"From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets" is your source for expert insights on the rapidly evolving world of crypto and digital assets. Hosted by Taylor Zork, CPA, and presented by CryptoCFOs, this interview-based podcast delves into the complexities of tax and accounting for Web3 and digital assets. Tune in as Taylor sits down with top finance professionals, and CEOs of Web3 organizations to explore the latest developments and best practices in this exciting f ...
…
continue reading
The AccountANTs, Tax Professionals, and Astute Investors Guide To Blockchain, DeFi, NFTs & more. Visit: www.CryptoCFOs.com to join our community and learn more! *This podcast is NOT financial, tax, accounting, or legal advice. The opinions and commentary herein are intended to facilitate discussions only, and may not be relied upon for accuracy; you must conduct your own research or engage with and seek the advice of your accounting/ tax professional and attorney as necessary.
…
continue reading
"Web3 Finance Flash: Insights for the Busy Web3 Finance Enthusiast" is a podcast presented by CryptoCFOs, the premier members-only community for CPAs, CFOs, Investors, and other finance professionals. Each episode brings you quick and informative updates on the ever-changing world of Web3 finance. Whether you're a busy enthusiast looking to stay informed or a seasoned Web3 finance professional, this podcast provides valuable insights and analysis on the latest developments in the space.
…
continue reading
1
S2E6 - Building Costa Rica’s Bitcoin Economy: A Conversation with Pura Vida Bitcoin
41:04
41:04
Play later
Play later
Lists
Like
Liked
41:04
In this episode of Niche to Necessity, we dive deep into the exciting world of Bitcoin adoption in Costa Rica. Join host Taylor Zork as he interviews Joshua Pooley, the head of business development at Pura Vida Bitcoin, a company working to revolutionize the financial infrastructure of Costa Rica through Bitcoin. From navigating the challenges of l…
…
continue reading
1
S2E5 - Mastering Web3 Finance: A Conversation with Acctual’s Atikh Bana and Issa Hassan
28:52
28:52
Play later
Play later
Lists
Like
Liked
28:52
In this episode of From Niche to Necessity, host Taylor Zork, CPA, sits down with Acctual co-founders Atikh Bana and Issa Hassan to discuss the future of finance in the Web3 space. Acctual is revolutionizing accounts payable (AP) and accounts receivable (AR) management by offering seamless crypto payment solutions for businesses navigating the comp…
…
continue reading
1
S2E4 - Robbie Heeger Explores the Future of Crypto Philanthropy with Endaoment
50:50
50:50
Play later
Play later
Lists
Like
Liked
50:50
The latest episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets" features an incredible conversation with Robbie Heeger, President and CEO of Endaoment. For anyone interested in how blockchain technology can revolutionize nonprofit and philanthropic efforts, this episode is an absolute must-listen. Here are three key ta…
…
continue reading
1
S2E3 - Enterprise Digital Assets: A Conversation with Bitwave's Patrick White
51:03
51:03
Play later
Play later
Lists
Like
Liked
51:03
Join us on "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," for a deep dive into the world of tax and accounting for Web3 as our host Taylor Zork, CPA speaks with our esteemed guest, Patrick White, Co-Founder and CEO of Bitwave. Explore the complexities of cryptocurrency accounting, the challenges of large-scale transaction …
…
continue reading
1
S2E2 - Vijay Pravin: AI-Enhanced NFT data with bitsCrunch
22:39
22:39
Play later
Play later
Lists
Like
Liked
22:39
In this episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," host Taylor Zork, CPA, sits down with special guest Vijay Pravin, the founder and CEO of bitsCrunch. Vijay shares his journey into the crypto space and the creation of bitsCrunch, an AI tool for on-chain analytics, specifically for NFTs and ERC-20 tokens. Th…
…
continue reading
1
S2E1 - Better Blockchain Data: A Conversation with Noves CEO Ben Roy
23:18
23:18
Play later
Play later
Lists
Like
Liked
23:18
In this episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," host Taylor Zork, CPA, is joined by Ben Roy, CEO and founder of Noves. They discuss how Noves is simplifying blockchain data and making it more accessible. Ben shares his journey in the crypto space and explains the challenges of working with on-chain data. …
…
continue reading
In this dynamic episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," host Taylor Zork, CPA, takes listeners on an enlightening journey into the complex realm of crypto accounting and digital asset management. Joining Taylor is Nik ‘Crypto Nik’ Fahrer, a leading authority in digital assets at Forvis. Nik unravels the i…
…
continue reading
1
S1E14 - Amber Welch | Finsuite Consulting Group
55:15
55:15
Play later
Play later
Lists
Like
Liked
55:15
