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!
📌 Stick a Fork in It: Crypto Litigation Heating Up
🚨 Crypto Charity Leader Sentenced for Tax Evasion
🗳️ NJ To Add Crypto Question To Personal Income Tax Returns
💰 Eric Trump Confirms Crypto Tax Exemption on US-Based Projects
📚 Demystifying Cryptocurrency: Tax A Guide to the Current Regulatory Landscape
🔮 The Future of On-Chain Sales Tax Compliance (A Guide for Web3 Sales Tax)
🎙️ 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!
📌 Stick a Fork in It: Crypto Litigation Heating Up
The crypto industry and government are engaging one another in various courtrooms to gain an advantage on unresolved crypto tax questions like forks and staking. In this issue, we spotlight an early Bitcoin investor challenging a roughly $29.4 million deficiency notice related to Bitcoin hard forks, and the Jarretts, who are Bitcoin investors whose first court case was dismissed and who are now back in court arguing that crypto staking rewards should not be included in gross income until sold.
Read more here.
🚨 Crypto Charity Leader Sentenced for Tax Evasion
Bryan Doreian, an officer of SDG Impact Fund, was sentenced to one year in prison for tax evasion, in a case heard in the U.S. District Court for the Eastern District of Pennsylvania.
The charges against Doreian did not directly relate to his work at the donor-advised fund, which three years ago reported a stunning $10 billion surge in assets apparently fueled by cryptocurrency and other noncash donations.
Read more here.
🗳️ NJ To Add Crypto Question To Personal Income Tax Returns
New Jersey plans on updating its personal income tax returns to include a question asking if a taxpayer held or engaged in transactions involving digital assets such as cryptocurrencies.
Read more here.
💰 Eric Trump Confirms Crypto Tax Exemption on US-Based Projects
President-elect Donald Trump's son, Eric, has confirmed plans to eliminate capital gains tax on cryptocurrencies but only those based in the US. American cryptocurrencies including Algorand, Cardano, Ripple, and Hedera will all be tax-free under Trump.
Read more here.
📚 Demystifying Cryptocurrency: Tax A Guide to the Current Regulatory Landscape
The regulatory landscape for cryptocurrency and Web3 is transforming rapidly. Whether you’re an investor in digital assets or a Web3 entrepreneur, it’s crucial to understand and adapt to these changes, which will impact tax reporting, accounting procedures, and potentially your bottom line. In this guide, we’ll walk through key regulatory changes, essential tax forms, and necessary compliance steps for 2025 and beyond, ensuring you’re prepared for what lies ahead.
Read more here.
🔮 The Future of On-Chain Sales Tax Compliance (A Guide for Web3 Sales Tax)
As the digital landscape continues to evolve, on-chain commerce is emerging as a revolutionary way to buy and sell goods. However, with this innovation comes a critical and often overlooked aspect: on-chain sales tax compliance. Just as the e-commerce boom a decade ago led to significant legal clarifications regarding taxation, the on-chain marketplace is poised for a similar evolution.
Read more here.
Here is what you need to know to prepare for this 2025 audit!
🎙️ Upcoming Podcast on The Financial Frontier: How Fiduciaries are Integrating Crypto into Traditional Financial Plans with Eric Tomaszewski
In this episode of the Financial Frontier podcast, host Patrick Camuso sits down with Eric Tomaszewski, a forward-thinking financial advisor from Verde Capital Management, to dive deep into the evolving world of cryptocurrency, financial planning, and the future of investment strategies.
📅 Date: December 23, 2024 🕟 Time: 10:00 AM EST
📚 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.