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#Tax reporting for #DeFi activity made simple. Cryptio is solving the complex DeFi tax and accounting needs, making it more mainstream and accessible from end to end.

BTCS Inc. has published its results for fiscal year 2023. 2023 Financial Highlights & 2024 Preliminary Insights   ➡ Revenue: $1.3 million in 2023 revenue, down 20% from $1.7 million in 2022. The decrease was primarily driven by lower crypto prices in early 2022. Revenue for the fourth quarter of 2023 increased 20% year-over-year, benefiting from a surge in crypto market prices in December 2023.   ➡ Gross Margin: 73% gross margins in 2023, down slightly from 75% in 2022.   ➡ Net Income: $7.8 million or $0.55 per share in 2023, in stark contrast to a net loss of $15.9 million or -$1.25 per share in 2022. This significant improvement is attributed to financial reporting changes resulting from the adoption of new accounting standards as described herein.   ➡ 2023 Cash & Crypto Value: $26.7 million as of December 31, 2023, marking a 82% year-over-year increase.   ➡ Current Cash & Crypto Value: $36.5 million or approximately $2.33 as of March 19, 2024. The ongoing rally in crypto prices through early 2024 has further elevated the value of our crypto assets.     At BTCS, we firmly believe in the transformative potential of blockchain technologies, and we’re dedicated to being at the forefront of its advancement. Our belief in blockchain's revolutionary impact is steadfast, and we are advocates for its expanded adoption in both the public and private spheres. We are filled with optimism for what the future holds and are eager to spearhead innovations that bolster the value we deliver to our shareholders. Read the full report here: https://lnkd.in/g4NrWcfE  

𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗜𝗻 𝗧𝗵𝗲 𝗨𝗦𝗔 In the dynamic landscape of finance, digital assets, and cryptocurrencies have emerged as a new force, reshaping how individuals invest and transact. Understanding the tax implications is paramount to ensure compliance with IRS regulations. By keeping five considerations in mind and staying informed about evolving tax regulations, individuals can effectively manage their tax obligations and maximize their financial outcomes in this rapidly evolving landscape. 📌 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: The IRS categorizes cryptocurrencies as property for tax purposes, not currency. Whether its buying, selling, or trading cryptocurrencies, each transaction can trigger capital gains or losses, subject to tax obligations. It's essential to keep meticulous records of transactions to accurately report gains and losses on your tax return. 📌 𝗞𝗲𝗲𝗽 𝘄𝗮𝘁𝗰𝗵 𝗼𝗻 𝗧𝗮𝘅 𝗘𝘃𝗲𝗻𝘁𝘀: Various activities involving digital assets can trigger taxable events beyond buying and selling. These include receiving cryptocurrencies as income, mining, staking, airdrops, and even using cryptocurrencies to pay for goods and services. Each event may have different tax implications, and it's crucial to understand the tax treatment for each scenario. 📌 𝗧𝗶𝗺𝗶𝗻𝗴 𝗶𝘀 𝗞𝗲𝘆: The timing of transactions can significantly impact your tax liability. Gains from crypto are taxed at different rates, either as capital gains or as income, depending on how you got your crypto and how long you held on to it. Strategic planning regarding the timing of transactions can help optimize tax outcomes. 📌 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗢𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀: With increased regulatory scrutiny, tax authorities are paying closer attention to cryptocurrency transactions. Any capital gains or losses from cryptocurrency transactions must be reported on Form 8949 and transferred to Schedule D of your tax return. If you use a cryptocurrency exchange, you might receive a Form 1099-K or 1099-B. Failure to report accurately can lead to penalties or audits. 📌 𝗦𝗲𝗲𝗸 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲: With the complexity of taxation rules surrounding digital assets and cryptocurrencies, seeking advice from tax professionals or accountants experienced in this field is advisable. They can help you navigate the nuances of taxation and optimize your tax strategy while ensuring compliance with regulatory requirements. TaxBuddy.com ensures tax experts are available to its users, throughout the year & provides value for money. We are a team of highly qualified CPAs and EAs who are experts in tax advisory and preparation. ✍ Ready to prepare your 2023 tax filing? Get in touch with us at ✉ 𝗳𝗶𝗹𝗶𝗻𝗴@𝘁𝗮𝘅𝗯𝘂𝗱𝗱𝘆.𝗰𝗼𝗺 call us at +𝟭 (𝟰𝟲𝟵) 𝟯𝟯𝟭-𝟲𝟭𝟲𝟵 #USTaxation #cryptotaxation #TaxBuddy #TaxPreparation #ExpatTaxFiling

The big banks could not get their way fully with the SEC, so they used the IRS in the most illegal way possible, knowing very well that 99.99% of the US population, dread hearing, much less dealing with IRS. Not only is the IRS reporting methods illegal, it is tantamount to outright violation, and abuse of the US constitution. No unjust laws are to be written, or manipulation of existing laws, in order to put any citizen at an unfair position that is tantamount to tyranny. The thing about it is, the IRS rules applying to Crypto, would basically make any developer in the Blockchain and DeFi industry, into a criminal. The IRS ideally, should only be concerned with Crypto when an asset has made profit, based on trading, or changes the tax bracket of a citizen, just like any taxable income would. Holding Crypto for whatever reason in itself, should not be any of the IRS business, until such Crypto gains has been realized as profits, by way of either converting into money, currency, and or physical goods such as a house, any high value asset. The fact remain, if a citizen converts their own money into Crypto, it is their own money. Converting into Crypto or digital assets as defined by the IRS, does not somehow automatically lead to avoid paying taxes, or automatically become tradable securities, or non securities automatically becoming treated as securities. Swapping one Crypto for another is no different than swapping collectable baseball cards in digital form, of which the latter is done for attaining financial gains in several situations. Purchasing art at a lower price and then selling it several years later at a greater price or at a lower price, is no different. I can only assume that each American household, has to report to the IRS their baseball card collection, their fine art collection, their jewelry collection, and for that matter their music or book collection, that are considered valuable, and tradable. Blockchain Association Adam S. Tracy https://lnkd.in/eYJD3Knv ø

