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 […]
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 […]
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 […]
IRA Planning Opportunities for 2020
By: Phil Gaudiano, CPA As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for […]
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 […]