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10 Considerations for Accountants Working with DeFi Transactions

DeFi, or decentralized finance, is the use of blockchain technology to create a financial system that operates without the need for traditional financial intermediaries.

FASB Decides Companies Can Use "Fair Value" to Account for Crypto Holdings

The U.S. Financial Accounting Standards Board (FASB) has decided that companies can now use "fair value" to account for their cryptocurrency holdings.

Does PayPal Report to the IRS on Friends and Family Transactions?

You might be wondering whether PayPal reports to the IRS on Friends and Family transactions. The short answer is no, PayPal does not report these transactions under current regulations.

What is a W-9 Form and How Does it Work?

A W-9 form is a request for taxpayer identification number (TIN) and certification. It is used by businesses to gather information from independent contractors and freelancers.

Can You Report Stolen or Lost Crypto on Your Taxes? Here's How.

2022 has been quite the year for crypto theft, scams, and lost or locked up coins. With the collapse of many platforms, the tax implications of these losses are significant.

What is Form 8949 and How Does it Work?

The IRS currently treats cryptocurrency as property when it comes to federal taxation of the asset class. Taxpayers must report capital gains and losses, and Form 8949 is commonly used for this purpose.