Accounting for crypto businesses can be different from traditional accounting in a few ways. One of the key differences is the need to account for the unique features and characteristics of cryptocurrencies, such as their decentralized nature, high volatility, and lack of a physical form. One of the challenges of accounting for cryptocurrencies is the… Continue reading Crypto Accounting vs Normal Accounting

Digital assets are mistrusted by many accountants. They are, however, fundamental to the growing Web3 vision of the internet, e-commerce, and peer-to-peer transactions. And Accounting for NFTs is vital to achieving errorless accounting for digital assets. Moreover, it can prove that a person owns tangible, intangible, and digital assets. NFTs are useful for much more… Continue reading Accounting for NFTs: Key Components & Challenges

Net asset value (NAV) is a measure of the market value of a company’s assets, minus its liabilities. It is often used to evaluate the performance of investment funds, such as mutual funds and exchange-traded funds (ETFs), as it provides a way to compare the value of the fund’s underlying assets to the price at… Continue reading How does NAV(Net Asset Value) apply to NFTs?

Finding a crypto accountant can be a daunting task, but it is an important step for anyone involved in the cryptocurrency industry. A crypto accountant is a professional who specializes in the unique accounting and tax implications of cryptocurrency transactions. In this article, we will provide some tips on how to find a crypto accountant… Continue reading How to Find a Crypto Accountant

Discover 10 essential tax deductions for car dealerships. Learn how to reduce tax liabilities and optimize the financial health of your business.

What is DeFi? If you’ve heard the words “DeFi” floating around, you may wonder what it is and how it relates to cryptocurrency. DeFi stands for decentralized finance, a type of financial service or application that uses blockchain technology and cryptocurrencies to remove third-party intermediaries like banks and other financial institutions from the equation. The… Continue reading How is DeFi taxed?

In the bustling world of small businesses in the United States, where dreams are nurtured and aspirations take flight, a silent financial hero plays a pivotal role in shaping success. Imagine this hero as the bedrock of your company’s financial fortress, quietly accumulating strength over time. This unsung champion is none other than retained earnings—the… Continue reading What is Retained Earnings

If you are into crypto, you must’ve heard about airdrops. It’s a popular promotion tactic used by crypto businesses. But are airdrops taxable? This post explains airdrop taxes and other relevant, essential information. So, whether you’re a crypto enthusiast or a pro, you will find this post helpful. Let’s dig in! What is an Airdrop?… Continue reading Airdrop Taxes 101: Guide to Crypto Airdrop Taxes

In the bustling world of small businesses, entrepreneurs embark on a journey filled with dreams, challenges, and the pursuit of success. As you navigate the intricate landscape of your venture, one indispensable tool that can illuminate the financial path ahead is the Profit and Loss (P&L) statement.  Imagine this document as your business’s financial story,… Continue reading A Business Owner’s Guide to Reading Profit and Loss Statements