In this insightful episode, host Taylor Zork, CPA, is joined by the ever-inspiring Amber Welch, co-founder of Finsuite Consulting and trailblazer in the Web3 community. Amber unearths a treasure trove of knowledge, combining her expertise in computer science and accounting to illuminate the transformation of the finance sector through Web3 and digi…
…
continue reading
Soft forks are protocol changes to a blockchain (ETH to ETH 2.0 when The Merge occurs, for example) that remain compatible with previous versions and therefore do not create a taxable event. No new cryptocurrency is created in a soft fork. For now, just remember soft forks are not taxable, and we dive into the topic in much greater detail in the ha…
…
continue reading
When you inherit crypto assets, as defined by the IRS, you inherit property. The cost basis of the property is the FMV (average of the high and low for the day) at the time of death or six months later if the value of the assets has dropped and the alternate valuation date is elected. This election is only made when estate tax is due in order to lo…
…
continue reading
1
Non-Taxable Transactions: Receiving Crypto as a Gift
2:36
2:36
Play later
Play later
Lists
Like
Liked
2:36
The IRS’s FAQ sums up the rules for receiving crypto as a gift: “If you receive virtual currency as a bona fide gift, you will not recognize income until you sell, exchange, or otherwise dispose of that virtual currency. See Publication 559. Your basis in virtual currency received as a bona fide gift differs depending on whether you will have a gai…
…
continue reading
1
Non-Taxable Transactions: Gifting and Donating
5:31
5:31
Play later
Play later
Lists
Like
Liked
5:31
Gifting crypto assets to individuals generally will not have any tax implications unless you are super-rich; the inflation-adjusted lifetime exemption for federal gift tax (aka “death tax”) is $12.06 million per individual and $24.12 million per married couple in 2022. If you are receiving this much crypto as a gift, you should speak with an estate…
…
continue reading
Borrowing crypto assets is no different than borrowing from a traditional lender. The IRS does not consider a loan to be taxable income because it must be repaid. On the other hand, if a crypto loan with an initial USD value of over $600 is forgiven, you should receive a 1099-C for cancellation of debt (COD) income, which is taxable. If the loan pr…
…
continue reading
Transfers among commonly owned accounts (wallets/ addresses/ exchanges) are non-taxable events. For example, you may move your MATIC from Crypto.com to Binance Earn to get a better yield for staking it. A transfer such as this could trigger a reporting requirement for an exchange or other platform that results in the issuance of an “information ret…
…
continue reading
Many actions you’ll take with crypto are not taxable. Here’s a non-exhaustive list, and we’ll cover each in more detail in this course: – Buying crypto or NFTs with fiat currency – Transfers – Borrowing crypto – Gifting and donating crypto assets – Receiving crypto as a gift – Inheriting crypto – Soft forks It is not always apparent whether a trans…
…
continue reading
1
Non-Taxable Transactions: Buying Crypto with Fiat
2:44
2:44
Play later
Play later
Lists
Like
Liked
2:44
When you buy cryptocurrencies with fiat dollars, you do not have a taxable transaction. The same can be said for buying an NFT with fiat money. Using other crypto or stablecoins to buy crypto will likely have tax consequences, as we discuss in this and future videos.By CryptoCFOs
…
continue reading
1
S1E13 - Lourdes C. Miranda | FinTech Advisory Group
56:30
56:30
Play later
Play later
Lists
Like
Liked
56:30
In this captivating episode, we dive deep into the intricate world of crypto compliance and investigations. Our special guest, Lourdes C. Miranda, CAMS, CCFI, CEIC, CFE, CRC, CTCE, FIS, PI, Chief Compliance Officer, and Chief Consultant at Fintech Advisory Group, shares her extensive experience in the crypto realm, dating back to 2017. 🌐 Key Highli…
…
continue reading
On this episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets" we feature Rustin Cavel and Daniel Durning the founders of COAST, a beneficiary service that uses smart contracts to help pass on your digital assets to loved ones. Here are 3 key takeaways from the discussion: 1 Coast aims to bridge the gap between tradition…
…
continue reading
🎙️ New Podcast Episode Alert! 🎙️ In this episode of "Niche to Necessity," join Taylor Zork, CPA, and special guest William Grant as they explore the world of crypto accounting and finance. 📈💰 🎧 In this episode, we take a deep dive into the challenges and opportunities in the Web3 space. We discussed how Integral is empowering Web3 organizations in …
…
continue reading
🎙️ New Podcast Episode Alert! 🎙️ In this episode of "Niche to Necessity," join Taylor Zork, CPA, and special guest Anton Golub as they explore the world of crypto accounting and finance. 📈💰 Discussion Highlights: - Anton's journey from traditional finance to the blockchain industry. 🚀 - The significance of liquidity, market making, and market micro…
