The Internal Revenue Service (IRS) has recently issued a clear reminder that taxpayers must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return. The question appears at the top of Form 1040 and was also added to additional tax forms for estates and […]
On December 13, 2023, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2023-08, “Accounting for and Disclosure of Crypto Assets.” The amendments in this long-awaited update revise the accounting for crypto assets under U.S. Generally Accepted Accounting Principles (GAAP) to better reflect the economics of crypto assets. Crypto assets, also known as […]