As a Web3 business owner, one of the biggest challenges you may face is setting up an appropriate accounting system to track your digital assets. Without an accurate set of financial statements, you won’t be able to make strategic business decisions, win the trust and confidence of investors, or accurately report and plan for your […]

Tax planning is essential to any successful investment strategy, particularly for digital asset investors. With myriad complex tax regulations, knowing the best strategies for minimizing your digital asset tax liability is essential. This article will discuss five proven strategies – tax-loss harvesting, charitable giving, maximizing deductions and credits – that can help digital asset investors […]

Tax compliance is critical for any business, but in the Non-Fungible Token (NFT) space, it’s even more critical due to the nature of digital goods and services sold on public blockchains. This article will explore some best practices for NFT businesses to ensure they stay compliant with tax obligations, including collecting and retaining transaction records […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

The tax law favors business owners. As you continue to grow your business you continue to further reduce your taxes. This is only true if you have a properly designed and implemented tax plan. There are many who miss the opportunity to take advantage of the tax benefits the government has in place. These tax […]

One of the most important steps in maintaining a tax strategy is protecting your bottom-line. This means implementing and maintaining a system that provides proper documentation to ensure the accuracy of the information you provide your CPA for tax reporting. This will enable you to protect your tax savings and avoid unnecessary penalties and interest. […]

In the early stages for investors and businesses cash flow is often one of the more challenging aspects to manage as you are building your reputation and pipeline. As a result, investing in a properly designed and implemented tax plan often gets deferred to the future. The problem is that all too often this temporary […]

All too often I hear from prospective clients that their CPA doesn’t seem to have enough time for them. Or that they had to pull tax planning strategies out of them rather than being advised on their specific circumstances. If that is the case contact our team today. We are proactive when working with clients […]

When it comes to audit risk, there are two factors to consider: There’s the risk of being audited  If you are audited, there’s the risk that adjustments will be made resulting in increased taxes, plus penalties and interest Proper tax planning and tax return preparation can provide you with tremendous control over this factor. When […]

The decisions that you make as a business owner will decide the fate of your business, family, and overall life. Everything that you do in your business should be planned and measured. There are tons of different KPI’s, financial ratios, and benchmarks we can use to diagnose and assess your business to drive key financial […]