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Insights That Preserve Wealth & Reduce Taxes

Welcome to the Chainwise Insights Blog—your resource for navigating the complexities of wealth, tax, and financial strategy with clarity and confidence.

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Male trader seated at a desk with multiple monitors displaying volatile financial charts--eyes closed and hand on forehead, conveying the emotional toll of crypto market fluctuations, high-stakes investment, and the human side of financial decision-making,

June 25, 2024

Wash Sale Rules May Soon Apply to Your Crypto Losses

But what are wash sales, why don’t they currently apply to crypto trades, and how are they useful? Let’s dig in.
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Male presenter in beige suit holding a physical Bitcoin while leading a team discussion around market charts on a tv monitor--set in a modern office with candlestick graphs on screen, this scene reflects collaborative crypto analysis, advisory planning, and investment strategy.

June 25, 2024

Understanding the Tax Implications of Cryptocurrency Staking: Revenue Ruling 2023-14

This blog post aims to give a comprehensive view of the IRS's stance on the taxation of staking rewards, combined with insights from the most recent ruling.
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Man holding a controller in a neon-lit setup with 'NFT GAMING' displayed on multiple screens--capturing the immersive fusion of blockchain technology, digital assets, and next-gen entertainment in crypto advisory and brand strategy.

June 25, 2024

Some NFTs May Soon Be Considered Collectibles

In this blog post, we will explore the key aspects of this notice and what it means for NFT holders.
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Physical cryptocurrency coins--Bitcoin, Ethereum, Litecoin, Ripple, and others--arranged in front of U.S. hundred-dollar bills, symbolizing the evolving relationship between digital assets and traditional wealth in tax advisory and investment planning.

June 25, 2024

Tax Consequence of Crypto Loans

More and more crypto exchanges, such as Coinbase, Binance, BlockFi, and Nexo.com offer crypto loans. You can borrow money at an interest rate usually much lower than what you would have to pay to a bank for personal loans, by using some of your cryptocurrency as collateral.
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Physical Bitcoin and Ethereum coins arranged atop U.S. dollar bills, accented by golden star ornaments--Blending traditional currency with digital assets in a celebratory nod to crypto value, financial transition, and strategic wealth planning.

June 25, 2024

Understanding IRS Guidelines on Charitable Contributions of Cryptocurrency

Recently, the cryptocurrency space has grown exponentially, with digital assets becoming a significant part of the financial landscape. As this new financial realm continues to evolve, so does the need for clear tax guidance on various aspects of cryptocurrency transactions.
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Close up of a U.S. IRS Tax Document alongside stacks of coins--illustrating the tangible weight of financial responsibility for crypto-related tax implications in advisory planning.

June 25, 2024

The Tax Impact of This Year’s Platform and Protocol Failures

Let’s examine two of the more significant events to occur this year: the Celsius Network bankruptcy and the failure of Terra and its cryptocurrency LUNA, and discuss the potential tax implications of each.Let’s examine two of the more significant events to occur this year: the Celsius Network bankruptcy and the failure of Terra and its cryptocurrency LUNA, and discuss the potential tax implications of each.
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Gold-colored Bitcoin coins placed beside a calculator and printed charts--featuring pie graphs labeled with percentages--representing the analytical rigor of crypto tax planning, investment strategy, and financial performance review.

June 25, 2024

Two new crypto tax provisions to know

Relevant to crypto investors are the Infrastructure Bill which is currently sitting in the House of Representatives, and two bills aimed at retirement: the Securing a Strong Retirement Act in the House and the Retirement Security and Savings Act in the Senate.
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A female financial analyst sits at a desk surrounded by multiple monitors displaying candlestick charts, line graphs, and trading indicators. Holding her eyeglasses while reviewing the data, she works in a focused, tech-driven environment designed for crypto analysis, market forecasting, and strategic portfolio management—where precision meets agility in a fast-paced financial workflow.

June 25, 2024

The Jarretts Didn’t Break Any Ground for Stakers

Crypto channels on social media erupted jubilantly in celebration of the fact that staking income is no longer taxable. They were wrong.
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Man in a tech workspace, surrounded by screens and code for crypto infrastructure, digital security, and backend system support for high-trust financial advisory.

June 25, 2024

Understanding the Ponzi Scheme Loss Deduction for Celsius Crypto Losses

The collapse of Celsius, a major cryptocurrency lending platform, left many investors facing significant financial losses. In such cases involving potential fraud, the Internal Revenue Service (IRS) allows victims to claim a "Ponzi scheme loss deduction" under certain conditions.
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Close-up visual of Bitcoin and Ethereum coins stacked on a reflective surface and U.S. currency--symbolizing the convergence of digital assets and traditional wealth in high-trust financial strategy.

June 14, 2024

Digital Assets and Consensus Mechanism Changes – A Tax Perspective

As the world of digital assets continues to evolve, many investors and users of cryptocurrencies find themselves navigating the complexities of the tax landscape.
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Two professionals reviewing financial charts and performance metrics during a strategic advisory session- laptop and documents display tax planning bar graphs and pie charts for an analysis.

June 14, 2024

Demystifying the Bidens’ S Corp Compensation: A Look at Reasonable Salaries for S Corp Owners

In this blog post, we’ll examine the concept of reasonable compensation for S corp owners and guide them on how to stay compliant.
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Two colleagues in a modern office setting reviewing tax strategy for client advisory planning.

June 14, 2024

Crypto Asset Inheritance Plan

For crypto investors who want to pass their crypto assets to the next generation, there are some unique challenges they need to consider, in addition to the measures they need to take for developing an inheritance plan for their traditional assets. 
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