Cryptocurrency, digital asset and digital business tax preparation is very complex. In fact, over 90% of the tax returns we review have errors or missed opportunities.
Many CPAs are not experts in cryptocurrency tax codes. This can cost cryptocurrency investors and digital businesses thousands in taxes every single year.
Our team at Camuso CPA is on top of a rapidly developing cryptocurrency tax landscape.
We leverage extensive tax experience, the latest technologies and work specifically with cryptocurrency investors and digital businesses to ensure we do not make critical tax errors that cost you money.
Each tax return we prepare goes through structured review process to ensure everything is filed accurately, timely and you're not missing deductions or opportunities to reduce your tax liability.
Work with an experienced crypto CPA
When it comes to fling taxes, accuracy and timeliness is what counts. When you work with Camuso CPA you get your returns filed accurately and timely with an experienced and trusted cryptocurrency CPA.
Our team at Camuso CPA minimizes your tax burden while keeping you in compliance with IRS regulations.
Here's how the process goes
During the initial onboarding process you will have a consultation with your tax manager to discuss the tax preparation process, your tax needs, engagement expectations and what information we will need to prepare your return before you complete the onboarding process to provide your information and tax documentation.
Our team will prepare your tax return and review it for accuracy in order to find every opportunity for tax savings and to ensure tax compliance.
After we prepare and review your return in detail, we’ll send it to your for your review then schedule a consultation to review your return with you in detail before filing it on your behalf.
We help digital asset investors and digital businesses with these common issues
- Your Tax Returns Are Getting Too Complicated
- Your current CPA doesn't understand your cryptocurrency filing requirements or digital business needs
- Your current CPA's processes and workflows are outdated
- Your CPA doesn't file your tax returns accurately or on time and it's impacting your bottom line
$ 2.4 Million
$ 137,000 +
$ 128,800 +
$ 295,000 +
$ 500,000 +
$ 1.1 Million
Clients we helped
Paul is the managing partner of a successful bitcoin mining company that earned several million dollars in the year he engaged our firm for tax planning. With our guidance, Paul reorganized his partnership to be taxed as an S-Corporation which enabled him to reduce his tax liability by over $145,000. This tax savings will be generated each tax year going forward.
Additionally, through our guidance, Paul gained confidence and clarity regarding accelerating the depreciation schedule for equipment and assets purchased for his company. This led to an additional tax savings of over $1.4 million in the current tax year. Identifying overlooked opportunities related to depreciation on prior year returns for two previous years led to an additional tax savings of over $950,000.Mining Operation
William, a successful NFT artist earned several million dollars in the year he engaged our firm for tax planning. With our guidance, William established an LLC to be taxed as an S-Corporation which enabled him to reduce his tax liability by over $137,000. This tax savings will be generated each tax year going forward.
Additionally, through our guidance, William established a proper accounting and tax projection system to keep updated financials and stay up to date with estimated IRS tax payments. This enabled William to convert his tax liabilities from ETH to USD to pay the IRS before a significant market correction which would have required almost double the ETH to pay for the tax liability if he waited until after the market price of ETH dropped.NFT Artist
Chad, a successful e-Commerce store owner earned several million dollars in the year he engaged our firm for tax planning. With our guidance, Chad reorganized his LLC to be taxed as an S-Corporation which enabled him to reduce his tax liability by over $124,000. This tax savings will be generated each tax year going forward.
Additionally, through our guidance, Chad learned about the Work Opportunity Tax Credit. A few months after engaging our firm Chad hired two new employees which qualified for this credit for an additional $4,800 in tax savings.eCommerce Store
Jonathan is a successful cryptocurrency investor that profited several million dollars in the year he engaged our firm for cryptocurrency accounting. Jonathan came to our firm after attempting to use several popular cryptocurrency accounting softwares which overstated his profits by multiple millions and also did not support many of the transactions and blockchains that he used. Jonathan also received multiple inaccurate 1099s from exchanges that he used which did not properly report his cost basis. Jonathan was active on approximately 15 exchanges and 25 wallets across 10 blockchains with transactions that included margin, several DeFi protocols and NFTs purchases. Additionally, Jonathan’s transactions spanned from 2015 to the present.
Our team was able to set up an accounting system for Jonathan and get his accounting from 2015 to present updated accurately. We also were able to reconcile his activity properly to the incorrect 1099s and accurately report Jonathan’s activity to the IRS.
After maintaining Jonathan’s accounting system for several months, we subsequently identified over $800,000 of loss harvesting opportunities that led to over $295,000 in tax savings.Cryptocurrency Investor
Nathan is a successful blockchain consultant and former executive at a major blockchain company that earned several million dollars from restricted token units and other payments received in cryptocurrency in the year he engaged our firm for tax planning. Additionally, Nathan had a personal cryptocurrency portfolio with several million dollars of unrealized capital gains. In total Nathan had approximately $3.5 million in unrealized cryptocurrency capital gains.
Through our advisory service we identified that Nathan could significantly reduce his current and future tax liabilities and meet his long term financial goals by establishing a Charitable Remainder Unitary Trust. This led to no capital gains at the time of the sale of his cryptocurrency assets yielding a tax deferral of over $1.1 million dollars while also generating over a $500K in tax savings from charitable tax deductions.Cryptocurrency Consultant
Tax Preparation FAQs
We are a 100% virtual organization that is headquartered in Charlotte, NC.