🚀 Embrace the Potential of Web 3 🌐 An interesting white paper by Mr Arindam Misra (IRS), Joint Commissioner at Tax Policy Research Unit (TPRU), Ministry of Finance, Government of India “A Taxman’s Guide to Taxation of Crypto Assets” highlights key aspects of the Web3 industry. The research findings break down the complexities of crypto assets and taxation, offering insights into global regulatory responses and innovative tax policies. The research is an attempt to provide a deeper sense of the following areas: • Principles of crypto assets • Tax implications and challenges • Recent regulatory changes • Future tax policy recommendations The paper may be a key building block to help equip policymakers, auditors, and investigators with the knowledge needed to craft tailored tax policies for their jurisdictions. Learn more: https://lnkd.in/g7_isaGQ #Blockchain #DeFi #Metaverse #Taxation #Web3 #BWA #Bharatweb3association #India

#News #BitcoinETF #nft #SecuritiesandExchangeCommission #SouthKorea South Korea Regulator & SEC Chair To Debate Bitcoin ETFs, NFTs: South Korea’s FSS Chair and the SEC will debate Bitcoin ETFs and NFTs, which will shape the future of virtual finance. South Korean regulators and U.S. financial authorities are scheduled to discuss Bitcoin ETFs and non-fungible tokens (NFTs) at a significant juncture of international financial affairs. Significantly, critical discussions are imminent between the U.S. Securities […] The post South Korea Regulator & SEC Chair To Debate Bitcoin ETFs, NFTs appeared first on Coinscreed.

CoinTracking has launched a new crypto tax tool for the UK Investors. CoinTracking is a crypto tax software that simplifies cryptocurrency taxation. Here's how this tax tool will benefit the traders: - Enhanced Assurance - Time and Cost Efficiency - Global Reach and Adaptability - Reduction in Compliance Risks Read the detailed article on our website: https://lnkd.in/eAt8ANzJ Follow Liquidity 24 for daily financial news! Dariusz Kachel, Berken Menges, Dr. Christiane Williams, Bünyamin Ögdüm #cryptocurrency #taxation #uk #finance #crypto

Lots of people think TradFi is adversarial to crypto or vice versa. But the reality is that the two are going to win together (it's already playing out this way). While nobody can predict the future, here's my humble view on how it might play out. As Charlie Munger would say, show me the incentives and I'll show you the outcome: 1. TradFi wants to introduce new financial products and services as a new means to generate fees. 2. Crypto (public blockchains and protocols, i.e. new asset ledgers and business logic tools) wants users. With the incentives on both sides creating alignment, the merger of TradFi and Crypto starts with the introduction of new financial products providing access to crypto. ETFs. SMAs. New Indices. Leveraged products. By meeting market demand, TradFi legitimizes crypto as an investable asset class first. Blackrock is doing this right now (and showing that it's profitable). This sets the stage for the tech (global asset/accounting ledgers) to become the foundation for finance. Firms such as BlackRock begin issuing assets on public blockchains (as we saw recently on Ethereum). As it becomes more and more obvious (due to TradFi adoption) that public blockchains are better accounting systems for finance, the term "crypto" becomes increasingly destigmatized. Eventually, payroll systems port over to public blockchains via stablecoins or "crypto dollars." Payments move *onchain.* More and more assets are issued *onchain* over time [just as more and more businesses were launched *online* vs *offline* as the internet grew] Eventually, all assets are *onchain.* ---- At the end of the day, the big winners are the incumbents who are smart enough to slide over and build on top of public blockchains — which, again, are just better accounting systems for assets. And the public blockchains that issue and settle the assets (the people who run the networks and hold the assets). ----- P.S. Uniswap is currently driving the most value to Coinbase (centralized exchange competitor) L2, Base. Imagine being the catalyst for one of the fastest growing business units of your competitor? Only in crypto. Data: powered by Token Terminal Trending Contracts (link in the comments for a *free* PRO account — normally a $4k annual license)

Good Morning LinkedIn Family! Here are the top news in #Crypto for the past 24 hours: GoDaddy partners with Ethereum Name Service, allowing users to link domain names with ENS names for free, despite ongoing court case. Spot Bitcoin ETFs see $700M inflows, totaling $7.7B funds, with BlackRock and Fidelity leading, offsetting GBTC's outflows. Terraform Labs' ex-CFO extradited from Montenegro to S. Korea for legal proceedings, following his arrest with Do Kwon. Judge orders Ripple to submit financial documents and XRP institutional sales contracts for 2022-2023 to SEC for penalty assessment. dYdX has introduced its roadmap for 2024. Genesis seeks court approval to sell $1.3B in GBTC shares, with potential total sales of $1.6B including ETHE and ETCG shares. Hearing set for Feb. 8. Solana's "Chapter 2" crypto phone hits 60,000 preorders before its 2025 launch, building a dedicated user community. Spain's Treasury to seize crypto for tax debts, expanding financial entities' tax collection powers, targeting overdue taxpayers. OPNX shuts, replaced by mysterious http://OX.Fupromoting to OPNX users but operators unknown. S. Korea's FSC proposes screening crypto execs before employment; law expected to take effect by end-March 2024, tightening VASP regulations. #cryptonewsdaily #cryptonews