Crypto Enthusiast? Dive into our blog for expert insights on navigating the ever-evolving world of crypto tax & compliance.

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New IRS Crypto Tax Reporting Rules
Jul 02. 2024

New IRS Crypto Tax Reporting Rules

Breaking down the latest regulations and what they mean for cryptocurrency investors In a move to improve tax compliance within the cryptocurrency industry, the IRS and U.S. Department of Treasury finalized new regulations on June 28, 2024. These regulations aim to streamline crypto tax reporting for both investors and the government, effective for transactions starting […]
Crypto accounting software
Jun 20. 2024

Crypto Accounting Software Free vs Paid

The world of cryptocurrency is exciting, but for businesses dealing with digital assets, accounting can quickly become a complex headache. Traditional accounting software isn't equipped to handle the intricacies of crypto transactions, and manually tracking everything in spreadsheets is prone to errors and time-consuming. This is where crypto accounting software steps in, offering a streamlined […]
Crypto Tax Accountant
Jun 03. 2024

How to Find a Crypto Tax Accountant in May 2024

The world of cryptocurrency can be exciting and lucrative, but it can also feel like wading through a digital jungle come tax time. Unlike traditional investments, crypto transactions are complex and can trigger a variety of tax implications. Fear not, intrepid crypto investor! This guide will equip you with the knowledge and resources to find […]
Understanding the New IRS Form 1099-DA (2024 Update)
May 30. 2024

Understanding the New IRS Form 1099-DA (2024 Update)

The IRS is gearing up for a major shift in how digital asset transactions are reported. With the introduction of Form 1099-DA (currently in draft form), slated for use in 2025, investors and tax professionals must be prepared for the intricacies of this new form. While it aims to streamline reporting, there are new hurdles […]
crypto experts
Apr 04. 2024

IRS Ramps Up Crypto Tax Efforts with New Hires

The IRS is taking a big step towards improving cryptocurrency tax compliance by bringing on two private sector experts: Sulolit “Raj” Mukherjee and Seth Wilks. Both have extensive experience in both tax and crypto, and will help the IRS build service, reporting, compliance, and enforcement programs focused on digital assets. Why is the IRS focusing […]
tax season
Feb 28. 2024

Conquer Tax Season: A Guide to Gathering Paperwork

Filing taxes can feel overwhelming, but taking control of the process starts with organization. This guide empowers you to gather the necessary paperwork before meeting with your CPA, ensuring a smooth and efficient tax filing experience. Remember: This list serves as a general framework, and your specific situation may require additional documents. Consulting your CPA […]
crypto tax updates
Feb 26. 2024

Roundup of Cryptocurrency Tax Updates

Welcome to the February edition of our monthly cryptocurrency tax news roundup! This month, the focus is on filing your 2023 taxes and strategizing for 2024, with insights from industry experts and even some concerns from the International Monetary Fund (IMF). Stay Ahead of the Curve: Budget 2024: Crypto industry’s wait for lower tax rates […]
crypto tax season 2024
Feb 26. 2024

Crypto Tax Season 2024

Mark your calendars, crypto holders! Tax season is upon us, and with it comes the responsibility of reporting your cryptocurrency transactions. Let's demystify the process and ensure you file smoothly, avoiding any unwanted penalties. Key Dates to Remember: Crypto-Specific Considerations: Tips for a Smooth Filing: Remember: Failing to report your crypto activity can lead to […]
crypto tax notices
Feb 06. 2024

Cryptocurrency Tax Notices

Cryptocurrency, the thrilling world of innovation and financial opportunities, holds a hidden challenge—tax obligations. As the Internal Revenue Service (IRS) sharpens its focus due to a staggering 75% non-compliance rate in cryptocurrency reporting, investors and enthusiasts find themselves navigating treacherous waters. In this guide, we unveil the complexities of tax notices, offering insights and steps […]
web3 tax
Feb 02. 2024

