Withum

SEPTEMBER 7, 2022

Topics covered include: A refresher on Form 5500 filings and options available for plan administrators and employers What to do if your Form 5500 is not complete by October 15 5500 filing changes. 2021-30 Crypto in retirement plans. 2021-30 Crypto in retirement plans. New SAS 136 requirements and how it affects Schedule H.

113

113

Withum

SEPTEMBER 7, 2023

On September 06, 2023, the Financial Accounting Standards Board took a bold and definitive step towards formalizing and adopting accounting and disclosure guidance for crypto assets. The new guidance will fall under FASB ASC 350-60  Intangibles – Goodwill and Other – Crypto Assets – Accounting for and Disclosure of Crypto Assets.

Account 59

Account accountant accounted accounting standards 59

CPA Practice

SEPTEMBER 11, 2023

When one stakes crypto native to a proof-of-stake blockchain and receives additional crypto units or tokens as validation rewards, the fair market value of those token awards is gross income in the year the taxpayer has dominion and control over the tokens (Rev. 1, 2023, but the IRS previously delayed the reporting obligation.

Tax 116

Tax Washington Sales 116

Cherry Bekaert

JANUARY 29, 2024

For annual reporting periods, a rollforward of crypto asset holdings, including additions, dispositions, gains, and losses For additions, a description of the activities that resulted in the additions.

income tax 95

income tax Tax financial statements accounting standards 95

CPA Practice

SEPTEMBER 12, 2023

When one stakes crypto native to a proof-of-stake blockchain and receives additional crypto units or tokens as validation rewards, the fair market value of those token awards is gross income in the year the taxpayer has dominion and control over the tokens (Rev. 1, 2023, but the IRS previously delayed the reporting obligation.

Tax 111

Tax Washington Sales 111

Withum

DECEMBER 5, 2023

Crypto Abandonment and Tax Implications One topic that has garnered significant attention is the concept of abandoning digital assets such as cryptocurrency and how it intersects with tax regulations. Contact Us The post The Crypto Conundrum: Abandonment, Staking and Tax Regulations appeared first on Withum.

Tax 52

Tax Real Estate Legal Sales 52

Withum

MARCH 17, 2022

The Crypto market capitalization, calculated by multiplying price of the cryptocurrency with the number of coins in circulation, went over $1 trillion in 2021. For perspective, Crypto market capitalization in 2020 was $758 billion and the total sales in the NFT market in 2020 was just $340 million. NFT sales volume totaled $24.9

Gaming 124

Gaming tax accountant tax services Tax 124

CPA Practice

APRIL 18, 2023

At this meeting, representatives of the FASB and the ASBJ provided updates on their respective activities and discussed agenda items in which both boards have interest, such as the accounting for crypto assets and the accounting for the impact of the international tax reform.

accounting standards 52

accounting standards Account accountant accounted 52

Withum

NOVEMBER 8, 2022

On Wednesday October 12, 2022, the FASB issued a board ruling that certain crypto assets should be measured at fair value. This ruling applies to all entities, public and private, who are currently holding or are considering investments in crypto assets. What Are the Criteria for an Item To Be Considered a Crypto Asset?

accounting standards 52

accounting standards financial statements Education financial accounting 52

Cherry Bekaert

JUNE 9, 2023

Whether implementing for increased efficiency, new product or service offerings, added security measures or supporting new business models, it is quickly becoming vital that the accountants understand the importance, impacts and the associated risks with adopting various digital asset and crypto technologies.

Account 98

Account accountant accounted accounting and finance 98

Withum

FEBRUARY 28, 2022

This, combined with increased crypto popularity, has led to a few years of very creative fundraising, including through NFTs. Under the rules for deductibility and valuation contributions of crypto are treated the same as other noncash property contributions. What Steps Should We Take to Prepare for NFTs? Policies and Procedures.

Non-Profits 131

Non-Profits Tax Sales Technology 131

Withum

SEPTEMBER 7, 2023

The ASU will fall under FASB ASC 350-60 Intangibles – Goodwill and Other – Crypto Assets – Accounting for and Disclosure of Crypto Assets. What Is Considered a “Crypto Asset”? It is important to note that not all digital assets will be classified as Crypto Assets.

accounting standards 52

accounting standards auditor CPA financial accounting 52

PYMNTS

NOVEMBER 30, 2020

Daniel Gouldman , CEO of crypto-banking platform operator Ternio , told Karen Webster that PayPal’s endorsement is a major step in crypto’s quest to go mainstream. Bitcoin is like a [crypto] 101 version. I think what people think of crypto today [does not reflect] what they will think of it in the future,” he predicted.

