Experienced Cryptocurrency Tax Accountant You Can Trust
Professional Crypto Tax Help for Investors, Traders, and Businesses
Your trades, staking rewards, mining income, and other digital asset activity, accurately reported and filed on time with a tailored IRS-compliant crypto tax strategy that supports the growth of your crypto portfolio.
- 8+ years of crypto tax expertise
- Support for crypto trading, DeFi, NFTs, and staking
- Accurate, audit-ready tax filings
JUST A FEW OF THE COMPANIES WE’VE SUPPORTED OVER THE YEARS
Cryptocurrency Tax Accountant Near You
Looking for a Tax Advisor Who Understands Crypto and Won’t Miss the Details?
Crypto taxes are complex. Our experienced crypto tax accountants help you stay compliant for any type of crypto activity from mining income to DeFi, NFTs, and wallet exchanges.
Most accountants aren’t trained to handle crypto. Crypto transactions require accurate categorization, cost basis tracking, and IRS-compliant reporting. With activities spanning staking rewards, NFT trades, and DeFi protocols, even a small oversight can lead to audits, back taxes, and penalties.
The expert team of cryptocurrency tax accountants at OCA have over 8 years of combined experience working with digital asset accounting for 1000+ clients. Our responsibility for your business and trading activity does not stop at IRS-ready tax filings. We also offer strategic financial insights for the growth of your crypto portfolio.
When you work with us, you get:
- Accurate tax reports across wallets, chains, and platforms
- Categorization of mining, staking, airdrops, and NFT activity
- IRS Form 8949, 1040 Schedule D, and all supporting forms completed
- Strategic tax planning to identify potential deductions
We stay updated on IRS tax regulations to ensure that your filings are complete. With a trusted crypto tax accountant by your side, you can save time, reduce stress, and minimize tax liability.
Challenges of Tracking Digital Asset Activity
Why are Crypto Taxes So Complex
Filing crypto taxes isn’t as straightforward as reporting income from a paycheck or centralized investments. For tax purposes, digital assets are considered property by the IRS, not currency, much like real estate or stocks. Many taxpayers underestimate the time and expertise required to report accurately. Here are the main challenges you may face when filing crypto taxes without a cryptocurrency tax accountant near you:
Calculating cost basis for every trade
The difference between stocks and crypto assets is that crypto assets can move across multiple wallets and exchanges whereas stocks are traded on a single platform. So each trade, swap, or conversion needs a specific cost basis calculation. Your cryptocurrency accountant will track the original purchase price, fees, and fair market value at the time of the transaction. Even if one data point is missed, it can distort your capital gains.
Fluctuating valuations across time zones
Cryptocurrencies trade 24/7 across global exchanges. This means the value of an asset can vary minute by minute. Taxpayers are required to use the accurate USD fair market value (FMV) at the exact moment of acquisition or sale. If you get this wrong, it can lead to overreporting or underreporting of taxable income.
Complex events like staking, yield farming, and NFTs
If you are earning rewards through DeFi staking, yield farming, or NFT royalties, these are considered income by the IRS. Rewards must be reported with fair market value at the time received even if you haven’t sold the asset since each reward is a new taxable event. A professional cryptocurrency tax accountant keeps track of all this crypto activity for you.
Transfers, wallets, and layer-2 solutions
Transferring crypto between wallets isn’t taxable, but it still needs to be tracked to avoid phantom gains. A phantom gain is an investment gain that has not yet been realized through a cash sale or distribution. Losing track of original acquisition data causes problems with calculating taxes. New technologies like rollups, wrapped tokens, and bridge protocols require detailing at all stages of transactions for clear and organized crypto tax reporting.
Lack of standardized reporting from exchanges
Unlike stock brokers, your crypto exchange may not issue clear records. There are crypto exchanges that don't even track cost basis and some cryptocurrency wallets don’t report user activity to the IRS. This means that crypto users have to be responsible for self reporting crypto income. An experienced cryptocurrency accountant is already aware of how popular exchanges function and overcomes this challenge by personalizing crypto tax treatment for your requirements.
Calculating cost basis for every trade
The difference between stocks and crypto assets is that crypto assets can move across multiple wallets and exchanges whereas stocks are traded on a single platform. So each trade, swap, or conversion needs a specific cost basis calculation. Your cryptocurrency accountant will track the original purchase price, fees, and fair market value at the time of the transaction. Even if one data point is missed, it can distort your capital gains.
Fluctuating valuations across time zones
Cryptocurrencies trade 24/7 across global exchanges. This means the value of an asset can vary minute by minute. Taxpayers are required to use the accurate USD fair market value (FMV) at the exact moment of acquisition or sale. If you get this wrong, it can lead to overreporting or underreporting of taxable income.
Complex events like staking, yield farming, and NFTs
If you are earning rewards through DeFi staking, yield farming, or NFT royalties, these are considered income by the IRS. Rewards must be reported with fair market value at the time received even if you haven’t sold the asset since each reward is a new taxable event. A professional cryptocurrency tax accountant keeps track of all this crypto activity for you.
