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Tag: Cryptocurrencies

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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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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, […]

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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

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

Important Wash Sales Update for Cryptocurrency Investors and Traders

Here at Camuso CPA, we offer a wide array of tax services for investors including tax preparation and tax planning. Financial service and technology 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. […]

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Digital Asset, Cryptocurrency & NFT Accounting

CRYPTOCURRENCY TAX RETURNS: SHOULD YOU PREPARE YOUR OWN?

Many people have reaped some serious rewards from their cryptocurrency investments. It’s a lucrative new monetary medium that many people are getting behind. But because it is new, it becomes harder to navigate when tax season comes around. Taxes can be hard enough to understand when you are dealing with normal income, and many people […]

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Digital Asset, Cryptocurrency & NFT Accounting

CRYPTO BECOMES FASTEST GROWING FIDELITY CHARITABLE DONATION

Here at Camuso CPA, we offer CPA tax help for cryptocurrencies in Charlotte. Navigating the waters of the tax regulations for this new monetary medium can be tough. But, it is still well worth it to invest in this exciting new opportunity. In fact, there are so many people making money off of cryptocurrencies that Fidelity […]

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Digital Asset, Cryptocurrency & NFT Accounting

CRYPTOCURRENCIES AS PROPERTY & WHY PEOPLE HAVEN’T BEEN REPORTING

Here at Camuso CPA, we offer cryptocurrency tax services nationwide. Cryptocurrencies are an exciting new currency medium that is fast gaining popularity. However, as a new monetary medium, there is a lot of grey area come tax season. The last thing any good investor wants is to be scrutinized by the IRS, and that is fast […]

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