Digital Assets
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Help Clients File Digital Asset Taxes with Confidence
Cryptocurrencies, NFTs, and More: Digital Asset Tips for Tax Preparers From cryptocurrencies like Bitcoin to NFTs and other blockchain-based tokens, digital assets present unique challenges—and opportunities—in tax compliance. Staying informed about digital assets and how they are treated for tax purposes is vital for tax professionals to serve their clients effectively. What Are Digital Assets?…
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IRS Clarifies Digital Assets Not the Same as Cash—Yet
In a significant move last week, the Treasury Department and IRS announced that digital assets received by businesses do not follow the same reporting requirements as cash assets in 2024, at least until the issuance of specific regulations. This announcement comes after the Infrastructure Investment and Jobs Act, which brought about revisions to the rules…