Cryptoworth

Meet the Speaker: Nik Fahrer, CPA Nik is the Leader of Forvis Mazars US’ Blockchain & Digital Asset Practice. He is a subject matter specialist in cryptocurrency, NFTs, and digital asset tax regulations. With extensive experience helping multistate businesses and high-net-worth individuals navigate complex IRS requirements, Nik is uniquely positioned to guide crypto professionals through the upcoming IRS 1099-DA reporting rules and Rev Proc 2024-28. As a licensed CPA in Colorado, Indiana, and Texas, and a member of the American Institute of CPAs, Nik has been a key advisor on tax compliance for digital assets. In this webinar, he’ll share essential insights on how these IRS regulations will impact cost-basis reporting and digital asset transactions starting in 2025. "Taxpayers must act now to comply with these rules, or risk costly reporting mistakes," Nik warns. Join the webinar to hear his advice and learn what actions to take before the deadlines hit. https://lnkd.in/dfn8k_9W Sign up now to hear from Nik and ensure you're ready for the 2025 compliance changes.

Thank you, Wei Xiang Chan, for inviting us to discuss staking income reporting. This episode highlights a critical aspect of staking income reporting, especially in the absence of on-chain transaction hashes. At Cryptoworth, we understand the data challenges DeFi projects face in accurately tracking their financial activities across various blockchains and liquidity pools. Our automated snapshot capabilities ensure comprehensive visibility into spot balances and DeFi positions, streamlining the accounting process for businesses. We look forward to helping accountants overcome these complexities in DeFi accounting with more insights shared by Richard Pasquin.

Key Takeaways we'll discuss with Nik Fahrer, CPA next week: We will cover two critical IRS regulations that will significantly impact crypto accountants starting in 2025: > 1099-DA reporting rules and > Rev Proc 2024-28. These changes will reshape how digital assets are reported, tracked, and managed, making compliance more complex. Tune in to learn and refresh your knowledge on: +IRS 1099-DA Reporting Rules: Custodial brokers will be required to report digital asset transactions under new IRS 1099-DA rules starting in 2025. Learn what qualifies as a covered security and how brokers need to prepare. + Rev Proc 2024-28: The IRS has eliminated the universal method for cost-basis tracking. Crypto accountants must switch to a wallet-by-wallet approach by January 1, 2025, or risk penalties. + Covered vs. Non-Covered Securities: Nik will explain the distinction between covered and non-covered securities, impacting how transactions will be reported starting in 2026. +Safe Harbor Transition: Taxpayers have until December 31, 2024, to make use of the safe harbor provision for cost-basis tracking. Missing this deadline could result in audit risks. Don’t miss this opportunity to get practical advice on navigating these IRS updates. Sign up now to stream the full conversation with Nik Fahrer next Wednesday and ensure you're prepared for these critical regulatory changes.

One thing is clear: data is the cornerstone of effective compliance. To explore this crucial topic, we’ve invited Georg Brameshuber 🧢 from Validvent to join us for a deep dive into how data can reshape crypto compliance. In Web3, every transaction, token, and interaction generates data. But not all of it is useful. The challenge is sifting through immense amounts of blockchain data and extracting what's needed to meet compliance requirements without overwhelming the process. In this conversation, we explore how companies turn data into a strategic asset. The goal is broader than just KYC and AML. Building a compliance system that works across the entire Web3 ecosystem—from tax reporting and regulatory audits to cross-border transactions—is key. Georg discusses how integrating smart contracts, real-time transaction tracking, and advanced analytics can keep businesses compliant while reducing costs and manual errors. At Cryptoworth, we believe that the way businesses manage and utilize data will define the future of regulatory adherence in Web3. With regulations like MiCA and increasing global scrutiny, crypto businesses must lead the way in shaping the future of digital asset regulation. Don’t miss this insightful conversation on how data-driven compliance is paving the way.

"Private key control is ownership of the assets. Auditors look at whether companies manage keys properly to prevent risk." — Cody Peterson, CPA, EY. Missed this deep dive into how auditors assess crypto assets? Cody explains key management, multi-signature wallet complexities, and blockchain reconciliations in detail. Watch the full webinar now or quickly read the summary article (Link Below)

Crypto accountants—new regulations are coming in 2025! Are your web3 clients aware of all deadlines? Join us as tax expert Nik Fahrer, CPA from Forvis Mazars US explains how the IRS 1099-DA reporting rules and Rev Proc 2024-28 will change crypto tax compliance in the short term. Learn how to handle digital asset reporting and track cost basis before it’s too late. When? Wednesday, Oct 16th 9:00am PST // 12:00pm EST // 4:00pm UTC Sign up now to get a reminder on the day of the streaming.

Can decentralized systems meet today’s compliance requirements? We’re at a crossroads. One path leads to continued decentralization, where blockchain protocols handle everything, untouched by centralized entities. The other path leads to institutional adoption and strong regulation—providing clarity, security, and ultimately, legitimacy in the eyes of global markets. But here’s the real question: Which do we want? Tune in this Wednesday to listen to Georg Brameshuber 🧢 from Validvent as we discuss how Web3 businesses must track and trace transactions effectively to ensure compliance with KYC and AML regulations in current scenarios. (Find link to the event in the comments)

"The truth is in the data. Every crypto transaction holds hidden optimization potential if analyzed correctly." Georg Brameshuber 🧢 is a certified tax advisor, Web3 entrepreneur, and crypto compliance expert with over five years of experience in researching and teaching crypto economics at the Institute for Financial Law in Vienna. Georg leads Validvent's efforts in delivering cutting-edge tax advisory and crypto accounting solutions for Web3-native entities. Sign up to hear his expert insights into KYC, AML, and his thoughts on blockchain data management next Wednesday. https://lnkd.in/dkwwZYFB

An amazing kickoff to Messari's Mainnet 2024 at our CFO Breakfast yesterday! Good food, good people, even greater vibes. Our panel discussion was led by Richard Pasquin of Cryptoworth and featured a stellar lineup: Atikh Bana from Acctual, Jennifer Greenberg from Rain, industry thought leader David Byrd from EY, and Zachary Gordon, CPA from Red Five. The conversations were jam-packed with an array of topics, including innovations in stablecoins, the latest regulatory shifts, accounting strategies, and the worldwide impact of stablecoins, shedding light on trends shaping the future of our industry. Thank you to all the brilliant attendees, our speakers, and co-hosts Cryptoworth and Rain for creating a remarkable space. If you couldn't attend, we'd love to connect. Reach out via DM or stop by the office for coffee.

Crypto investors have been grappling with outdated and unfair tax regulations for too long. It’s time for a change. Andrew Gordon, CPA, has been championing crypto tax reform for over a decade, and his vision is simple: fairness and clarity. The current system is confusing and penalizes everyday users. That’s why He is advocating for essential reforms that level the playing field. One key proposal is the de minimis exemption, which would eliminate taxes on small crypto transactions, simplifying reporting for daily purchases. Another vital change is ensuring wash sale rules don’t apply to cryptocurrencies, allowing investors to manage portfolios without fear of undue penalties. The future of crypto taxation should reflect the innovative nature of this space, supporting growth while ensuring compliance. Join the movement by reading our full article and help spread the word! https://lnkd.in/d43BBKAT Contact us or Andrew Gordon today to get involved in advocating for a fairer tax system for all crypto investors.