Loading...

Work With Us
+704 249 3179
We Love To Share

Blog

Navigating NFT Sales Taxes: What Businesses Need to Know

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 […]

Read more
0
Share

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. […]

Read more
0
Share

How To Accept Cryptocurrency Payments At Your eCommerce Store

Cryptocurrency have been growing in popularity over the past 10 years, with the last 5 years gaining momentum into more mainstream communities. As cryptocurrencies continue to change the way we do business, it’s time to start considering accepting them at your store. We have notably seen many major brands begin to accept cryptocurrency including Expedia, […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Navigating the Crypto Maze: A Tax and Accounting Guide for Businesses Accepting Cryptocurrency

Accepting crypto is an essential resource for any business considering accepting cryptocurrency as payment. With the rise of digital assets, it’s essential to understand their tax and accounting implications to fully take advantage of the opportunities they present without running afoul of the law or best business practices. Cryptocurrency, also known as virtual currency or […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Don’t Get Caught Without Time: How to File a Tax Extension for Your Digital Asset Returns

Digital asset transactions, such as those associated with cryptocurrencies, can be complex and intricate. The details of these transactions are often difficult to trace due to the decentralized nature of blockchain technology. As such, gathering all necessary documentation and transaction histories can be a daunting task. Furthermore, digital asset holders must also collect their 1099 […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Beating the Crypto Tax Audit: A Step-by-Step Guide

With the emergence of digital assets and cryptocurrencies, the Internal Revenue Service (IRS) has ensured that taxpayers accurately report their income, gains, and losses associated with these investments. Digital asset accounting, digital asset tax, cryptocurrency audit, and digital asset audit are essential elements of successful IRS enforcement activities. Thus it is crucial to understand the […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Staying Compliant: Navigating Tax Rates for Digital Assets, Cryptocurrency, and NFTs

Staying Compliant: Navigating Tax Rates for Digital Assets, Cryptocurrency, and NFTs Introduction With the growing popularity of digital assets, it is essential to understand their tax implications. This includes understanding the digital asset and cryptocurrency tax rate. Cryptocurrencies and other digital assets are subject to taxation with different rates depending on whether they are held […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Unlock the Power of Web3 Digital Asset Accounting: A Comprehensive Guide

With the rapid growth of the cryptocurrency, NFTs and other digital assets, the need for reliable digital asset accounting systems is becoming increasingly evident. For businesses and individuals alike, it is essential to have a system that correctly tracks investments, taxes, profits, and losses. But designing such a system can be daunting for those who […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Wash Sales May Soon Disallow Digital Asset Tax Losses

Senators are working on approval for a $12.7 billion conservation bill: Recovering America’s Wildlife Act — H.R. 2773 and S. 2372. This bill has recently been stalled due to objections related to how the spending would be paid for. It’s reported by E&E News recently that in negotiations senators were considering closing the wash sale […]

Read more
0
Share

Read More

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 […]

Read more
0
Share

Read More

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 […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Accounting

Cryptocurrency Tax Forms Demystified: A Beginner’s Guide

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 […]

Read more
0
Share

Read More

Digital Asset, Cryptocurrency & NFT Tax Planning

Maximize Your Node Staking Earnings by Avoiding These Tax Pitfalls

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 […]

Read more
0
Share

Read More

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 […]

Read more
0
Share

Read More

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, […]

Read more
0
Share