and specialized accounting for professional traders and market makers. He also advises on emerging derivatives, including perpetual futures. His experience working directly with these markets informs his client advisory work, published research, and contributions to professional guidance. Patrick serves on the AICPA Digital Asset Tax Task Force and has co-authored research published in Tax Notes with a former head of the IRS Office of Digital Assets. His prediction market tax research has been cited by the Tax Law Center at NYU School of Law. He is an author of books on digital asset taxation and compliance, a CPE instructor, and host of The Financial Frontier. Patrick was recognized by Forbes as a Best-in-State Top CPA in 2025 and 2026 and is a member of the Forbes Business Council.

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How to Calculate Cost Basis for Crypto

How to Calculate Cost Basis for Crypto

Quick answer (read this first) The formula for how to calculate cost basis for crypto: Cost basis = purchase price + capitalized transaction fees, assigned to a specific tax lot […]

Best Crypto Cost Basis Method: FIFO, HIFO, and What the IRS Actually Requires

Best Crypto Cost Basis Method: FIFO, HIFO, and What the IRS Actually Requires

Quick answer (read this first) Permitted crypto cost basis methods: FIFO (first-in, first-out) and specific identification. Both are applied at the wallet or account level under the current framework, which […]

Camuso CPA Publishes Digital Asset Tax Analysis in Tax Notes

Camuso CPA Publishes Digital Asset Tax Analysis in Tax Notes

I’m pleased to share that my co-authored article with Sulolit Mukherjee has been published in Tax Notes Federal: “Digital Asset Taxation in the United States: A Policy Analysis.” For those […]

AI Agent Tax

AI Agent Tax Guide: Who Owes What When the Bot Transacts

Quick Answer: Read This First What this is: A practitioner analysis of how autonomous AI agents generate taxable events at a scale that existing tax reporting and substantiation systems were […]

The Compliance Era: An ETH Denver Warning for Web3

The Compliance Era: An ETH Denver Warning for Web3

Quick Answer (Read This First): The moment: Form 1099-DA issued its first reporting forms in early 2026, covering 2025 digital asset transactions. The IRS can now match independently sourced broker […]

Polymarket Taxes: How to Report When There’s No 1099

Polymarket Taxes: How to Report When There’s No 1099

Quick answer Are Polymarket winnings taxable? Yes. Gains from Polymarket activity are taxable for U.S. taxpayers even when the platform does not issue a tax form. The absence of a […]

Crypto Cost Basis: What It Is, How It Works, and Why It Breaks Down

Crypto Cost Basis: What It Is, How It Works, and Why It Breaks Down

Quick answer (read this first): What it is: Cost basis is what was paid to acquire a digital asset, including the purchase price, expressed as a tax lot with a […]

Are Prediction Market Profits Gambling Income?

Are Prediction Market Profits Gambling Income?

Quick answer (read this first): The short answer: It depends and the IRS has not told you which answer applies. What the question actually means: Whether prediction market profits are […]

Crypto Cost Basis: What to Do When Exchange History Is Gone

Crypto Cost Basis: What to Do When Exchange History Is Gone

Quick answer (read this first): The problem: Exchange records are unavailable due to platform shutdown, lost credentials, incomplete exports, or years of unreconciled self-custody. Crypto cost basis is undocumented and […]

Crypto Cost Basis Reconstruction & Historical Accounting

The Complete Guide to Crypto Cost Basis Reconstruction & Historical Accounting

Quick answer (read this first): What it is: Crypto cost basis reconstruction is the process of rebuilding your digital asset transaction history at the tax-lot level by establishing what you […]

Floating