Category: Accounting

Reporting Crypto Holdings: An Update from the Financial Accounting Standards Board

The world of finance has undergone massive changes in recent years due to the adoption of cryptocurrencies. This mainstream phenomenon has revolutionized how business owners and crypto holders navigate and manage finances. As the crypto market continues to push boundaries and evolve, investors must stay up-to-date with guidelines from the Financial….

Forensic Accounting v. Tax Accounting

In general, accounting is a system of recording and summarizing the financial transactions of business entities. As the “language of business,” accounting quantifies a business or organization’s economic activities and shares the information with stakeholders. There are many fields which fall under the umbrella term of accounting, including tax accounting,….

Cryptocurrency and Reporting to the IRS

Tax season is quickly approaching and investors who have made virtual currency transactions need to be prepared to report this activity to the IRS. Like any other transactions, cryptocurrency transaction is taxable by law. As such, taxpayers who have taken the cryptocurrency plunge must report their transactions on their tax….