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 […]
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 […]
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 […]
Wash Sale Rules May Soon Apply to Your Crypto Losses
By: Phil Gaudiano, CPA As part of the negotiations around the “Recovering America’s Wildlife Act” (House version & Senate version) currently making the rounds […]
Understanding the Tax Implications of Cryptocurrency Staking: Revenue Ruling 2023-14
Introduction Cryptocurrency, specifically its staking mechanisms and its tax consequences continues to be a hot topic. We’ve previously discussed the topic here. Recently […]
Tax Consequence of Crypto Loans
By: Sharon Yip, CPA More and more crypto exchanges, such as Coinbase, Binance, BlockFi, and Nexo.com offer crypto loans. You can borrow […]
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 […]
The Tax Impact of This Year’s Platform and Protocol Failures
By: Phil Gaudiano, CPA Note: This article originally appeared as part of CoinDesk’s Tax Week. Throughout 2022, the crypto economy has been in the […]
The Jarretts Didn’t Break Any Ground for Stakers
By: Phil Gaudiano, CPA On the evening of February 2, news broke that the IRS had agreed to refund Joshua and Jessica […]
Understanding the Ponzi Scheme Loss Deduction for Celsius Crypto Losses
Introduction: The collapse of Celsius, a major cryptocurrency lending platform, left many investors facing significant financial losses. In such cases involving potential fraud, […]
Digital Assets and Consensus Mechanism Changes – A Tax Perspective
By: Phil Gaudiano, CPA As the world of digital assets continues to evolve, many investors and users of cryptocurrencies find themselves navigating […]