…
continue reading
🎙️ New Podcast Episode Alert! 🎙️ Join us in the latest episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," presented by CryptoCFOs. This time, Taylor Zork, CPA/MBA has a fascinating conversation with Sukesh Tedla, the CEO, and Founder of Kryptoskatt. In this informative discussion, Tedla unravels the intricacies of D…
…
continue reading
🎙️ New Podcast Episode Alert! 🎙️ We're excited to share the latest episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," presented by CryptoCFOs where we dive into the complex world of crypto accounting. In this episode, Taylor Zork, CPA/MBA is joined by Antoine Scalia, founder, and CEO of Cryptio, who shares valuable …
…
continue reading
🚀 Welcome to the Latest Episode of From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets! 🚀 🎙️ We're thrilled to have a very special guest joining us from the United Kingdom, the incredible Joe David! Joe is the founder and CEO of both Nephos Group and Myna, companies that are making waves in the tech startup and cryptocurrency spac…
…
continue reading
🚀 Welcome to a Game-Changing Episode of From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets! 🚀 🎙️ Join us as we sit down with the trailblazing Blake Oliver, CPA, who's revolutionizing the world of accounting and Continuing Professional Education (CPE) with his innovative startup, Earmark! 💡 🔥 In this electrifying conversation, our…
…
continue reading
1
Money Laundering Fears, DAO Maker Hack Update, SEC's DeFi Scrutiny, and Balancer's Strategy Pivot
9:19
9:19
Play later
Play later
Lists
Like
Liked
9:19
Money Laundering Fears, DAO Maker Hack Update, SEC's DeFi Scrutiny, and Balancer's Strategy Pivot In this episode of "Web3 Finance Flash," we dive into some of the most pressing issues in the world of cryptocurrency and decentralized finance (DeFi). We begin by exploring the growing concerns of compliance professionals regarding crypto money launde…
…
continue reading
1
S1E5 - Harry Shurek | The Crypto Accountant
31:39
31:39
Play later
Play later
Lists
Like
Liked
31:39
On this episode of From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets, Taylor Zork invites guest Harry Shurek, owner of The Crypto Accountant, to share how he entered the crypto industry. They discuss the shortage of accountants with specialized knowledge in both cannabis and crypto, as these industries continue to grow. Harry al…
…
continue reading
In this episode, Taylor interviews Jason Meyers, the lead architect for Auditchain, a company pioneering "proof of state" to increase transparency and efficiency in financial reporting for public companies. Jason explains how the Auditchain Protocol differs from other blockchain-based platforms in the finance industry and how it enables real-time f…
…
continue reading
In this episode, Taylor interviews Dr. Sean Stein Smith, an assistant professor at Lehman University and a renowned accounting thought leader. The conversation focuses on the challenges of communicating complex concepts related to the crypto industry to non-specialist audiences, and the key takeaways that Dr. Stein Smith strives to impart in his le…
…
continue reading
1
wBTC Burn, Ripple's SEC Challenge, Binance's TUSD Shift, and Hashnote's Regulated DeFi Launch
5:05
5:05
Play later
Play later
Lists
Like
Liked
5:05
In this episode of the podcast, we discuss the latest developments in Web3 finance and the regulatory challenges faced by the industry. We cover the recent burn of 11,500 wBTC worth $260 million and the decline in supply. We also talk about Ripple's chief legal officer calling for the SEC chair's recusal from crypto enforcement cases, Binance's shi…
…
continue reading
1
Maker Wins, Voyager Sells, Stablegains Sued, and Terraform Labs in Trouble
4:29
4:29
Play later
Play later
Lists
Like
Liked
4:29
Welcome to this episode of "Web3 Finance Flash Insights for the Busy Web3 Finance Enthusiast", the podcast presented by CryptoCFOs, the premier members-only community for CPAs, CFOs, Investors, and other finance professionals. First up, we discussed the recent victory for DeFi giant Maker as a US judge dismissed a class-action lawsuit against the p…
…
continue reading
1
S1E2 - Sharon Yip CPA | Polygon Advisory Group
27:48
27:48
Play later
Play later
Lists
Like
Liked
27:48
In this second episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets", Taylor Zork CPA sits down with Sharon Yip CPA, a crypto tax expert and co-founder of Polygon Advisory Group, to explore the unique challenges of accounting for crypto assets for tax purposes. Sharon draws upon her experience as the owner of a tax prac…
…
continue reading
In the first episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," host Taylor Zork sits down with Gil Hildebrand of Gilded (Gilded.Finance). Taylor and Gil delve into the key considerations CFOs should keep in mind when tracking crypto financials. They also discuss Wallet Hygenie, the Gilded Accounting Partner Program…
…
continue reading