Real Estate 117

Real Estate Washington Government Gaming 117

Withum

MAY 24, 2022

This article will explore the wash sale rule/tax rule and how it currently applies to crypto. Therefore, an owner of a cryptocurrency can sell their crypto for a loss and instantly buy back the same asset and lock in that capital loss to be used to offset other capital gains. Technology and Emerging Growth Services. Contact Us.

Sales 98

Sales tax return Tax Technology 98

Accounting Insight

SEPTEMBER 20, 2022

The topics cover everything impacting the industry this year, from Making Tax Digital and Cryptocurrency to attracting the best talent and mental health. . This session will provide you with an overview of the current themes and issues in crypto, and the tax implications in the UK.

accounting and finance 98

accounting and finance Education quickbooks Tax 98

Withum

FEBRUARY 17, 2023

Make no mistake: Based upon how crypto platforms generally operate, investment advisers cannot rely on them as qualified custodians,” SEC Chair Gary Gensler said on Wednesday. It is unclear who would be the custodian if crypto platforms cannot meet the new requirements. Current federal requirements only include assets like securities.

CPA 59

CPA 59

Withum

MAY 24, 2023

While some community members have expressed concerns, this optional service aims to strike a delicate balance between protecting users’ keys and onboarding a new wave of individuals to crypto. Due to self-custody’s perceived complexities and risks, many individuals need more time to enter the space.

Technology 72

Technology 72

Going Concern

JANUARY 2, 2023

2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method [ PDF ]; ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures [ PDF ]; ASU No. 2022-05, Financial Services—Insurance (Topic 944): Transition for Sold Contracts [ PDF ]; ASU No.

accounting standards 78

accounting standards corporation tax accounting and finance Alabama 78

Withum

FEBRUARY 9, 2022

NFTs have been around since the early days of crypto but have become more mainstream starting in 2020. Common NFTs that have gone mainstream, aka the blue-chip NFTs, are Bored Ape Yacht Club (BAYC), Crypto Punks (Punk), and Smol Brains. In IRS Notice 2014-21, the IRS defines crypto as property and not a currency.

Tax 87

Tax income tax Legal Gaming 87

Withum

SEPTEMBER 14, 2022

There’s even YouTube videos on this topic. Crypto : Unless you have been under a rock for the past few years, you know the IRS is doing everything in its power to identify those who are transacting in cryptocurrency. The IRS’s prowess in data science is mirrored by its capabilities in the crypto space.

Tax 105

Tax tax return audit Entertainment 105

Withum

MARCH 21, 2022

For more information on this topic, please contact a member of Withum’s Multiemployer Benefit Plan Team. The post Are Your Plan Assets Invested in Crypto? Author: Ashleigh Hall , CPA, Senior Manager | ahall@withum.com. Multiemployer Benefit Plan Services. Contact Us. Contact Us.

CPA 72

CPA Technology 72

ThomsonReuters

MAY 1, 2023

Crypto token : Special kinds of virtual currency tokens that reside on their own blockchains and represent an asset or utility. Also called crypto assets. Crypto-collateralized stablecoins are linked to the reserves of other cryptocurrencies. Bitcoin : The world’s first and largest cryptocurrency by market cap.

accounting books 59

accounting books Education Tax Start-ups 59

Going Concern

NOVEMBER 28, 2022

Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. NYT wrote about SEC Chair Gary Gensler’s beef with crypto.

Account 84

Account accountant accounted Gaming 84

Withum

FEBRUARY 10, 2023

Considerations for Valuation Despite the uncertainty surrounding the value of tokens purchased from defunct crypto exchanges, like FTX, investment fund managers still need to mark their portfolios at fair value and issue financial statements to their investors.

