Revenue Procedure 2024-28: Navigating the New Basis Allocation Rules for Digital Assets
By: Sharon Yip, CPA In a pivotal move toward enhancing the clarity of digital asset taxation, the IRS issued Revenue Procedure 2024-28, […]
Gifting Cryptocurrency
By: Sharon Yip, CPA Gifting cryptocurrency to friends and family is quite common amongst crypto users, especially during a bull market like […]
High earners should consider some common-sense tax strategies ahead of the November election
By: Phil Gaudiano, CPA The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 […]
How to Report Robinhood Crypto Transactions
By: Sharon Yip, CPA Robinhood provides a crypto trading platform, similar to crypto exchanges such as Coinbase, Gemini, Bittrex etc. One big […]
Infrastructure Bill passes — What it means for crypto investors
By: Phil Gaudiano, CPA Late Friday, the House passed the Infrastructure Investment and Jobs Act (download here). Tucked into the over 1,000 pages […]
Navigating the Complexities of Draft Form 1099-DA
As the IRS prepares to launch the new Form 1099-DA (available in DRAFT form now) for reporting digital asset transactions in 2025, it is […]
Self-Directed IRAs — Investing for Retirement with Crypto and Other Alternative Assets
By: Phil Gaudiano, CPA As alternative asset classes move toward greater acceptance, many people have become interested in including non-traditional investments in […]
Sales Tax & NFTs – More Questions than Answers
By: Phil Gaudiano, CPA As the market for non-fungible tokens (NFTs) continues to grow, it’s important for buyers and sellers to understand […]
PPP Loan Forgiveness – SBA releases application
By: Phil Gaudiano, CPA Now that you have gotten a Paycheck Protection Program (PPP) loan , it’s time to start planning how […]
New Beneficial Ownership Reporting Requirements
By: Phil Gaudiano, CPA The Financial Crimes Enforcement Network (FinCEN) has recently introduced new reporting requirements for Beneficial Ownership Information (BOI), likely […]
Paying Crypto Transaction Fees with a Third Cryptocurrency
By: Sharon Yip, CPA During a crypto for crypto trade, sometimes people pay the transaction fee with a third cryptocurrency, such as […]
Losses from “Substantial Decline in Value” of Crypto Assets aren’t Deductible
By: Phil Gaudiano, CPA Crypto investors know 2022 was a banner year for failures and frauds in the crypto space. In our […]