Digital Asset Digest: Weekly Round Up
This week's highlights: Welcome to the latest edition of the Digital Asset Digest. This week's newsletter is packed with the latest headlines, timely tax updates and industry insights
This week's highlights:
Welcome to the latest edition of the Digital Asset Digest. This week's newsletter is packed with the latest headlines, timely tax updates and industry insights.
Don't miss out on the latest and greatest from our team at Camuso CPA!
A few key highlights in this week's update!
⚖️ Bitcoin Jesus Challenges Constitutionality Of Expatriation “Exit Tax”
🏛️ New Crypto Accounting Rules Set to Emerge From Unexpected Places
💰 Countries Offer 0% Capital Gains Tax on Cryptocurrency
👮♂️ Feds Seek 2-Year Sentence In Landmark Crypto Tax Case
🇮🇹 Italy to scale back tax hike on cryptocurrency capital gains, lawmakers say
📈 Unrealized Gains Taxes on Bitcoin…
📅 Crypto Tax Deadline Are You Compliant with Rev Proc 2024-28?
🎙️ Upcoming Podcast on The Financial Frontier: "Navigating Crypto Tax and Audits: Insights on Best Practices for Web3 Accounting"
📚 My Book, titled "Navigating The NFT Sales Tax Maze: Wayfair 2.0 for Web 3.0: From Virtual Assets to Real Obligations: Decoding Tax Compliance in the Digital Realm" is now AVAILABLE on AMAZON!
⚖️ Bitcoin Jesus Challenges Constitutionality Of Expatriation “Exit Tax”
Roger Ver, known as "Bitcoin Jesus," was arrested in Spain in April 2024 on U.S. criminal charges for mail fraud, tax evasion, and false tax returns. The indictment, filed in February 2024 but unsealed in May, has been challenged by Ver, reviving discussions about the U.S. expatriation tax regime. Ver renounced his U.S. citizenship in 2014 and was subjected to the mark-to-market tax or "exit tax."
Read more here.
🏛️ New Crypto Accounting Rules Set to Emerge From Unexpected Places
The US crypto industry faces regulatory headwinds, but the incoming administration is likely to embrace Bitcoin and other crypto assets, potentially leading to Bitcoin's price surpassing $100,000. However, the lack of specific accounting and auditing standards remains a potential obstacle to broader cryptocurrency acceptance.
Read more here.
💰 Countries Offer 0% Capital Gains Tax on Cryptocurrency
Jeff Park, Head of Strategy at Bitwise Alpha, highlighted the growing trend of countries offering a 0% capital gains tax on cryptocurrencies as a rare opportunity to position themselves as financial hubs. This comes as the global cryptocurrency market is experiencing significant growth and transformation, with countries exploring regulatory frameworks to attract investors and businesses. Implementing such tax incentives fosters innovation and investment in the digital asset space, balancing regulation with competitiveness in the financial landscape.
Read more here.
👮♂️ Feds Seek 2-Year Sentence In Landmark Crypto Tax Case
The first person ever criminally charged for failing to report gains from the sales of cryptocurrency by filing false returns should be sentenced to more than two years in prison after he admitted underreporting $4 million in bitcoin proceeds.
Read more here.
📈 Unrealized Gains Taxes on Bitcoin…
France is considering taxing unrealized gains on Bitcoin, a cryptocurrency that has been classified as "unproductive" by French Senator Sylvie Vermeillet. The tax, currently at 30%, would apply if Bitcoin's gains exceed €800,000 (about $845,000). This could lead to higher crypto prices, as early investors may have accumulated significant gains. The tax could also impact Apple's suppliers, potentially causing them to partner with "silent suppliers" and potentially produce astronomical returns.
Read more here.
🇮🇹 Italy to scale back tax hike on cryptocurrency capital gains, lawmakers say
Italy will reduce plans to increase taxes on cryptocurrency capital gains due to industry criticism and party disagreements. Lawmakers Giulio Centemero and Treasury Junior Minister Federico Freni announced that the tax increase will be significantly reduced during parliamentary work. The League party argued that such a move could boost the shadow economy.