We can prepare virtually any type of federal or state tax return, most commonly:
- Individual returns: Form 1040
- Partnership returns: Form 1065
- C-Corp & S-Corp returns: Form 1120 and Form 1120-S
- Trust Returns: Form 1041
- Foreign Reporting: Form 114 & Form 8938
- State returns across all 50 states
We work with cryptocurrency investors and digital business owners of virtually all types. We’ve worked with clients with a handful of crypto transactions to clients with tens of thousands of highly complex transactions and established businesses.
We have experience serving the sophisticated and expanding needs of a wide range of institutional, corporate, high-net worth and individual clients including:
- Cryptocurrency, DeFi & NFT Investors
- eCommerce Businesses
- Crypto Mining Operations
- Corporations with Crypto Transactions
- NFT Artists & Dealers
- VC Firms
- Consultants and Advisors
- Executives compensated with crypto and/or RTUs
Yes, tax planning is the foundation to minimizing taxes and we offer ways we can help you get a tax plan in place. You can learn more about your tax planning options here.
No, most tax planning requires planning well in advance of filing taxes. However, tax planning is the foundation to minimizing taxes and we offer ways we can help you get a tax plan in place. You can learn more about your tax planning options here.
Cryptocurrency and digital business tax is often more complex than other businesses, and many CPAs will rush through the preparation and filing process which often leads to errors that can cost you money.
Most CPAs aren’t even aware of the tax laws related to cryptocurrency and digital businesses and will overlook opportunities available to you which can cause you to overpay in taxes. Not only will they miss opportunities, but sometimes they will make mistakes that will cost you even more to correct in the future.
At Camuso CPA, we pride ourselves on the ability to prepare your return accurately while at the same time ensuring that you're not missing out on opportunities for substantial tax savings.
You can engage our firm at any time, however, we may not be able to file on time depending on when you engage us. If you have multiple years of prior years taxes that need to be filed or amended our team can assist with this process.
We currently extend all first-year clients for quality control purposes to ensure we file your returns accurately, no tax savings go overlooked, and that you do not have to rush to complete the onboarding process to provide your tax documents.
Then the following year, we can usually file your returns before the tax return deadline if we have all the information and documentation required for the tax preparation process before the requested deadline.
In this scenario, we recommend using the IRS safe harbor of paying in 110% of last year's tax liability. This is not 100% accurate but will reduce potential exposure to penalties and interest. Alternatively, we can prepare a tax estimate for an hourly fee.
Yes, excluding our administration staff, all members of the firm take at least 40 hours of continuing education (CPE) per year.
In addition to CPE, we have professional research software and subscriptions that provide updates on changes to the tax code and the latest developments in the cryptocurrency and digital business industry.
When sharing data we use Sharefile which is supported by Citrix.
Citrix meets SOC 2 compliance, a framework designed by the AICPA to safeguard the storage and transfer of customer data in the cloud. SOC 2 reports are issued by independent third-party auditors covering the principles of Security, Availability, Confidentiality, and Privacy.
Yes, we offer cryptocurrency accounting services, e-Commerce and traditional accounting services. To learn more about this please visit the cryptocurrency accounting and outsourced accounting webpages.
To get started please visit our Work with Us webpage. If you fit the description of clients we work with, please fill out a webform to contact our team and provide as many details about your tax and financial situation as possible. Our team will reach out after your form submission within 1-3 business days.
What client's have to say
"Excellent service with in-depth knowledge of every subject on which I required his advice. He is timely, and reliable, and prioritizes his client's best interests."
He is timely, and reliable, and prioritizes his client’s best interests.
"Excellent and prompt service. Pat is extremely thorough"
Excellent and prompt service
"Great CPA, the best in tax savings."
Best in tax savings.
"Excellent professionalism and courtesy from this highly knowledgable and dedicated firm. My go-to for crypto related accounting and preparation services. Highly recommended for any crypto asset holder."
My go-to for crypto related accounting and preparation services.
"The service was excellent. I had no idea on how to present the information. Considering that the data was put together by people with experience gave a lot of value to the service. Even if I used some of the tools online that was recommended, my situation was quite complex and would have been very time consuming to make sure that it was accurate. If I used someone without experience, this would be a very expensive and time consuming process and it may not even be accurate. In the end I thought that the service was worth it."
The service was excellent.
"Patrick has always been available to answer my tax questions, which he is always able to answer with detailed and thorough knowledge, and make the pain of filing taxes as easy and pain free as possible."
Makes the pain of filing taxes as easy and pain free as possible.
"Patrick was fantastic to work with and did a tremendous job of providing me with the information I needed and keeping me up to date. I definitely recommend Camuso CPA to anyone."
I definitely recommend Camuso CPA to anyone.
"Great CPA. Patrick is a CPA that can provide great advice that leads to significant tax savings. Patrick and his team were great to work with on business strategy, tax planning and accounting."
Patrick is a CPA that can provide great advice that leads to significant tax savings.
"As you know when looking for a CPA to do you taxes it can be a frustrating task. Once my wife found Patrick's info online stating he also has experience in filing crypto-currency taxes I was like great but is he good. I had the pleasure of sitting down and talking with Patrick about all of our taxes including crypto. I was very impressed with his knowledge of the industry. I have been very pleased with the communication, the promptness, professionalism and courtesy that Patrick has give to me as a client. He make me feel like I am his only client which is important to me. I highly recommend Camuso CPA PLLC for any tax filling you have. I will be using his services in many years to come."
He make me feel like I am his only client which is important to me.
"Camuso CPA has been a pleasure to work with! Patrick is organized, detailed and knowledgeable. We have been working with him on tax planning and he's made something that seemed daunting easily digestible. Needless to say this made our tax return with Camuso a smooth and painless process as well!"
We have been working with him on tax planning and he’s made something that seemed daunting easily digestible.
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