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 […]

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 […]

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 […]

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 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 […]

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, […]

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 […]

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 […]

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 […]

Cryptocurrency taxes and accounting are crucial when it comes to protecting your assets and bottom-line from the IRS. Reporting your cryptocurrency transactions on your tax return is only your first step towards compliance with the IRS. You need to ensure that you are not only properly reporting your transactions in the correct character and format […]