The cost for calculating crypto gains can vary depending on your circumstances. While we offer the most competitive rates in the industry, exact pricing will require an initial evaluation. Some factors that influence complexity and cost include the number of exchanges and blockchain wallets used, the volume of transactions, and involvement in advanced DeFi activities like liquidity pools, yield farming, and borrowing/lending. For a personalized estimate, we encourage you to arrange a complimentary consultation. 

While business tax requirements, especially for those involved with digital assets, can differ significantly from individual tax requirements, our team is well-versed in businesses' unique challenges and compliance needs. Our crypto team is proficient at handling any situation, while our CPA team has significant experience with business taxation. Contact us for a tailored consultation to discuss your specific needs and how we can assist you to ensure your business remains compliant.

Managing digital assets goes far beyond tax compliance; it also involves understanding the asset class, setting up new internal controls, navigating through regulatory complexities, and keeping up with meticulous bookkeeping and accurate financial reporting. Our team has the expertise and tools to handle all these issues regarding crypto assets. We recommend scheduling a consultation to discuss your specific requirements. This will allow us to provide a customized solution that aligns with your business’s digital asset management and reporting needs.

While our starting point will always be using the best tools available where we encounter challenges, our team is exceptionally well-versed in leveraging blockchain explorers and other tools to reconcile missing data. We will verify the data with you to ensure any assumptions are accurate. We will also ensure that there are no gaps in your reporting that would put you at risk of an IRS audit. We understand crypto and the IRS and can help you navigate the most complex situations.

We do not just calculate your gains, but we are also ready to defend you in case of an audit. Our team stands with you and will help you through an IRS notice, audit, or Tax Court. We offer several IRS Guard Dog memberships to protect you in case of any issues.

Navigating past tax returns with unreported or incorrectly reported crypto gains? Let us take the lead. Our initial approach includes a detailed review of your IRS account transcripts and a comprehensive risk analysis. We will provide expert guidance on the best course of action, which may only sometimes involve amending your returns due to potential audit risks.

Dealing with complex crypto investments like staking, liquidity pools, or yield farming can be daunting. While the basic principles of capital gains apply, accurately calculating your taxable profits requires expertise. If you're facing intricate scenarios and need expert advice, we are here to help. Our team is skilled in navigating the nuances of these complex crypto investments.

If your accountant is less familiar with the intricacies of crypto tax reporting, don't worry, we've got you covered. We recommend independently preparing your crypto gain calculations and providing them to your accountant. We understand that the complexity of crypto gains can be overwhelming for many professionals. If you require assistance from dedicated crypto tax experts, our team at CryptoTaxAudit is ready to assist. 

While we offer full-service tax return preparation, there are several reasons why you may want to stay with your current accountant. Our crypto gain calculation service is standalone; if you choose to stay with your current accountant, we can provide them with all the necessary tax forms.

Our standard services are centered around calculating your crypto taxable income and do not include tax planning. If you are interested in a tax strategy to minimize your tax on your crypto assets, please schedule a consultation to discuss.

With your permission and introduction, we would happily work with your accountant or financial advisor in your tax planning.

Do you need more consistency with your current crypto gain calculation service? Factors like incomplete transaction records or misclassified data can lead to inaccurate results. Complex histories involving DeFi, NFTs, or private wallets add another layer of difficulty. If you are struggling with these challenges, our IRS Guard Dog membership plans offer a safeguard, preparing you for even the most intricate scenarios.

Many professionals will tell you this election is unavailable for crypto traders or investors because crypto assets are property, not securities or commodities. However, this is not a black-or-white scenario with ongoing regulatory changes and SEC actions. If you believe you qualify as a trader, please schedule a consultation to discuss your situation.

This is a surprise that many crypto investors encounter, as cashing out does not drive taxable income. Many taxable events need to be accounted for, such as trading crypto for another crypto (or for stablecoins), buying an NFT with crypto, or receiving crypto income such as staking or airdrops.

While it is true that a net capital loss is limited in deductibility to $3,000 for any given tax year, any loss over this amount will get carried forward to future tax years. This is why it is critical to calculate the right amount of losses, as any excess capital losses will offset future capital gains. If you have, for example, $100,000 of losses to carry over from this year, this means that the next $100,000 of gains will be tax-free (as we will apply the losses against those gains). If you underreport this amount, you are missing out on the tax benefits of your losses and will volunteer more tax than due.

The IRS regulations will not go into effect until 2025 at the earliest. This means taxpayers will have to calculate crypto gains and taxable income similarly for 2023 and 2024. Furthermore, reporting on tax basis will not be mandatory until 2026 at the earliest. So, even in 2025, it will be up to the taxpayers to correctly report their tax basis (cost). Even once the regulations are in full effect, DeFi and high transaction volumes are expected to leave many gaps in the data. For more information on the regulations, refer to our full breakdown