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Digital Asset, Cryptocurrency & NFT Accounting
How to Set Up a Web3 Accounting System A Step-by-Step Guide
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 […]
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Digital Asset, Cryptocurrency & NFT Accounting
5 Proven Strategies for Minimizing Digital Asset Tax Liabilities
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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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
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 […]