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Companies like MicroStrategy Inc., Tesla Inc., and Block Inc. will get long-awaited rules for accounting for the stashes of Bitcoin and other digital assets they hold on their balance sheets, U.S. accounting rulemakers said Wednesday. Continue Reading
Cryptoassets have increasingly proved to be a significant disruptive force across several industries, from financial services to energy and the arts. In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction. Continue Reading
Since the emergence of blockchain and cryptocurrency, much has been about their great potential. This article explores a handful of blockchain and cryptocurrency developments that could push these technologies into the mainstream. Continue Reading
An expanded reporting section and detailed instructions for reporting virtual currency are among the changes in a revised version of Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the IRS released Tuesday. Continue Reading
Current accounting guidance for crypto assets can create reporting complications. Here's what tax professionals should know. Continue Reading
The question of how to account for digital assets has emerged as a challenging one for accountants as use of these assets becomes increasingly common.Although accounting for exchange-traded digital assets and commodities was added to FASB's research agenda in December, authoritative guidance on this topic doesn't seem imminent. Continue Reading
After recent market dips, reporting last year’s cryptocurrency profits on your tax return may be less appealing. But hiding taxable activity may lead to IRS trouble, experts warn. Continue Reading
Fewer than half of Americans have a formal plan for what happens to their assets when they die. While that has stayed consistent in the past few decades, the list of what they potentially own has grown more complicated. Continue Reading
As NFTs have quickly grown in popularity, the need for tax guidance has risen as well. While the tax treatment of cryptocurrency and intangible assets likely lay a framework for NFT guidance, it remains unclear how much of it applies. Continue Reading
As crypto has grown in popularity, the need for tightened reporting standards has emerged as well. After the Biden administration's infrastructure bill, many businesses and individuals may have to change how they interact with crypto. Continue Reading