Read more here.
📅 Crypto Tax Deadline Are You Compliant with Rev Proc 2024-28?
The IRS is introducing major changes to the tax landscape for cryptocurrency investors and Web3 businesses by 2025. The 1099-DA tax form will make every transaction visible to the IRS, increasing the likelihood of enforcement actions against under-reporting or non-compliance. The shift to account-based accounting requires tracking each cryptocurrency wallet or exchange account separately, potentially altering capital gains calculations.
Read more here.
Demystifying Cryptocurrency Tax A Guide to the Current Regulatory Landscape
🎙️ Upcoming Podcast on The Financial Frontier: Navigating Crypto Tax and Audits: Insights on Best Practices for Web3 Accounting with Jeremy Nau
In this new podcast episode of Financial Frontier, titled "Navigating Crypto Tax and Audits: Insights on Best Practices for Web3 Accounting", our host Patrick Camuso sits down with Jeremy Nau, a partner at The Network Firm, to unpack the complex world of Web 3 accounting, digital asset auditing, and the future of financial technologies.
📅 Date: December 16, 2024 🕟 Time: 10:00 AM EST
Here, Jeremy shares his fascinating journey from a curious college graduate to a digital asset audit expert, revealing critical insights for CPAs, CFOs, and Web 3 entrepreneurs.
🚨 Upcoming AMA for Jan 1st Deadline: Crypto Accounting Changes (Rev. Proc. 2024-28)
Join us for a live AMA on LinkedIn as we dive into the complexities of crypto tax changes! We'll provide expert insights and guidance on:
- Understanding Notice 2024-28
- Preparing for the Jan 1st deadline
- Best practices for crypto tax reporting changes
- Q&A session
Register here.
📚 My Book, titled "Navigating The NFT Sales Tax Maze: Wayfair 2.0 for Web 3.0: From Virtual Assets to Real Obligations: Decoding Tax Compliance in the Digital Realm" is now AVAILABLE on AMAZON!
Dive into the intricate world of NFT sales tax compliance with Patrick Camuso's groundbreaking book.
Uncover vital insights for CEOs, NFT artists, CPAs, and CFOs as you confront the pressing risks shaping the future of the Web3 industry. 💡
Arm yourself with indispensable knowledge to navigate the evolving landscape of Web3 finance.
Order your copy on Amazon today and seize the competitive edge in the dynamic realm of NFTs! 📚
Watch My Live Stream Discussing These Topics and More in Detail: The Financial Frontier
About Camuso CPA
At Camuso CPA, we understand the unique challenges faced by digital asset investors and Web3 businesses. Our mission is simple: to save you money, time, and provide peace of mind through effective tax planning strategies, accurate accounting, and proactive advice.
Why Choose Camuso CPA?
Expertise Tailored to Your Needs: Unlike other firms, we specialize in serving digital asset investors and Web3 business owners. Our team has in-depth knowledge of the cryptocurrency industry, enabling us to provide customized solutions that meet your specific requirements.
Pioneers in the Field: Camuso CPA has been at the forefront of the industry, offering cryptocurrency accounting services and tax advisory since its early days. We were also the first CPA firm to accept cryptocurrency as a form of payment for our professional services.
Comprehensive Approach: We go beyond traditional tax compliance and accounting services. Our proactive approach ensures that you benefit from strategic tax planning, minimizing your tax liabilities and maximizing your savings.
Cost Savings: Our expertise in tax planning and compliance for digital assets helps you save thousands, and even cumulatively millions, in taxes. We identify valuable deductions, credits, and exemptions that others might overlook, optimizing your financial outcomes.
Peace of Mind: With Camuso CPA by your side, you can rest easy knowing that your tax obligations are handled accurately and efficiently. We stay up-to-date with the latest developments in tax regulations and provide you with reliable guidance to navigate the ever-changing landscape..
Learn more about us here.