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December 17th, 2024
Increased pressure due to more stringent regulatory requirements is felt by businesses in the United States. To combat financial crimes and improve transparency, the FinCEN Beneficial Ownership Information (BOI) reporting, under The Corporate Transparency Act (CTA), requires businesses to disclose ownership information.
December 17th, 2024
The use of cryptocurrencies is continuing to grow. With this, the IRS introduced Form 1099-DA, the new form, which reports digital assets transactions such as cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) starting in the 2025 tax year, aiming to streamline tax reporting and compliance for digital asset transactions.
December 16th, 2024
Rev. Proc. 2024-28, recently issued by the Internal Revenue Service (IRS), introduces significant changes to the taxation of digital assets. Effective January 1, 2025, this procedure mandates that taxpayers implement wallet or account based tax lot tracking, rather than using a universal accounting method.
November 20th, 2024
Whether you are engaging in crypto transactions in the USA or internationally, the legal regulations relating to digital assets have a degree of uncertainty. This is owing to the fact that the crypto landscape is evolving all the time with the rapid advances in blockchain technology.
November 20th, 2024
Crypto assets like Bitcoin and Ethereum are treated as property when reporting taxes. This makes cryptocurrency taxable in two ways: capital gains tax and income tax. Although this may look simple at first, reporting all your crypto activities accurately to avoid tax problems is quite challenging.
November 20th, 2024
Cryptocurrencies are becoming popular among investors nowadays due to the many advantages they provide as decentralized systems that are not regulated by government authorities. Crypto is a secure digital currency encrypted via cryptography that is fast and transparent, backed by blockchain technology.
November 18th, 2024
A large number of companies have started using cryptocurrencies not just for transactional purposes but also for operational and investment purposes.
November 12th, 2024
Managing crypto finances can be quite challenging, especially if you are an individual or a business just getting started with incorporating digital assets like crypto into your financial strategy.
November 12th, 2024
More and more businesses are integrating digital assets such as crypto and tokens into their portfolio nowadays due to the transparency and security these services offer compared to traditional currencies.