Navigating the complexities of crypto taxes is a challenge, particularly because the advancement of the crypto market has outpaced the development of corresponding tax regulations. Our tax advisors excel at applying existing tax laws to complex crypto situations that do not yet have IRS guidance.
Our commitment extends beyond preparing accurate crypto tax returns; we are driven to educate and empower you. Knowing how to track your crypto activity is critical to staying compliant and taking advantage of tax opportunities. Additionally, things like safeguarding your crypto assets (holding your own keys) to avoid theft and loss is not intuitive. There are many potential pitfalls within the crypto market, and our aim is not just to assist you in sidestepping them, but to flourish. Here are some of the areas where we can provide assistance:
- Provide guidance and tax strategies on how to minimize tax liability resulting from cryptocurrency transactions.
- Assist with the calculation of gains or losses on crypto transactions, including using appropriate cost basis and accounting methods for any splits, forks, or airdrops.
- Identify and properly report income received from mining, staking, or other crypto activities.
- Stay up to date with the constantly evolving tax rules and regulations surrounding cryptocurrency
- Provide guidance on best practices to safeguard crypto assets.
Joe Allen, CPA