Our experts are knowledgable about Coinbase, Coinbase Pro, Binance, Binance US, FTX, FTX US, Kraken, KuCoin, Huobi Global, Bithumb, Bitfinex, ZG.com, Upbit, Bitwell, and more. He answered all my questions related to my wallet and international tax laws on reporting. Fortunately, NYS has, however, conformed to the IRS approach through guidance issued by the NYS Department of Taxation and Finance (the Department). It is a user-friendly, systematic, and well-organized tool. 2023 CoinsTax LLC. This is an amazing team that will make your life easier and take some stress off your back. Edited by CPAs for CPAs, it aims to provide accounting and other financial professionals with the information and analysis they need to succeed in todays business environment. The idea of peer-to-peer electronic cash was introduced in a white paper by the mysterious Satoshi Nakamoto in 2008. While NYC has not published clarifying guidance, the Internal Revenue Service (IRS) has stated that Crypto is "property" for federal income tax purposes; this treatment should confirm Crypto's status as a qualifying asset for UBT purposes as well. New York 26 Broadway, Suite 934 New York, New York 10004. Cryptocurrency is an evolving economy with unique tax and IRS obligations. While the cryptocurrency community scrambles to understand what the tax law expects of them, normal accounting firms will be familiar with the basics of cryptocurrency tax preparation, like filing a Form 8949. document.write('<'+'div id="placement_456219_'+plc456219+'">'); So I contacted [Clinton] - 15 minutes later he had the information I needed to sort everything out! var div = divs[divs.length-1]; var pid289809 = window.pid289809 || rnd; Crypto Taxes and Accounting (CPA) Services Harness Wealth CPAs represent clients that hold crypto assets that invest long-term, actively trade, farm, stake, as well as mine. Ste B #95616, Houston, TX 77080. All rights reserved. I really appreciated you guys treating my wife and I like family! Crypto tax guidance regulation is always subject to change but the team is on top of it. Calculate and report your crypto tax for free now. The New York Tax Appeals Tribunals recent decision in In re LePage12 also supports this treatment. Each state, town, and county has its own tax laws. This handy discussion concludes with tax accounting and tax reporting considerations. is a highly skilled Jamaica, NY CPA firm offering innovative accounting services and tax planning solutions for small business owners. For tax purposes, the use of virtual currency is considered a barter transaction; value must be established at the time of receipt, and basis must be documented. You also have the option to opt-out of these cookies. Crypto accountants reducing taxes for businesses and investors on cryptocurrency trades, mining, tokens, and other activities. ACCOUNTING 12. Avoid taxes on over $40 million in gains by using Like-Kind Exchange calculations. The largest . 2021 Accounting Firm and Tax Practice Cryptocurrency Tax Guide | Wolters Kluwer Cyryptocurrency's rising popularity has made cryptocurrency a must-know subject for tax professionals. var plc228993 = window.plc228993 || 0; As professional tax accountants in NYC, we work with countless clients throughout New York. Last March, NY passed an elective . We partner with many businesses to ensure they are accurately filing their quarterly and annual returns. I trust Akif with all of my financial needs and with my future! On the financial statements, the related accounting policies must be addressed, as well as the impact on various risks and future financial results. Investor interest in cryptocurrency has been building over time: today, the digital investment arms of major firms such as Goldman Sachs, Morgan Stanley, and CitiGroup are creating options for their wealthiest clients. Our team has worked with countless clients across a wide variety of industries. This website uses cookies to improve your experience. See below for official IRS guidlines regardarding cryptocurrency. We keep up with the latest rules, regulations, and trends so you dont have to! This is because they are treated as property (much like stocks, real estate, or gold). (646) 586-5427. I had no idea about how to sort out my American taxes as an ex-pat living in the UK. When you become our client, we will get to know you and become an insightful financial partner who really understands your goals and challenges. His tips greatly helped me save money which I cannot be more thankful for. Compliance Crypto tax advisors can ensure you follow the latest regulatory changes and stay compliant. Think Blockchain (December 2020), which discusses the fundamentals of blockchain and how it used in the corporate finance function as a secure place to store distributed data in a central blockchain ledger. 