Tax 59

Tax income tax CPA auditor 59

Cherry Bekaert

APRIL 26, 2024

Previously effective for all other public entities. ** Amendment on rollforward information is effective for fiscal years beginning after December 15, 2023.

accounting standards 52

accounting standards accounting and finance income tax financial accounting 52

PYMNTS

JANUARY 24, 2020

The Global Consortium for Digital Currency Governance will be geared toward the development of transparent, interoperable and inclusive approaches to policy to regulate the crypto industry and facilitate work between the public and private worlds in emerging and developed economies, Cointelegaph reported.

Government 52

Government Massachusetts Technology Finance 52

PYMNTS

NOVEMBER 8, 2019

The firm was founded by Marc Andreessen and Ben Horowitz, and it has been one of the most active firms in the space, creating a $350 million fund dedicated to crypto investing. General partner and co-head of the crypto fund, Chris Dixon, said he thinks crypto could “have the most impact in the world.”. “If

Start-ups 51

Start-ups Technology 51

PYMNTS

OCTOBER 18, 2020

Federal Reserve Chair Jerome Powell will discuss that topic as well. The panel will be webcast and will begin at 9 a.m. ET on Monday. Prior to that, another panel for policymakers including U.S. After those panels, another will follow on the public sector’s role in cross-border payments, CoinDesk writes.

Education 76

Education Technology 76

PYMNTS

OCTOBER 16, 2018

The emergence of new technologies may still engender wariness from banks and, as the regulator told the newswire, he “would not blame” banks for choosing to not open accounts for cryptos holders. The site said that joint projects will span digital and mobile payments and APIs, to name a few topics of exploration.

Technology 75

Technology Government Account accountant 75

PYMNTS

JULY 16, 2019

In addition to the ICOs, the regulatory organization is also in touch with custodians, fund managers and crypto exchange companies. Cryptocurrency has been a popular topic as of late, since Facebook announced the release of its own cryptocurrency, called Libra. Because digital currency is so new, regulations vary around the world.

New York 57

New York Legal Tax 57

CPA Practice

AUGUST 17, 2023

There was a big, big crypto phase where every single week there was some new s**t coin that no one knew what it was. Everybody’s buying and the price of this crypto is going up, up, up, up. VT: I also think that the language we choose to use is so detrimental, [especially] when we talk about really touchy, shameful topics like debt.

Finance 98

Finance accounting and finance Start-ups Education 98

PYMNTS

JUNE 25, 2019

Quarles said there is no current global threat from crypto in terms of affecting stability, but that there could be gaps that fall outside the scope of regulators’ power, which need to be scrutinized. “A The FSB called that “prepositioning” and said the topic would be on the agenda.

Finance 43

Finance Government Retail 43

LyfeAccounting

JUNE 3, 2021

Today’s post is all about crypto! It’s not exactly an easy topic to understand. And this post will help you understand what is cryptocurrency, how it works, the future of crypto, and even if it’s a good investment or not. Simply put, cryptocurrency or crypto is a digital currency. But, do you understand it?

Government 52

Government accounting and finance Legal tax return 52

PYMNTS

NOVEMBER 8, 2019

The firm was founded by Marc Andreessen and Ben Horowitz, and it has been one of the most active firms in the space, creating a $350 million fund dedicated to crypto investing. General partner and co-head of the crypto fund, Chris Dixon, said he thinks crypto could “have the most impact in the world.”. “If

Start-ups 40

Start-ups Technology 40

PYMNTS

APRIL 6, 2018

Kudry said he and his co-founder, Alex Sismanis, decided there was an opportunity to give people a better way to buy and sell crypto, by building a knowledgeable, AI-based chatbot “friend” named Ben “so that everyone could have an actual expert to talk to about bitcoin.”. “And there aren’t really a lot of experts in such a new space.”.

Education 69

Education Gambling Technology Start-ups 69

Withum

MAY 23, 2023

including crypto, NFTs (Non-Fungible Tokens), the metaverse and blockchain. After typing a query into a search field, one was provided with various documents/articles related to a specific topic. So, if they search for a specific topic, say dog videos on YouTube, they might begin to see advertisements for dog food or nearby kennels.

Technology 64

Technology Non-Profits Finance Retail 64

PYMNTS

NOVEMBER 8, 2019

With the caveat that the project faced challenges and was for the long term, senior officials have noted that progress on the feasibility of a European Central Bank (ECB)-backed crypto could be made in the months to come. According to past reports , the two countries are instead throwing their support behind the idea of a public crypto.

accounting and finance 42

accounting and finance Legal Finance Government 42