Cryptocurrency

Cryptocurrencies are in the news. You have seen the articles and stories on cryptocurrency companies ike Bitcoin, Ethereum, Binance Coin and countless others. Yet taking cryptocurrency can raise a host of challenges, including taxes, for businesses and individuals in this rapidly changing area. The IRS treats virtual (or crypto) currency as property and any gain or loss must be reported on Schedule D of IRS Form 1040. In addition, long-term gains (longer than 12 months) are subject to capital gains tax rates while short-term gains are taxes like ordinary income.

Confused yet? Compass Accounting & Business Solutions has the expertise to ensure you are in compliance with cryptocurrency and associated tax requirements and regulations. Here is how we can help.

• Prepare cryptocurrency tax returns 
• Amend prior-year tax returns to reflect digital currency transactions 
• Ensure compliance with local, state, and federal tax regulations  
• Ensure compliance with international regulations, if applicable, such as FBAR (FinCEN Form 114) and IRS Form 8938 
• Provide accounting and reporting services for companies that use digital currency 
• Assist in the valuation of digital currencies 
• Cryptocurrency advisory and consultation