Cryptocurrency

There are a number of things you need to consider when trading cryptocurrencies. Whether you need help with reporting your gains and losses to the IRS or are looking for financial advice around cryptocurrency, we’re here to help.

Cryptocurrency Services

Transaction Tracing

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Cryptocurrency investors often face the challenge of trying to track down their assets after losing them. This can be especially difficult if the coins were transferred to another wallet or exchange. However, transaction tracing may be able to help. By analyzing the blockchain, it may be possible to determine the original owner of the coins and track where they were transferred to.

This process can be time-consuming and requires a great deal of expertise, but it may be the only way to recover your lost investment. If you think you may have lost some cryptocurrency, contact our qualified transaction tracing specialists today. We may be able to help you recover your coins and get your investment back on track.

NFTs

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NFTs have been making headlines lately as the new hot asset class. But what many people don’t realize is that NFTs are subject to taxes just like any other asset. This means that if you sell an NFT for more than you paid for it, you will owe capital gains tax on the sale. The amount of tax you owe will depend on your tax bracket. If you are thinking about buying or selling NFTs, be sure to contact our cryptocurrency tax specialists to help you factor in the taxes!

Capital Gain Or Loss Summary Report (Form 8949)

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A properly prepared capital gain or loss summary report provides a detailed analysis of each transaction, including the date of purchase and sale, as well as the amount paid and received. This information can then be used to calculate total profits and losses for the period, giving investors a clear picture of how their investments have performed.

Whether you are looking for an overview of your trading activity or a more in-depth analysis of market trends, our capital gain or loss summary report services can provide you with the tools you need to best prepare from a tax perspective in today’s financial landscape.

Gain/Loss Calculations

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Every cryptocurrency transaction that results in capital gains or losses is considered a taxable event and thus, thorough tracking and documentation are important for accurate gain/loss calculation. For some investors, this can involve hundreds or even thousands of transactions over the course of a year, quickly becoming a complicated and confusing accounting situation.

Whatever your level of cryptocurrency involvement, we can assist in unraveling a complex array of crypto transactions, determine your net gains/losses, and keep you prepared when tax time rolls around. 

Tax Reporting

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 Due to the ongoing loose regulation of the industry and the continued debate over the legality of digital currency ownership, many people remain confused about cryptocurrency tax implications. However, failure to report capital gains, even unknowingly, is considered tax fraud and could end up costing you significantly. Our team can help you understand your investment classification, maintain thorough documentation, fill out the proper forms, and ultimately ensure you achieve and maintain tax compliance with the IRS

ICO Support

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Are you looking to raise capital for your cryptocurrency start-up? While billions of dollars continue to be poured into this space, investors are becoming increasingly cautious/selective and there are many challenges to face when raising money through an ICO. Unlike an IPO (Initial Public Offering), an ICO (Initial Coin Offering) generally lacks regulation and this may leave you with questions about how to proceed.

Let our financial experts guide you through the process – from setting a realistic budget to financial security structuring and optimizing your tax categorization, we can improve your ICO potential.

Tax Calculation for Crypto Derivatives

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Tax calculation for crypto derivatives can be a complex process, especially for investors who are new to this rapidly-expanding field. In order to properly account for these transactions in your reports and filings, it is crucial to understand the underlying tax principles that apply to these kinds of trades. Tax authorities typically look at crypto derivative trades as financial contracts, meaning that any gains or losses will be treated as capital gains or losses, in accordance with commonly-accepted tax guidelines. Additionally, tax rates will depend on whether you are trading with short-term or long-term perspectives.

By consulting with our qualified tax professionals, you can make sure that your crypto derivative transactions are reported in a way that is both accurate and compliant. With the right approach, investing in crypto derivatives can help you achieve your financial goals while also minimizing your tax obligations. We can help you invest confidently in this exciting area of the market!

DEFI

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As the Defi space continues to grow and evolve, investors need to be more careful than ever when it comes to tax implications. Defi transactions can be complex and often involve multiple different asset types. This can make calculating the correct tax liability a challenge.

Fortunately, our team at Neumeister & Associates specializes in Defi tax calculations. We have the experience and expertise to handle even the most complex Defi transactions. We can help you understand the tax implications of your Defi investment, and ensure that you are compliant with all applicable laws. Contact us today to learn more about our services and how we can help you with your Defi investments.

Cryptocurrency for Business

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Cryptocurrency has become an increasingly important part of business operations in recent years. As more and more companies begin to accept digital currencies as payment, it is crucial that they also have reliable systems in place for tracking and managing their cryptocurrency transactions.

At Neumeister & Associates, we are experts in helping businesses develop and implement streamlined cryptocurrency bookkeeping systems that help to reduce costs and stay on top of changing regulations. Whether you are just starting out with cryptocurrencies or seeking to upgrade your current processes, our expert team will work closely with you every step of the way, ensuring that your business has the tools and knowledge needed to smoothly manage its cryptocurrency bookkeeping needs.

So if you’re looking to get ahead in the rapidly evolving world of digital currencies, look no further than Neumeister & Associates, LLP. Contact us today to learn more!

Looking for more?

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Visit our Business Management, Consulting, Tax, and Cryptocurrency pages for a list of other services we provide. Contact us for more information and ask us how you can bundle multiple services into a custom package that best fits your personal and business needs.

Get in Touch

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Neumeister & Associates, LLP has over 20 years experience serving the forensic accounting and business management needs of Burbank, CA and the surrounding areas of Los Angeles County. If you need assistance managing any aspect of your business’s finances, we want to hear from you.

Please fill in this form or call (818) 478-3052 and let us know how we can help you. We will happily offer you a COMPLIMENTARY initial consultation to determine how we can best serve your needs.

We look forward to being in touch!

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