Cryptocurrency Tax Accountants

We offer tax planning solutions to help our clients minimise tax liabilities and we provide a full tax compliance service to help our clients meet their Revenue obligations. Gahan & Co Chartered Accountants are passionate about the success of small to medium-sized businesses, believing that what holds them back is access to the best advice and services. By partnering with Gahan & Co you get an accountant who understands your business and is able to provide the best advice and expertise across all areas related to your success. Our services now included U.S. tax return preparation and Canadian tax returns, as well as tax and crypto consultations. These services have been integral to our sense of community and our success.

This is treated as ordinary income and is taxed at your marginal tax rate, which could be between 10 to 37%. • When you earn income from cryptocurrency activities, this is taxed as ordinary income. Sales and Other Dispositions of Assets, Publication 544– for more information about capital assets and the character of gain or loss. Overall, if you have a dedicated mining rig and are heavily involved in cryptocurrency mining, then one can assume that cryptocurrency accounting they are a business for tax purposes. If the mining is casual on a home PC or existing gaming rig, then one could potentially infer that this was a hobby. Like many areas of Cryptocurrency taxation, there is currently no clear guidance regarding the taxation of Hard Forks and Airdrops. Both the American Institute of CPA’s and the American Bar Association are both requesting that the IRS create a safe harbor until such guidance is issued.

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Being a business owner can be a juggling act, with doing what you love in your business, the business administration, financial and legal obligations, and then trying to find time for yourself and your family. We like to offer a full service option to allow you more time to do what you enjoy the most. In saying that, we tailor our packages to each individual client according to their needs.

The government wants to incentivize long-term investments over short-term trades. Your taxes will also vary based on how much income you bring in, if you’re married, or if you have any dependents. With member firms from coast to coast, the Baker Tilly Canada Cooperative is one of the country’s largest associations of chartered professional accounting firms. As an all-Canadian network, we have a longstanding reputation for value-added audit, tax and advisory solutions, due to the depth and breadth of our in-house skills, customized offerings and service excellence. Our experience and training in the accounting industry will help you determine how much we can help you and your business with your taxation requirements.

Regulation is coming to crypto: What that means for tax & accounting professionals

We understand the desire of our clients for friendly, accessible, simple, and transparent service. We also know our clients want the latest advances in accounting software and apps for enhancing their businesses. We provide a full range of accounting, tax and business services to a wide range of UK and International clients, whether they are private individuals, entrepreneurs, investors, families, partnerships or corporate clients. Our clients choose us because of our expert knowledge and experience which enables us to provide them with the highest quality bespoke tax and financial solutions designed to cater for their circumstances and unique needs. We are supported by our enthusiastic team who work passionately in partnership with our clients. Don’t be landed with a surprise bill or fine, and let AWOC Accounting assist with your cryptocurrency tax compliance.

Therefore, companies need to maintain different accounts for each acquisition of crypto assets to be able to keep track of their different cost bases. Accounting literature defines cryptocurrencies broadly as digital records, which use cryptography for verification and security purposes on a decentralized distributed ledger . The Crypto Accountant is a boutique accounting firm solely focused on assisting clients in the crypto space. We have been actively involved with cryptocurrency since 2017 and have been helping clients with filings on trading activity as well as mining operations since that time.

Best Tax Software For The Self-Employed Of 2022

At Karia Accountants, the moto has always been to provide a great service, do great quality work, and provide good value with competitive fees. My number one job is to listen to you; I want to understand you, your values and your goals & aspirations, and then get right under the skin of your business. We’ll be with you every step of the way, through the successes and failures. Just as babies grow and become more and more independent, so is your business.

Practice managed to build stronger and long-term relationships with clients and most of our clients are referred through existing clients. Because of our excellent customers support and passion for hard work, we strive to build on stronger reputation for providing expert accountancy, taxation, advisory and consultancy services to businesses and personal clients. When Don Munro and Barry Virgo started the practice on 1 July 1973, their intention was to provide a client base of rural and urban businesses with first class taxation and accounting services. The emphasis was to be on sound advice delivered personally by professionals who took the time to really understand the issues that clients from all walks of life faced.

If your recordkeeping for each trade has been less than thorough, it can feel nearly impossible to file an accurate return. In addition to the date you bought the cryptocurrency, you will need to know the amount you paid in USD. Even if you were exchanging one cryptocurrency for another, the cost of the purchase must be reported in the dollar value at the time of the transaction. Furthermore, you will need to report the date that you sold the coins and how much you received for them.

• Although NFTs have been used in blockchain solutions for a long period of time, they have become increasingly popular as a way to store and track digital ownership on a blockchain.
• Our personal approach and manner of working with you is what makes us unique.
• Our firm is also a specialist in income averaging as we know creative professionals have variable income whether working full-time or freelance.
• Transactions must be reported to the IRS on form 8949 and gains/losses from those are taxed at normal capital gains rates.