Transfers, wallets, and layer-2 solutions
Transferring crypto between wallets isn’t taxable, but it still needs to be tracked to avoid phantom gains. A phantom gain is an investment gain that has not yet been realized through a cash sale or distribution. Losing track of original acquisition data causes problems with calculating taxes. New technologies like rollups, wrapped tokens, and bridge protocols require detailing at all stages of transactions for clear and organized crypto tax reporting.
Lack of standardized reporting from exchanges
Unlike stock brokers, your crypto exchange may not issue clear records. There are crypto exchanges that don't even track cost basis and some cryptocurrency wallets don’t report user activity to the IRS. This means that crypto users have to be responsible for self reporting crypto income. An experienced cryptocurrency accountant is already aware of how popular exchanges function and overcomes this challenge by personalizing crypto tax treatment for your requirements.
Personalized Cryptocurrency Tax Help When You’re Unsure Where to Start
For Crypto Investors & Traders
If you have bought, sold, swapped, or received crypto, you have a tax liability. We help investors and crypto traders report capital gains, losses, and income across wallets and exchanges. Personalized crypto accounting services may be required for crypto transaction reconciliation, cryptocurrency bookkeeping, and crypto tax reporting.
For Crypto Startups & Businesses
Your business will be managing complex revenue streams with crypto. Whether it’s a beginner level DeFi protocol or an NFT marketplace, our cryptocurrency tax accountants assist with crypto-native bookkeeping, quarterly tax estimates, payroll tax compliance, and business filings for multi-chain asset management.
For Crypto Miners & Stakers
Crypto mining rewards and staking income are considered taxable income even before you sell. We ensure that you report earnings while managing depreciation for mining equipment. Our crypto tax accountants also stay updated on IRS regulations and categorize income accurately with fair market value reporting.
For International Clients with U.S. Tax Exposure
If you are a foreign investor holding assets on American exchanges, our certified cryptocurrency accountants can help you understand U.S. tax responsibilities in addition to FBAR filing requirements and FATCA compliance. You will need Form 8938, FinCEN Form 114, and global asset reconciliation for filing your crypto taxes.
Crypto Tax Reconciliation
If you have used multiple wallets, exchanges, or DeFi platforms, you know how chaotic crypto recordkeeping can get. CSV exports don’t always match, APIs drop data, and trades get lost in the shuffle. We take the stress out of reconciling your transactions. Firstly, our team pulls data from all your wallets, protocols, and platforms. Then every trade is matched, and any discrepancies are corrected. While crypto reconciliation is essential for a high-frequency trader before tax season, even if you are only active across a few chains, getting a clean financial picture is beneficial for crypto tax reporting.
CFO Services
Keeping your finances in order shouldn’t slow your project down. At OnChain, we give Web3 teams the structure and visibility they need to grow responsibly. Our crypto financial controllers handle core functions like monthly reporting, expense management, and treasury tracking with crypto-native precision. We help you make sense of on-chain activity, organize your books, and deliver clean financials that keep investors and stakeholders confident. To stay financially agile, our crypto accountants manage token incentives and protocol revenue as well as budgeting in stablecoins.
For Late Filers & Amenders
Have you missed the last few tax years or reported incorrectly? We specialize in crypto tax catch-up services and can guide you with IRS amendments or voluntary disclosure. You can file past years’ returns and clean up your records for future tax filing seasons.
Are You a Crypto Miner? Let’s Understand Your Tax Obligations.
Cryptocurrency mining is a taxable activity for both hobbyists and full scale crypto mining businesses. Let’s report income, claim deductions, and stay compliant.
How are Crypto Mining Rewards Taxed?
If you are mining cryptocurrency, there are 2 main taxable events to consider:
- Income tax upon receipt of mining rewards:
The fair market value (FMV) of the cryptocurrency at the time of receipt determines the amount of income to report. The tax rate you pay on your mining income is dependent on your income level. - Capital gains tax upon disposal of your mining rewards:
If you sell, trade, or use the mined cryptocurrency, it’s called a disposal event. Whether you trade your cryptocurrency for fiat, goods and services, or other cryptocurrencies, it will incur capital gains or capital losses. Your cryptocurrency accountant will calculate the capital gain/loss based on the change in value since you received the crypto asset. You can use this formula to get an idea:
Capital Gains/Loss = Fair Market Value at Sale - Cost Basis
The same rules can be applied for crypto activity like staking.
While mining rewards are taxed as ordinary income with capital gains or losses in any disposal event, you cannot be taxed on the same income twice. Any income recognized from mining a coin becomes its cost basis moving forward. Only a capital gains tax is added if a disposal happens twice.
Important: Failing to report cryptocurrency mining rewards is considered tax evasion by the IRS. Penalties can include up to 5 years in prison and fines of up to $100,000. With increased IRS scrutiny and advanced blockchain analysis tools, unreported crypto income has more chances of being detected and penalized. So it's critical to stay compliant by accurately reporting your mining rewards with a certified cryptocurrency tax accountant’s guidance.