507.33-2.72 (-0.53%) . Colby Cross, CPA CPA 2.9 138 775-303-3665 https://colbycrosscpa.com Colby Cross is a licensed CPA and expert on crypto taxes. By working with a Crypto accountant or CPA specialized in Crypto taxation, you'll save massive time and take this stress out of your life. div.id = "placement_461033_"+plc461033; })(); var rnd = window.rnd || Math.floor(Math.random()*10e6); In 2020, I leaped into crypto. var plc459496 = window.plc459496 || 0; I very much admire his vast knowledge of the U.S. tax system and especially in the area of tax reporting and its potential liabilities facing many expats. The treatment of non-fungible tokens (NFTs) as qualifying property likely requires a more fact-specific analysis. As major financial institutions have begun working with Crypto, it has become a more accessible asset class, and New York State (NYS) and City (NYC) tax questions have begun to arise for traders and fund managers in NY. Here at George Dimov, CPA, our team of accountants in NYC can put together forward-looking financials to give you an idea of how future budgets may look. var abkw = window.abkw || ''; It doesn't hurt that MNP also offers audit standards and reports. Azran Financial provides Accounting, Audit, Tax, Due Diligence, and a variety of consulting services to both domestic and international Blockchain Companies, Crypto Exchanges, and Crypto Coins & Crypto Tokens. Our Blockchain Expert CPA's offer deep subject matter expertise to companies working with SAFT's (Simple Agreement for Future . Get your crypto tax returns prepared to avoid tax penalties and IRS problems. Clinton saved us money on our first encounter! Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. Our practice is dedicated to helping crypto investors manage their taxes. Trusted cryptocurrency CPAs. Subscribe Call: (214) 361-1131 Get Directions. Clinton assisted me in handling a complex cryptocurrency filing, for several digital currencies including bitcoin, ethereum, and litecoin. Can you calculate my data from multiple exchanges? The webcast is quite interesting; it requires creating an account, but users will also receive the downloadable slides, which contain helpful summary tables that explain digital asset concepts (https://bit.ly/3wcqu4i). Clinton took care of my tax return twice so far, and Im glad he did. var plc461033 = window.plc461033 || 0; Perhaps the biggest (alleged) crypto scam related to New York is the most popular stablecoin: Tether (USDT). at 25 (referencing 26 C.F.R. With NYC accountant George Dimovs help, you will be able to quickly and accurately process and file your tax return while providing the individual attention you deserve. Harness Wealth CPAs represent clients that hold crypto assets that invest long-term, actively trade, farm, stake, as well as mine. Get started Answer some questions Let us know about your needs so we can bring you the right pros. Making a payment in digital assets triggers gain or loss recognition, so it is important to track cryptocurrency very carefully. Questions to Ask Your Tax Pro About Crypto. [Clinton] saved me thousands on my taxes this past year. Save time and enjoy peace of mind! Sign up to get crypto accounting tips, tax strategy and advice, and crypto news from the expert in your inbox. For PIT purposes, a resident is taxable on all income wherever earned, and the exemption status of Crypto is less relevantthat is, residents are taxable on all their income from Crypto trading, and no exemption applies. I appreciate the attention to details and the handling of my taxes in such timely manner. If you have distributed assets and income or are concerned about succession planning, Clinton will accurately guide you through the legal minefield of international laws taking into consideration your country of residence, source of income, source location of income, citizenship, time in country as well as other factors to determine your tax status and I trust his guidance implicitly. var divs = document.querySelectorAll(".plc461032:not([id])"); Clinton is very knowledgeable and has hands-on experience in dealing with international taxation matters specifically related to Canada/US reporting. In the United States all profits made from the purchases and sales of crypto assets such as Bitcoin, Ethereum and NFTs are subject to capital