reporting cryptocurrency transactions

Businesses Should Implement New Crypto Assets Accounting Standard Now

Businesses Should Implement New Crypto Assets Accounting Standard Now

The Financial Accounting Standards Board (FASB) made favorable changes to the accounting rules for crypto assets in December 2023. The updated guidance benefits reporting entities and external stakeholders alike. It’s effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Here’s what you should know —

Sonya Foster2025-01-14T15:55:14-07:00January 14th, 2025|

New Digital Asset Reporting Requirements Imposed in Coming Years

New Digital Asset Reporting Requirements Imposed in Coming Years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing Reporting Rules If

Sonya Foster2021-11-30T16:04:06-07:00November 30th, 2021|