Crypto bookkeeping and accounting related articles

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May 21st, 2024

How to File Taxes on Cryptocurrency: The Ultimate 2024 Guide

If you’ve dealt with cryptocurrency in the past year, it’s crucial to understand how to file taxes on your crypto transactions. The IRS treats virtual currencies like Bitcoin as property for federal tax purposes, which means you’ll need to report any capital gains or losses from buying, selling, or trading crypto. Failing to do so can lead to penalties and interest charges. This comprehensive guide will walk you through the process of filing crypto taxes, including calculating gains/losses, reporting on tax forms, handling specific situations like DeFi and NFTs, and staying compliant with IRS regulations.

January 25th, 2024

The Critical Function of Crypto Tax Accountants

As cryptocurrencies gain mainstream traction, proper crypto tax reporting is becoming increasingly complex. This comprehensive guide covers everything you need to know about crypto tax accountants—why you need one, their key responsibilities, the tax implications they can help you navigate, what to look for when choosing one, average costs, and if tax software is a viable alternative.

January 25th, 2024

Smart Contract Compliance: A Comprehensive Guide

Smart contract compliance refers to the process of ensuring smart contracts abide by relevant laws, regulations, standards, and security best practices across blockchain and distributed ledger networks.

January 3rd, 2024

Regulations in Crypto Anti-Money Laundering (AML) and Know Your Customer (KYC) 2024

Financial institutions are required by law to monitor customer activity and report suspicious transactions to detect potential money laundering activities. Banks and other institutions must follow know your customer (KYC) processes and have anti-money laundering (AML) programs in place to prevent money laundering through their services.

December 6th, 2023

Coinbase Reports to IRS: What TurboTax Users Need to Know

Does Coinbase report to the IRS? Learn what crypto transactions Coinbase reports, tax implications for TurboTax users, and how to handle IRS notices.

December 6th, 2023

Can You Write Off Crypto Losses from Celsius and Voyager on Your Taxes?

Learn how to establish a trust for your digital assets and cryptocurrency investments. This comprehensive guide covers everything you need to know.

December 4th, 2023

Advanced Tips for Bookkeeping Complex Crypto Transactions in 2023

Crypto transactions perplex even savvy bookkeepers. Values flip-flop wildly. Coins zip hither and yon ‘cross exchanges. Rewards and yields sprout like mushrooms. What’s an exasperated ledger-master to do? Have no fear! This here guide’ll learn ya everything ya need to know to wrangle those squirrelly cryptos. We’ll rustle up primers on crypto taxes, manual vs automated tracking, them newfangled DeFis, and top tips for protecting your clients’ assets. Saddle up and let’s hit the trail!

November 14th, 2023

How to Account For Crypto on Your Balance Sheet 2023

Cryptocurrencies like Bitcoin and Ethereum have become popular alternative investments in recent years. As a result, many businesses now hold assets on their balance sheets. However, accounting for cryptocurrencies can be challenging due to their volatility and differences from traditional assets. This article provides guidance on properly recording on your company’s balance sheet.

October 31st, 2023

ELI5: Account Abstraction

To fully grasp the concept of account abstraction, it’s crucial to first comprehend how Ethereum accounts function at present. Ethereum houses two distinct types of accounts: Externally Owned Accounts (EOA) Contract Accounts (CA) In this discussion, we will predominantly concentrate on EOAs as they currently hold significant relevance to users. These EOAs will occasionally be referred to as Accounts. To gain deeper insights into Contract Accounts, you can explore this link. As the term suggests, EOAs are accounts managed by entities external to the blockchain, primarily, the users.

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