Bulletproofing Your Cryptocurrency Record Keeping

Cryptocurrency trading can be like an emotional rollercoaster. When we present financial statements to clients, they are surprised to see their trading volume. It’s nearly always higher than they expected. They have transacted with cryptocurrency going back and forth, in…

Hidden Complexities of Buying Cryptocurrency for Someone Else

Sometimes, people might buy cryptocurrency on behalf of another. A friend or family member may say, "Hey, here's $10,000. Can you get me some too?" At the time, it doesn't seem like a big deal. But come tax time, it…

2022 End of Financial Year Cryptocurrency Tax Checklist

The end of the financial year is 31 March 2022. This article outlines what information we need to prepare your financial statements. We recommend you action this today! It will save you time, costs, and unnecessary complexities. If you only do one…

Claiming Cryptocurrency Tax Losses to 31 March 2022

The 2022 financial year has had wild price fluctuations. We all experienced record price highs before Christmas, and then a significant pullback in prices in early 2022. No doubt, some taxpayers have traded at the top of the market, triggering…

Unrealised Gains from Staking Rewards – IRS Case

Last week there was hype about an American cryptocurrency tax case. “IRS will not tax unsold staked crypto as income” was the headline of the article. Unfortunately, we cannot make an conclusion this case, and we recommend the status quo…

Benefits of Frequent Financial Reporting for your Cryptocurrency Activity

We’ve been preparing quarterly financial reports for several clients over the past 12 months and have found the reports and process extremely helpful.  The key benefits are: Addressing reconciliation issues during the year in small chunks rather than once at the end…