The Crypto Bullseye Blog™

yellow and blue crypto bullseye icon

Don't miss out on the crypto intel you need!

Weekly blog from crypto OG TheBitcoinCPA

UK Crypto Gambling crypto regulations crypto risk crypto tax Jun 02, 2023

UK makes crypto tax-free by calling it gambling

The UK wants to be a global blockchain hub but then stated crypto has no value and should be regulated like gambling which makes it tax free. That's insane. This stance is full of hypocrisy and contradictions.

The UK Treasury issued a report in May...

Continue Reading...
Pig Butchering Crypto Scams crypto fraud crypto investing crypto scams May 26, 2023

Don't morph into a crypto PIG

By now you've probably heard about pig butchering crypto scams, which are a subset of crypto scamming. I've studied frauds for the last 12 years and I'm especially intrigued by the anatomy of crypto scams and the psychology of the victims.

I'm also a Certified Fraud...

Continue Reading...
The Crypto Tax Blueprint™ crypto tax May 22, 2023

How to Avoid Expensive Crypto Tax Mistakes & Audit-Proof Your Tax Return

My new crypto book

I just published my second crypto book project, The Crypto Tax Blueprint™: How to Avoid Expensive Crypto Tax Mistakes & Audit-Proof Your Tax Return, which took about 2 years to...

Continue Reading...
The 3 Violations of Ledger’s Firmware Fiasco crypto security hardware wallets open source May 19, 2023

How Ledger's new recover service violates the crypto ethos

Ledger’s new “Recover” service may have earned top honors for crypto news of the week. In the eyes of the crypto degens Ledger Recover is a violation of the crypto ethos in 3 major ways.

First, let’s get the skinny...

Continue Reading...
NFTs Are Taxation Shapeshifters crypto tax nfts May 12, 2023

NFTs will be split into pieces for tax purposes

The IRS recently issued Notice 2023-27: Treatment of certain nonfungible tokens as collectibles. This is the beginning of IRS guidance on NFT Tax. The best part is they are looking for public comments and I was impressed with the questions they...

Continue Reading...
Orphaned Crypto Losses crypto investing crypto tax May 05, 2023

Some losses are more valuable than others.

We're still fresh off of the original US individual tax deadline. It's still a good time to discuss crypto taxes since crypto tax season essentially never ends. In addition, the AICPA recently issued an IRS comment letter regarding the treatment of...

Continue Reading...
1099-DA Reporting = Monster Crypto Tax Headaches crypto regulations crypto tax Apr 28, 2023

You get an impossible task with more work

This week I already did the heavy lifting via my Coindesk Opinion piece. I'll also give you some other stuff below so read that first then click on the article link. Please read here 1099-DA Reporting Creates More Headaches for Taxpayers

MONSTER...

Continue Reading...
Missing Transactions = Higher Crypto Tax crypto assets crypto tax Apr 21, 2023

Getting your data before you can't

The Missing Transactions Dilemma is one of the most expensive crypto tax mistakes in the game. Most people don't realize it until they are deep in the realization of it.

In crypto there are two kinds of assets:

  1. Crypto assets (the obvious one)
  2. The data about the...
Continue Reading...
How to Choose a Crypto Tax Professional (Part II) crypto tax Apr 07, 2023

The nitty gritty of choosing a crypto tax pro

In Part I we examined the legacy approach and the anatomy of tax return preparation to segue into being better prepared for choosing a crypto tax professional. See Part I. Let’s dive into Part II.

List illusion

Crypto tax software is a must to...

Continue Reading...
How to Choose a Crypto Tax Professional (Part I) crypto tax Apr 07, 2023

The anatomy of tax return prep and where to start: The legacy tax approach

Let's examine the anatomy of tax preparation which is helpful when going through the process of choosing a crypto tax professional. Pre-crypto taxpayers either self-prepared tax returns or hired a professional. It's...

Continue Reading...
5 Ways Non-Fungible Tokens (NFTs) are Taxed crypto tax nfts Mar 20, 2021

Understanding the meaning of NFTs

Non-fungible tokens better known as NFTs are the hottest thing in crypto. 2021 may go down as the “Year of NFTs”. You may be wondering how are NFTs taxed?

Let’s start with the NFT meaning. Then we’ll discuss the taxability.

Fungibility

...

Continue Reading...
2020 FINAL IRS Virtual Currency Transaction LIST crypto tax Feb 19, 2021

Everybody's favorite crypto tax question

The IRS issued the final instructions for answering everybody's favorite tax question:

"At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"

  • Is it good news or bad news?
  • Are...
Continue Reading...