When Do You Need to Pay Self-Employment Taxes for Crypto Mining?
If you mine cryptocurrency as a business (even as a sole operator), the IRS considers it self-employment income. This means you are responsible for paying self-employment taxes in addition to income tax.
Here’s when self-employment tax applies to crypto mining:
- You mine crypto with the intent to make a profit, not just as a hobby.
- You regularly conduct mining activity, maintain equipment, and claim business-related deductions.
- You receive crypto mining rewards in the form of new tokens.
Mining income should be reported on Schedule C (Form 1040) and you may also owe self-employment tax via Schedule SE. If you operate as an LLC or other business entity, tax implications can vary. In such scenarios, professional crypto tax guidance is needed.
Also note that even small-scale miners can trigger self-employment tax liability if the IRS determines your activity resembles a business. Keeping accurate records and filing taxes properly is a must to avoid costly penalties.
What Can Crypto Miners Deduct on Their Taxes?
If you mine crypto as a business, our cryptocurrency tax accountants can deduct certain expenses to reduce your taxable income. Here are some common tax-deductible expenses for crypto miners:
- Mining equipment - GPUs, ASICs, rigs, and other hardware used in operations
- Electricity Costs - You can deduct the portion used for mining if properly tracked.
- Home office - If you mine from home, you can qualify for a home office deduction.
- Internet fees - The portion of your internet bill used for mining activity
- Repairs and maintenance - Costs to maintain or replace faulty equipment
Tax laws around crypto mining deductions are quite complicated. For example, there are depreciation rules for hardware. By working with an experienced cryptocurrency tax accountant, you ensure that your tax filings are compliant with maximum deductions.
Crypto Tax Services to Keep You IRS-Compliant
Crypto Tax Return Filing
File accurate, IRS-ready returns. No more guesswork with your trades and transfers.
DeFi & Staking Income Reconciliation
We track and report income from staking, yield farming, and liquidity pools so you don’t get hit with unexpected taxes.
NFT Tax Reporting
Buying, selling, or creating NFTs? We make sure your activity is properly categorized and compliant.
Crypto Mining Income Classification
If you mined crypto, you’ll owe taxes on your earnings depending on the fair market value of the mined coins at the time they were received. Crypto mining can be reported as business income or self-employment income for crypto tax reporting on Schedule C.
Amended & Prior-Year Returns
Made a mistake or skipped a year? We fix errors and help you catch up without penalties.
Audit Assistance & IRS Response
If you have received a letter from the IRS, our cryptocurrency tax accountants step in to manage the response and defend your crypto filings.
Seamless Software Integration
We sync with CoinTracker, Koinly, QuickBooks, and more, saving time and improving accuracy.
Crypto Tax Return Filing
File accurate, IRS-ready returns. No more guesswork with your trades and transfers.
DeFi & Staking Income Reconciliation
We track and report income from staking, yield farming, and liquidity pools so you don’t get hit with unexpected taxes.
NFT Tax Reporting
Buying, selling, or creating NFTs? We make sure your activity is properly categorized and compliant.
Crypto Mining Income Classification
If you mined crypto, you’ll owe taxes on your earnings depending on the fair market value of the mined coins at the time they were received. Crypto mining can be reported as business income or self-employment income for crypto tax reporting on Schedule C.
Amended & Prior-Year Returns
Made a mistake or skipped a year? We fix errors and help you catch up without penalties.
Audit Assistance & IRS Response
If you have received a letter from the IRS, our cryptocurrency tax accountants step in to manage the response and defend your crypto filings.
Seamless Software Integration
We sync with CoinTracker, Koinly, QuickBooks, and more, saving time and improving accuracy.
FAQs
Your Questions, Answered
What services do your crypto tax accountants offer?
Our crypto accountants provide comprehensive solutions including bookkeeping, tax filing, and crypto reconciliation for individuals and businesses.
Why should I choose Onchain Accounting for my crypto tax needs?
Our experienced team of crypto tax accountants ensures accuracy and compliance, keeping you informed and prepared in the ever-evolving crypto landscape.
How does Onchain Accounting simplify crypto tax filing?
With advanced automation and expert guidance, our crypto accountants streamline the process, ensuring efficient and accurate tax reporting.
Can Onchain Accounting assist startups with crypto accounting challenges?
Yes, our dedicated crypto accountants specialize in addressing the unique needs of startups, providing tailored solutions to navigate complex crypto tax requirements.
Do you offer personalized consultations for crypto taxation queries?
Absolutely, our crypto tax accountants are available for one-on-one consultations to address your specific concerns and provide personalized guidance.
Is Onchain Accounting compliant with the latest regulations in crypto taxation?
Yes, our team stays abreast of regulatory changes and industry standards, ensuring our services remain compliant and up-to-date with the evolving crypto tax landscape.
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