The rise of cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and Dogecoin presents many challenges for businesses. Among them are finding a tax preparation and accounting firm that is knowledgeable - and experienced - in taxation issues, and laws and regulations are constantly evolving.
Cryptocurrency is a form of digital or virtual payment or currency that can be exchanged online for goods and services. These exchanges use a secure computer technology platform called blockchain to validate and record transactions digitally on a digital ledger.
Because the IRS defines virtual currency as a digital representation of value, it is treated as property for tax purposes. Therefore, whether you experience a gain or loss, it must be reported on Schedule D of IRS Form 1040. Long-term gains (assets held more than 12 months) are subject to capital gains tax rates, whereas short-term gains of less than 12 months are taxed as ordinary income.
Tax and Accounting Professionals like us have the knowledge and expertise you need to ensure compliance with a complicated set of rules. Whether you are a small business owner who accepts digital and virtual currency as payment for goods and services or an individual investor, we can help.
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The rules surrounding the reporting and taxation of cryptocurrency are complex, but we are here to help you every step of the way. If you have any questions or would like additional information about cryptocurrency tax and accounting services, please give us a call or contact us using the form below.
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