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Tag: Digital Asset Accounting

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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 […]

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