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Category: Digital Asset, Cryptocurrency & NFT Tax Planning

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Digital Asset, Cryptocurrency & NFT Accounting

How To Answer IRS Digital Asset Tax Question

The Internal Revenue Service (IRS) continues to refine and update queries regarding cryptocurrencies and digital assets. The 2022 draft for 1040, released on September 1st, shows the latest version of the cryptocurrency question, which states: At anytime during 2022, did you: (a)- get cryptocurrency as an award, reward, or compensation (b)- exchange, sell, or dispose […]

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Digital Asset, Cryptocurrency & NFT Accounting

Financial Standards Accounting Board Updates Digital Asset Accounting Treatment

The Financial Accounting Standards Board has decided to require companies to measure digital assets and cryptocurrency at fair value.  This is a very large change in digital asset accounting and cryptocurrency accounting standards. Before this decision The Financial Accounting Standards Board required digital assets and cryptocurrency such as Bitcoin to be measured using the cost […]

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Digital Asset, Cryptocurrency & NFT Accounting

Cryptocurrency Tax Forms

Cryptocurrency Tax Forms 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 […]

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Digital Asset, Cryptocurrency & NFT Tax Planning

Node Staking (Costly Tax Issues)

We’ve seen a rise in the popularity of Proof-of-Stake (POS) systems where users become validators of blocks with a POS blockchain network. As these transactions have increased in popularity, tax questions realted to the uncertain tax regulatory landscape has created unique tax issues and concerns for investors. We’ll go over the current tax regulatory landscape […]

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Digital Asset, Cryptocurrency & NFT Accounting

Questions To Ask When Hiring a Crypto CPA

Many new CPAs are rushing into the cryptocurrency industry since they are finally becoming aware of the business opportunity and growth associated with this industry. 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 […]

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Digital Asset, Cryptocurrency & NFT Tax Planning

Quarterly Crypto Taxes

How To Not Overpay the IRS & Avoid Bankruptcy When you receive income in cryptocurrency or have capital gains from the sale of cryptocurrency it’s important to consider the tax consequences immediately to avoid overpaying in taxes. If you do not plan your quarterly estimated tax payments in advance when you generate income or gains, […]

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Digital Asset, Cryptocurrency & NFT Accounting

NFTs & Sales Tax

If you are an individual, artist or company that is selling NFTs as part of a trade or business activity you need to consider how sales taxes are applied to the sale of each NFT you sell. Do not avoid this and overlook a huge tax bill. It’s important to consider the tax consequences immediately […]

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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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