gains taxes (including airdrops). document.write('<'+'div id="placement_459481_'+plc459481+'">'); We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible. In a new and expanding field you can rest assured we are going to stay at the forefront of this issue which is a hot topic with the IRS. Prepared over 1025 tax amnesty returns needed by crypto traders correcting back filings. The Original King of Crypto Is Back. My boyfriend and I interviewed a few CPA's and upon meeting him, we immediately knew we would be choosing him. George has prepared and maintained the corporate accounting and provided consultant services for my company for a number of years. However, if someone uses Crypto as payment for taxable goods or services, the purchaser will owe sales tax on the market value of the Crypto at the time of the transaction.15. CPAs who are looking for helpful information may be interested in some of the resources profiled in this months column. Miller & Company LLP. We offer tax consultations, crypto gain & loss reports, tax return filing services, and tax advisory services. Find out how to create a strategy for tax-efficient trades, mining, and ICO transactions. Get matched Get matched with multiple pros that meet your exact needs. [Clinton] demonstrated deep understanding in a specialized area of tax law and is helping me achieve a great result weve been able to go back and fix 5 years of mistakes and errors made by previous advisors that created significant financial impact. AKIF CPA did a thorough job with my crypto taxes. While the cryptocurrency community scrambles to understand what the tax law expects of them, normal accounting firms will be familiar with the basics of cryptocurrency tax preparation, like filing a Form 8949. Your entire situation and tax return will go through a 73-point check. He has always done an outstanding, professional and courteous job. They showed me ways to offset some gains I had, how to lessen taxes on my income, and made this complicated process smooth and serene. var plc461032 = window.plc461032 || 0; ASC 350: IntangiblesGoodwill and Other(ASU 2019-06), https://asc.fasb.org/imageRoot/76/120327576.pdf, ASC 820: Fair Value Measurement(ASU 2011-04), https://asc.fasb.org/imageRoot/00/7534500.pdf, ASC 820: Fair Value Measurement(ASU 2018-13), https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176171116516, ASC 610: Other IncomeGains and Losses from Derecognition of Nonfinancial Assets(ASU 2017-05), https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176168837607, https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies, Virtual currency treated as property for tax purposes, https://www.irs.gov/pub/irs-drop/n-14-21.pdf, https://www.irs.gov/pub/irs-drop/rr-19-24.pdf, U.S. Dept of Justice: Cryptocurrency: An Enforcement Framework, https://www.justice.gov/archives/ag/page/file/1326061/download. As a US expat working in Europe, I highly recommend Clinton Donnelly to help you file/declare taxes! Whats the Accounting? (February 2021) provides an explanation of crypto markets and U.S. regulation, the different types of digital assets, the intangible asset model versus the fair value measure, the use of a third-party custodian, and PricewaterhouseCoopers perspective on future expectations (https://pwc.to/3AjgkCj). The UBT does not distinguish between capital gains and losses, but the federal treatment as property is fundamental to the calculation of income or loss from the asset, which then determines UBT gross income and loss. Our experts understand cryptocurrency tax obligations and the unique needs of all participants working with both establishing and emerging blockchains, exchanges, and marketplaces (including DeFi, NFTs, stablecoins, and altcoins). Clinton gave me great advice and insights on international taxation for my business! They also helped me with gathering transactions from decentralized exchanges which is very complicated and dex does not provide a CSV of your transactions. He provides clear and concise answers, excellent advice and amazing service. Because there is no specific guidance on digital assets, accountants need to rely on multiple pronouncements, including ASC 350: IntangiblesGoodwill and Other and ASC 820: Fair Value Measurement. Now he's returning to a shell-shocked industry. I highly recommend Clinton for preparing tax returns for anyone with international interests. He is wise beyond belief of the complexities of the tax code and he is also patient and concise in explaining it to the people who think the tax code is tangle of complexities.