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Digital Asset, Cryptocurrency & NFT Accounting
Perils of Blind Trust: The Crypto Investor’s Journey
The world of cryptocurrency investments is both alluring and treacherous. In 2018, a seasoned investor embarked on a journey that would unveil the precarious nature of blind trust in financial advisory relationships. With a longstanding partnership with a trusted CPA firm, the investor believed their financial affairs were secure. However, this case study aims to […]
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Digital Asset, Cryptocurrency & NFT Accounting
From Chaos to Clarity : A Crypto Odyssey
In the intricate realm of crypto, where transactions are as complex as the blockchain itself, our team encountered a client with a transaction history spanning 30+ wallets, featuring DeFi and NFT transactions, and intermingled with off-chain entries. This crypto aficionado embarked on a quest for comprehensive accounting, covering the labyrinthine years from 2016 to 2023. […]
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Digital Asset, Cryptocurrency & NFT Accounting
Journey to Financial Resilience : An NFT Artist Story
In the ever-evolving cosmos of NFT artistry, where the marriage of creativity and blockchain innovation unfolds a new chapter in the artistic landscape, one visionary artist embarks on a transformative journey to financial resilience. This expedition extends beyond the canvas, as the artist not only seeks to redefine the boundaries of artistic expression but also […]
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Digital Asset, Cryptocurrency & NFT Accounting
Journey to Financial Clarity : A Client From 2017 to 2023
In the ever-evolving and complex landscape of the financial world, individuals with significant wealth often grapple with the intricate challenges inherent in cryptocurrency investments. Delving into the depths of this multifaceted realm, we present the compelling account of a highly regarded client—a seasoned and adept crypto investor embarking on the transformative odyssey known as the […]
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Digital Asset, Cryptocurrency & NFT Accounting
Future of Tax Regulations for Cryptocurrency Web3 Predictions and Insights
In the swiftly evolving landscape of digital assets and Web3 technologies, the imperative to decode the intricate web of tax regulations has become paramount for both investors and business owners. As the digital frontier continues its rapid expansion, so does the complexity of navigating tax compliance in this dynamic environment. This article serves as a […]
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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
Can You Deduct Cryptocurrency GAS Fees For Taxes?
If you are involved with cryptocurrency, you are probably all too familiar with gas fees. Ethereum’s gas fees and gas fees on other blockchains, are required for various activities like staking, airdrops, transfers, trades, and yield farming on the Ethereum blockchain. But here’s the burning question: Can you deduct these cryptocurrency gas fees for tax […]
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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
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. […]