Our leadership team tracks regulation and cryptocurrency tax changes to help guide our clients in the rapidly changing digital currency ecosystem and provides strategic accounting expertise to assist meeting the goals of individuals and businesses of all sizes.
In the US and many other countries, cryptocurrencies are treated as property for tax purposes and fall into standard capital gains or ordinary income categories. However, new advancements in crypto create some unique tax situations, some of which the IRS has yet to address. Millan and Company is here to help apply the best accounting methods in these crypto areas and protocols, including:
- Crypto as payment or income
- DeFi (Decentralized Finance)
- Crypto Lending and Liquidity Pool Taxes
- Wrapped Tokens
- Yield Farming
- Margin Trading
- NFTs (Non Fungible Tokens)
- ICOs (Initial Coin Offerings)
- DAOs (Decentralized Autonomous Organizations)
- Tax-loss Harvesting
- FIFO / FILO / HILO cost basis methodologies, in-line with your objectives
- Hard Forks / Soft Forks
- Mining / Staking
- Cryptocurrency Gifts and Donations
- DAP Trusts (Digital Asset Protection Trusts / Digital Estate Planning)
For more information on cryptocurrency tax, view our Cryptocurrency Tax Guide.
If cryptocurrency is becoming a part of your financial interests, please reach out to our team for a consultation.