Web3 Tax Implications for DAOs

1. Introduction: The Game-Changing World of DAOs in Web3 In the fast-evolving landscape of cryptocurrencies and Web3 technologies, Decentralized Autonomous Organizations (DAOs) have taken center stage, transforming how we collaborate and structure organizations. Delving into the intricacies of tax implications is essential. This guide, titled "Web3 Tax Implications for DAOs," breaks down the complexities to […]
crypto tax season
Jan 31. 2024

Crypto Tax Season 2024

How is Crypto Taxed in the US? Understanding how cryptocurrency is taxed is crucial for anyone navigating the intricate world of crypto. In the US, the IRS classifies crypto as income and capital gains, with tax rates varying based on the nature of the taxable event. Whether dealing with Bitcoin, Ethereum, or altcoins, the IRS […]
ASU 350-60
Jan 30. 2024

FASB Issues Accounting Standards for Crypto Assets

The Turning Point In a groundbreaking move on December 13, 2023, the Financial Accounting Standards Board (FASB) issued ASU 350-60, ushering in a new era for the accounting and disclosure practices surrounding specific crypto assets. This monumental step reflects the Board's commitment to elevating transparency and relevance in crypto asset reporting based on valuable stakeholder […]
web 3 accounting
Jan 27. 2024

Web3 Accounting: The Role of Accountants in the Web3 Ecosystem

In the vast landscape of the internet, a new era is unfolding - Web3. Picture a world where the web transforms from a static information hub into a dynamic, decentralized ecosystem. In this article, we embark on a journey to unravel the convergence of accounting and the Web3 realm, examining the vital role accountants play […]
crypto taxes
Jan 23. 2024

What Happens if Crypto Taxes Go Unfiled?

In the dynamic realm of cryptocurrencies, overlooking the importance of filing taxes can lead to a cascade of consequences that extend beyond financial repercussions. In this comprehensive guide, we delve into the intricacies of what transpires when individuals fail to file their crypto taxes, demystifying the current landscape of taxation rules and reporting requirements. Do […]
web3 audit trigger
Jan 09. 2024

Common Audit Triggers for Web3 Businesses

Introduction The dynamic landscape of web3 businesses has ushered in a new era of decentralized, transparent, and secure transactions. Within this transformative ecosystem, the role of audits cannot be overstated. In this article, we embark on a comprehensive exploration of the common triggers for audits that web3 businesses face and delve into meticulous strategies to […]
Oct 02. 2023

Crypto Bookkeeping Best Practices

In the fast-paced world of cryptocurrencies, keeping track of your financial transactions can be a daunting task. With the rise of digital assets, the need for effective crypto bookkeeping has become more critical than ever. Whether you're a seasoned investor or just starting your journey in the crypto space, understanding and implementing best practices for […]
Sep 22. 2023

Impact of Recent Crypto Taxation Updates

In July 2023, the landscape of crypto taxation updates in the United States experienced a monumental transformation. This pivotal month witnessed the emergence of several significant developments that are poised to shape the future of cryptocurrency taxation. This article delves into these transformative events, shedding light on their implications and consequences. Senate Finance Committee Letter […]
Sep 21. 2023

Cryptocurrency Taxation Challenges

In recent years, the cryptocurrency market has experienced explosive growth and innovation, with thousands of digital assets emerging since the inception of Bitcoin in 2009. This rapid proliferation, coupled with the inherent pseudonymity of cryptocurrencies, has left tax systems around the world grappling to catch up.  In this article, we delve into the pressing issues […]
Sep 04. 2023

Tax Implications of Digital Asset Consensus Changes

In the ever-evolving landscape of digital assets, investors and cryptocurrency users often find themselves grappling with the intricacies of tax regulations. One particularly complex issue arises when a cryptocurrency experiences a protocol upgrade, particularly a shift in its consensus mechanism. This article delves into the tax implications of such changes, drawing inspiration from the Ethereum […]
Sep 04. 2023

