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Crypto Tax Deadline Are You Compliant with Rev Proc 2024-28?

Cryptocurrency has revolutionized the financial world, offering new avenues for investment and business transactions. However, as the adoption of digital assets grows, so does the complexity of managing their tax and accounting implications. The recent release of Revenue Procedure 2024-28 by the IRS has brought significant changes to how cryptocurrency accounting should be conducted, particularly […]

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5 minutes Min read

Web3 Accounting: Setting Up Your Chart of Accounts

Establishing a Robust Chart of Accounts for Your Web3 Business In the ever-evolving landscape of Web3, setting up an accounting system tailored to your business is crucial. One of the foundational steps in this process is establishing a robust Chart of Accounts (COA). This guide delves into the intricacies of creating a COA, providing you […]

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Digital Asset, Cryptocurrency & NFT Accounting

A Beginner’s Guide to DeFi Taxes: Navigating the Complex World of Decentralized Finance and Taxation

As decentralized finance (DeFi) grows in popularity, it’s crucial for cryptocurrency investors to understand the tax implications that come with it. DeFi represents a paradigm shift in finance, offering peer-to-peer transactions, lending, borrowing, and yield farming, all without traditional financial institutions. However, this innovation also introduces complexities when it comes to taxation. In this blog […]

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Digital Asset, Cryptocurrency & NFT Accounting

Avoiding Tax and Legal Pitfalls: Best Practices for Managing Funds in Your Web3 Business

Starting a Web3 business can be an exciting venture, but navigating the complexities of managing your funds can quickly become overwhelming. One of the biggest pitfalls new Web3 business owners face is the mixing of personal and business finances, a practice known as “commingling funds.” This blog post will walk you through best practices for […]

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Understanding Stablecoin Taxes: Key Insights for Web3 Businesses and Crypto Investors

Are you a crypto investor or a Web3 business transacting in stablecoins? If so, it’s important to understand the tax implications surrounding these transactions. Many assume stablecoins, because they are pegged to a currency like the US dollar, have minimal or no tax consequences. However, the reality is quite different. In this blog post, we […]

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Digital Asset, Cryptocurrency & NFT Tax Planning

How to Handle an IRS Audit of Your Cryptocurrency Investments: Essential Tips for Navigating the Process

With the rise of cryptocurrency, tax compliance has become a complex area for both individuals and businesses. Cryptocurrency transactions can be tricky to report, and as a result, many people are finding themselves facing IRS audits. If you’ve received a tax notice or been notified that your crypto investments are under audit, don’t panic. While […]

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Digital Asset, Cryptocurrency & NFT Accounting

Web3 Token Launch: A Tax & Accounting Guide for Token Generation Events

Are you a Web3 startup preparing for a Token Generation Event (TGE)? This quick guide covers the essential tax and accounting considerations to help you avoid costly mistakes and maximize the financial benefits of your token launch. A Token Generation Event is a critical milestone for Web3 projects, where a project issues its native token […]

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Digital Asset, Cryptocurrency & NFT Accounting

Crypto Tax Deadline Are You Compliant with Rev Proc 2024-28?

Cryptocurrency has revolutionized the financial world, offering new avenues for investment and business transactions. However, as the adoption of digital assets grows, so does the complexity of managing their tax and accounting implications. The recent release of Revenue Procedure 2024-28 by the IRS has brought significant changes to how cryptocurrency accounting should be conducted, particularly […]

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Digital Asset, Cryptocurrency & NFT Accounting

What Does a Cryptocurrency IRS Audit Cost & How Does the Process Work?

Navigating the Complexities of Cryptocurrency IRS Audits: Costs and Processes As cryptocurrency continues to evolve from a niche asset class to a mainstream financial instrument, the Internal Revenue Service (IRS) has intensified its scrutiny of digital asset transactions. This heightened focus has led to an increase in the number of audits targeting cryptocurrency investors. If […]

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Digital Asset, Cryptocurrency & NFT Accounting

5 minutes Min read

Web3 Accounting: Setting Up Your Chart of Accounts

Establishing a Robust Chart of Accounts for Your Web3 Business In the ever-evolving landscape of Web3, setting up an accounting system tailored to your business is crucial. One of the foundational steps in this process is establishing a robust Chart of Accounts (COA). This guide delves into the intricacies of creating a COA, providing you […]

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Digital Asset, Cryptocurrency & NFT Accounting

3 minutes Min read

The Statute of limitations on Cryptocurrency Taxes

Tax Implications in the Digital Asset Landscape Cryptocurrency investors, NFT collectors, and Web3 enthusiasts are increasingly venturing into the world of digital assets. However, amidst the excitement, concerns about tax implications and compliance requirements loom large. Despite the evolving nature of digital assets, it’s imperative to recognize that tax obligations remain unchanged. Many individuals still […]

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Digital Asset, Cryptocurrency & NFT Accounting

3 minutes Min read

Crypto CPA : Ask Me Anything

Recently, Patrick Camuso, a seasoned expert in financial management, hosted an insightful Ask Me Anything (AMA) event, delving into the nuances of due diligence in accounting. Drawing from this engaging discussion, this blog serves as a comprehensive summary, offering valuable insights into the pivotal role of due diligence in ensuring financial integrity. As businesses navigate […]

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Digital Asset, Cryptocurrency & NFT Accounting

3 minutes Min read

2024 IRS Digital Asset Audit Preparation for Crypto Investors

For digital asset investors and Web3 CEOs, understanding the tax implications of their transactions is crucial in avoiding the pitfalls of non-compliance and the looming threat of audits. In this guide, we delve into the essential steps to prepare for a cryptocurrency and digital asset tax audit in 2024. Cryptocurrency Tax Audits: A Comprehensive Guide […]

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Digital Asset, Cryptocurrency & NFT Accounting

5 minutes Min read

Mystery of Crypto Transactions Unlocked!

Embarking on a captivating journey through the intricate terrain of cryptocurrency transactions, our recent client case study illuminates the challenges faced by a seasoned crypto investor in navigating the cryptic landscape of the digital asset universe. In this narrative, centered around about discovering the Mystery of Crypto Transactions, we delve into a compelling story, unfolding […]

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