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What You Need to Know About Rev. Proc. 2024-28 crypto tax Aug 22, 2024

Building on our previous blog post about final IRS broker regs, here's what else you should know if you're a digital asset holder.

The IRS states:

“Section 1.1012-1(h) and (j) of the 2024 final regulations will apply to all acquisitions and dispositions of digital assets on or after January...

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Final IRS Broker Regs: New Insights crypto tax Aug 01, 2024

Making sense of the new IRS guidance on crypto

Crypto tax craziness is upon us again. The temporary digital asset broker reporting was issued in August 2023 and the IRS received tens of thousands of comments. Almost a year later, the final regs were handed down about a month ago.

What's...

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Tips for Spotting Crypto Scams crypto fraud crypto scams Jul 14, 2024

Am I in a crypto scam? 

You gotta love crypto, but you've got to be alert and vigilant for crypto fraud and scams. You should constantly be asking yourself, "Am I in a crypto scam?" or "Am I about to get scammed?" it's essential to recognize the warning signs and how to navigate the...

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How to Avoid Capital Gains Tax on Cryptocurrency crypto strategy crypto tax Mar 14, 2024

Strategies to avoid crypto capital gains

Everyone wants to know how to avoid capital gains tax on cryptocurrency. The magic is in the strategy and the mindset rather than “tax loopholes.” There are a few standard ways to avoid the tax, but crypto offers a cornucopia of returns and...

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Sec. 6050I Crypto Crackdown (Part 2): 15 Days or Felony? $250K Fines crypto regulations crypto tax Feb 22, 2024

6050I conundrum and the unique challenges of reporting digital assets

In Sec. 6050I Crypto Crackdown Part 1, we discussed the insanity of Form 8300 and the severe penalties for non-compliance. Here we'll continue with why it's so challenging to fit crypto into the narrow inflexibility...

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Sec. 6050I Crypto Crackdown (Part 1): 15 Days or Felony? $250K Fines crypto regulations crypto tax Feb 22, 2024

How the new IRS 6050I law affects crypto

The IRS 6050I is the biggest regulatory gotcha in the history of crypto.

I’ve written numerous times about multiple impossible reporting requirements, such as the digital asset broker reporting proposed regulations, including The IRS Tripled Your...

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Deepfake Scams in Crypto: What You Need to Know crypto fraud crypto risk crypto scams Feb 01, 2024

What are deepfakes?

Deepfakes are the synthetic manipulation of anyone’s likeness in any medium for the purpose of tricking people into believing something false or stealing their money. Fakes of objects, documents or anything else have been around since the beginning of time. As soon...

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Phishing Attacks Surge by 1300% in 2023: A Crypto Bullseye Alert crypto fraud crypto scams Jan 19, 2024

Phishing attacks saw an alarming increase of 1300% in 2023, posing a significant threat to your crypto assets. Let’s explore the reasons behind this surge and equip you with strategies to fight back against these malicious attempts at crypto fraud.

Understanding phishing attacks

Phishing...

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The IRS Tripled Your Crypto Tax Prep Cost (The IRS Kills Crypto Part 3) crypto tax Oct 25, 2023

I previously explained how The IRS Kills Crypto in 282 Page Regs Part 1 and how The IRS Kills DeFi in 282 Page Regs Part 2.

Clarifying crypto cost basis

The IRS proposed regs titled, “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for...

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IRS Kills DeFi by Calling It a Broker (IRS Kills Crypto Part 2) crypto tax Sep 28, 2023

Check out IRS Kills Crypto in 282 Page Broker Regs (Part I) to get the background.

The DeFi logic

After digesting Part I at least you understand some of the general background of the IRS’ logic and reasoning. Now let’s examine more specific logic for how the proposed regulations apply...

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The IRS Kills Crypto with Definitions (IRS Kills Crypto Part 1) crypto tax Sep 21, 2023

The background

IRS proposed regulations titled, “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions” were issued at the end of August 2023.  

There are 2 places you can view the proposed regs:

  1. PDF version...
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Airdrops are a Key Benefit of Investing in Cryptocurrency: Make $9,321 in 47 MINUTES Testing Crypto Apps crypto strategy Aug 25, 2023

Crypto is the goose and airdrops are golden eggs

Airdrops may be the greatest crypto strategy invented and one of several key benefits of investing in cryptocurrency. There is no better feeling than getting free money for doing things you already do in crypto.

Money does fall from the sky and...

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