Navigating IRS Rules on Cryptocurrency Donations

Introduction In the realm of cryptocurrency, charitable contributions have gained significant attention in recent years. As savvy investors look for ways to give back to society while optimizing their financial portfolio, it's crucial to understand the Internal Revenue Service (IRS) guidelines regarding charitable contributions of cryptocurrency. In this comprehensive guide, we will delve into the […]
Sep 01. 2023

The Role of Human Touch in Crypto Accounting

The surge in cryptocurrency usage has led to a myriad of financial opportunities and challenges. As more individuals and businesses embrace cryptocurrencies, the demand for comprehensive and accurate accounting services has grown. While automation plays a significant role in various industries, crypto accounting is an arena where the human touch remains indispensable. The Surge in […]
Aug 30. 2023

Mistakes to Avoid as a Cryptocurrency Investor

Introduction Hey there, fellow crypto enthusiasts! If you're just getting started as a cryptocurrency investor or looking to improve your strategy, you've come to the right place. In this article, we'll delve into the common pitfalls that cryptocurrency investors should avoid. By steering clear of these mistakes, you can enhance your chances of success and […]
Aug 29. 2023

Navigating Crypto Tax Waters: Rev. Rul. 2023-14

Introduction The IRS recently released Rev. Rul. 2023-14, offering clarity on the tax treatment of cryptocurrency rewards for cash-method taxpayers who stake native tokens on proof-of-stake blockchains. In this article, we simplify the ruling to help you easily grasp its implications and obligations. Understanding Rev. Rul. 2023-14 Rev. Rul. 2023-14 is a landmark ruling by […]
Aug 29. 2023

How To Prepare for Digital Asset Tax Audit

Introduction Welcome to the world of Web3, where digital assets have become an integral part of our lives. As the popularity of cryptocurrencies and other digital assets soars, it's crucial to understand how to prepare for a digital asset tax audit. Whether you are an individual investor, trader, or business owner dealing with digital assets, […]
Jul 18. 2023

IRS Taxation of Cryptocurrency

n this article, we will explore how the IRS handles the taxation of cryptocurrencies and discuss the important factors that cryptocurrency owners should keep in mind...
Jul 18. 2023

Guide to Preparing for the 2024 Crypto Season

This guide will provide strategies and tips to help you navigate the crypto landscape and make the most of the upcoming year...
Jul 13. 2023

Stay Ahead with Crypto Accounting Tools

In this article, we will discuss the significance of cryptocurrency accounting software and present a list of the top choices available in the market.
Jul 13. 2023

Challenges & Solutions in Crypto Transactions

In this article, we will explore the challenges faced in auditing cryptocurrency transactions in 2023 and discuss potential solutions to overcome these obstacles.
Jun 09. 2023

Your Guide To Crypto Tax Calculation

Cryptocurrencies have gained significant popularity in recent years, with more individuals and businesses embracing digital currencies as a medium of exchange. The crypto market is expanding. Investors and traders must understand their taxation requirements. This article explains the need to calculate crypto tax on digital currencies. It also provides a detailed approach for correctly computing […]
Feb 02. 2023

The Difference between CPAs and Accountants: A Comprehensive Guide

It's not uncommon to mix up the roles of Certified Public Accountants (CPAs) and Accountants. Although they may sound similar, the two professions are different in terms of their expertise, training, and the services they provide. In this article, we'll delve into the key differences between CPAs and accountants, and the specific things that a […]

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Progressively incentivize cooperative systems through technically sound functionalities. The credibly productivate seamless data.


Editor’s Pick


Richird Norton photorealistic rendering as real photos

Progressively incentivize cooperative systems through technically sound functionalities. The credibly productivate seamless data.

Richird Norton photorealistic rendering as real photos

Progressively incentivize cooperative systems through technically sound functionalities. The credibly productivate seamless data.

Richird Norton photorealistic rendering as real photos

Progressively incentivize cooperative systems through technically sound functionalities. The credibly productivate seamless data.
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