Understanding Triple Entry AccountingBy Taylor Zork, CPA, MBA of CryptoCFOs.com
…
continue reading
1
Fundamentals: Continuous Audits & Process Control NFTs
4:21
4:21
Play later
Play later
Lists
Like
Liked
4:21
Understanding Continuous Audits & Process Control NFTsBy Taylor Zork, CPA, MBA of CryptoCFOs.com
…
continue reading
1
Fundamentals: Capital Gains & Ordinary Income
3:57
3:57
Play later
Play later
Lists
Like
Liked
3:57
Most income is taxed in three different ways, and taxpayers can make decisions that affect that classification. Understanding the tax classification of earned and asset-based income is essential to minimize taxes. Income is classified as: Long-term capital gains (capital assets held more than a year) Short-term capital gains (capital assets held on…
…
continue reading
1
Fundamentals: Cost Basis and Holding Period
11:22
11:22
Play later
Play later
Lists
Like
Liked
11:22
Cost basis and holding period are the two inputs that determine the tax impact of a capital asset transaction, including crypto assets. Cost basis is an important concept as it determines your gain or loss when you arrive at a taxable crypto transaction. The automated tax software currently available for crypto accountants and investors is lacking …
…
continue reading
What gives a cryptocurrency value? Market capitalization is the price of a crypto asset multiplied by the circulating supply; the calculation offers a sense of the overall growth potential of a project. As an example, for the popular meme coin Shiba Inu (SHIB) to grow from a price of 0.00002447 to $1.00, it would require a 40,866x (4,086,600%) incr…
…
continue reading
Coins and tokens form two major types of cryptocurrencies. Coins are cryptocurrencies with their own native blockchain networks (Ether/ETH, Bitcoin/BTC, and Litecoin/LTC). These coins are the result of years of coding and building a robust and secure blockchain network that requires decentralized computing power to secure. As a result, coins are mo…
…
continue reading
While seemingly counterintuitive to the ethos of blockchain and cryptocurrencies, enterprise custody solutions can serve a purpose for high-net-worth (HNW) individuals who prefer a third party to hold and maintain custody of their crypto assets. Companies like Ledger, Kraken, and Coinbase offer custody services for HNW and Ultra-HNW individuals, es…
…
continue reading
Multisig wallets require multiple signatures (multiple wallets approving the transaction) to sign or confirm transactions and can be secured with either a hot or cold storage wallet. This method provides for much greater security as there is no one single point of failure. A multisig wallet secured via cold storage is the gold standard for security…
…
continue reading
A cold storage wallet is used for storing crypto assets where the private keys and access to the wallet are offline thereby protecting the funds from unauthorized access, hacks, and other vulnerabilities. There are physical devices, like Ledger’s Nano S or Trezor’s One, or simply something analog like a sheet or paper containing the private keys to…
…
continue reading
Exchange wallets are funds held on centralized exchanges (CEXs). If a taxpayer purchases crypto assets on a CEX like Coinbase or Kraken, then the assets are in the exchange’s wallet. When investors leave funds on exchanges, they are relying on a third party to secure their assets. Exchanges have been hacked and bad actors inside an exchange have st…
…
continue reading
By Taylor Zork, CPA, MBA of CryptoCFOs.com
…
continue reading
Now that we have a better grasp of how wallets function for crypto assets, we need to understand the inextricable link between decentralization, self-custody, and security. In the world of blockchain and cryptocurrency, no bank holds and secures your funds. You are the bank. As a result, you rely on varied levels of security based on the context of…
…
continue reading
In the world of cryptocurrencies, wallets act as “bank accounts.” Cryptocurrency wallets consist of a private key and a public key. The private key secures access to your wallet, while the public key is the address that allows people and companies to send funds to your wallet. One of the major trade-offs with cryptocurrency wallets vs. traditional …
…
continue reading
UPDATE: the CFTC announced on December 13, 2022 that some assets, including BTC, ETH, and USDT are commodities under US Law. The IRS has generally classified cryptocurrency as property and applies tax regulations in a similar fashion to stocks or real estate. For this reason, we will not discuss the tax treatment of fiat currency transactions here.…
…
continue reading
1
Fundamentals: Introduction to Accounting for Crypto Assets
6:21
6:21
Play later
Play later
Lists
Like
Liked
6:21
Welcome to Fundamentals of Accounting for Crypto Assets. This course is presented by Taylor Zork, CPA, MBA of CryptoCFOs.com To learn more and to become a member of our growing community visit www.CryptoCFOs.comBy Taylor Zork, CPA, MBA of CryptoCFOs.com
…
continue reading