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Digital Asset, Cryptocurrency & NFT Accounting
5 Things Not To Do As Crypto Investor
Cryptocurrency taxes and accounting are very complex. In fact, over 95% of the cryptocurrency portfolios and tax returns we review have errors, incorrect tax interpretations or missed opportunities. To worsen this issue, most CPAs do not even have a proper understanding of cryptocurrency transactions needed to adequately interpret tax code sections realted to your portfolio. […]
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Digital Asset, Cryptocurrency & NFT Accounting
Can You Deduct GAS Fees For Taxes?
If you are involved with cryptocurrency, you are probably all too familiar with gas fees. Payment in Ethereum gas fees are required for a variety of transactions that take place on the Ethereum blockchain including staking, airdrops, transfers, trades, yield farming and so on. In many circumstances, these fees can be deductible for taxes but […]
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Digital Asset, Cryptocurrency & NFT Accounting
Tax Implications To Cryptocurrency Loans
Planning in advance to prepare for your cryptocurrency tax liabilities is crucial to ensure that you report your taxes accurately and pay the least amount of taxes as legally possible. You need to ensure that you are not only properly reporting your transactions in the correct character and format and that your accounting calculations are […]
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Digital Asset, Cryptocurrency & NFT Accounting
Tax Planning For Cryptocurrency
Planning in advance to prepare for your cryptocurrency tax liabilities is crucial to ensure that you report your taxes accurately and pay the least amount of taxes as legally possible. You need to ensure that you are not only properly reporting your transactions in the correct character and format and that your accounting calculations are […]
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Digital Asset, Cryptocurrency & NFT Accounting
Cryptocurrency Tax & Accounting Due Diligence
Cryptocurrency taxes and accounting are crucial when it comes to protecting your assets and bottom-line from the IRS. Reporting your cryptocurrency transactions on your tax return is only your first step towards compliance with the IRS. You need to ensure that you are not only properly reporting your transactions in the correct character and format […]
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Digital Asset, Cryptocurrency & NFT Accounting
IRS Summons Circle For Taxpayer Information
Cryptocurrency taxation has been a hot topic with the IRS for years. Despite popular opinion, the IRS has been monitoring cryptocurrency for quite some time. This is why the decision by the Internal Revenue Service (IRS) to seek information from Circle on all U.S. taxpayers who traded at least $20,000 worth of crypto between 2016 […]
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Digital Asset, Cryptocurrency & NFT Accounting
How NFTs and Cryptocurrency Are Taxed
With the significant surge in popularity of digital marketing and non-fungible tokens (NFTs) recently, people are asking more and more questions about NFTs and cryptocurrency taxes. For the past few months, NFTs have been surging in popularity. Various platforms allow thousands of creators and artists to sell their work as NFTs. The following is a […]
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Digital Asset, Cryptocurrency & NFT Accounting
IRS Hires Crypto Tax Software Company For Audits
Cryptocurrency taxation has been a hot topic with the IRS for years. The IRS has been monitoring cryptocurrency for years. This is why the decision by the Internal Revenue Service (IRS) to enforce a cryptocurrency taxes further did not come to many as a surprise. The cryptocurrency tax laws, are known to have been historically […]
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Digital Asset, Cryptocurrency & NFT Accounting
Cryptocurrency Tax Return Questions on Page 1
Cryptocurrency taxation has been a hot topic with the IRS for years. The IRS has been monitoring cryptocurrency for years. This is why the decision by the Internal Revenue Service (IRS) to enforce a cryptocurrency taxes further did not come to many as a surprise. The IRS guidelines surrounding the filing of cryptocurrency taxes have […]
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Digital Asset, Cryptocurrency & NFT Accounting
How Is Kentucky Offering Tax Breaks For Crypto Miners IN 2021?
The cryptocurrency tax laws, are known to have been historically complex for cryptocurrency investors, miners and traders. There haven’t been many legislations that are entirely dedicated to the cryptocurrency mining businesses. Several issues regarding the earnings, investments, savings, and taxation of the cryptocurrency mining industry haven’t been addressed by lawmakers in extensive detail. However, things […]
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Digital Asset, Cryptocurrency & NFT Accounting
Cryptocurrency Taxes & Decentralized Finance, Tax Guide To Trading, Lending, Borrowing
The cryptocurrency industry, and as a result, cryptocurrency taxes are constantly evolving. Decentralized Finance (DeFi) is a rapidly growing area of cryptocurrency that provides access to financial services, including trading, borrowing, and lending, without middleman like traditional financial institutions. This has provided many financial options for traders and long-term holders. As with any evolution of […]
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Digital Asset, Cryptocurrency & NFT Accounting
United Kingdom Issues Cryptocurrency Tax Guidance
Here at Camuso CPA, we offer a wide array of tax services for cryptocurrency investors including tax preparation and tax planning. Financial service companies are transitioning from employee driven revenue models to information driven revenue models. Camuso CPA strives to deliver useful insights and offer relevant explanations about the latest tax and financial topics. The United […]
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Digital Asset, Cryptocurrency & NFT Accounting
End to Anonymous Cryptocurrency Trading by Shapeshift, A CPA’s Perspective
Cryptocurrency exchange Shapeshift is launching a new mandatory membership program that will now require users to provide personal information. Cryptocurrency exchanges are under more regulatory pressure than ever, with governments requiring that they conduct KYC and AML procedures to prevent fraud. As a centralized exchange, Shapeshift lacks the ability to operate without a license or […]
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Digital Asset, Cryptocurrency & NFT Accounting
SEC STATES BITCOIN AND ETHEREUM ARE NOT SECURITIES, FAVORABLE TAX IMPLICATIONS
William Hinman, the Securities and Exchange Commission’ director of the division of corporate finance said Thursday that ether — the currency that powers the Ethereum network — shouldn’t be regulated in the same way as stocks and bonds. “Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current […]
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Digital Asset, Cryptocurrency & NFT Accounting
WHAT TO DO IF YOU STILL HAVE NOT REPORTED CRYPTOCURRENCY TAXES THIS YEAR
With an exponential gain in value and thousands of businesses now accepting it as a form of payment, Bitcoin has quickly become one of the trending topics throughout the country. While there are various types of cryptocurrency out there, Bitcoin is currently the most popular form of digital currency (also known as virtual or cryptocurrency) […]