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 […]

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 […]

Most people go to the doctor and dentist, at least annually, for a checkup regardless of their health status. This is part of a long-term strategy for a long-term wellness and health. The same routine should be in place with your CPA regarding your tax planning and finances. This is part of a long-term strategy […]

Taxes are one of your largest business and personal expenses. I see way too many successful eCommerce businesses leaving thousands on the table every single year. Like one client we recently worked with. One specific income shifting strategy outlined below from the Tax Plan that we delivered to this client produced a yearly tax savings […]

During times of economic uncertainty or severe downturns, it becomes key for business owners to focus on protecting their bottom-line. You cannot afford to send funds to Uncle Sam that belong on YOUR balance sheet. You need these funds to ensure that your business, employees and family survive and thrive. Tax planning is key to […]

The general public believes that when they go get their taxes completed, their preparer has helped them organize their life to pay as little taxes as possible. But that’s NOT true. There is a HUGE difference between tax preparation AND tax planning. If you have not taken the time to work with you CPA on […]