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You can calculate the capital gains/losses on your crypto transactions with the use of a simple formula: Fair Market Value (FMV) – Cost Basis = Capital gain or loss Where: FMV = the price that an asset, such as cryptocurrency, would sell in the open market to a willing buyer. Cost basis = The amount… [Read More]

For the second year in a row, you have additional time to file your federal taxes. The Treasury Department and Internal Revenue Service announced on March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021…. [Read More]

Crypto Taxes: Tax Reporting Requirements   Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a… [Read More]

Virtual currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. Virtual currency serves as a digital representation of value that is generally tracked through a blockchain or… [Read More]