News, standards updates and audit guidance for crypto-accounting teams, covering reporting, compliance and regulatory developments.
White House engagement on the CLARITY Act signals that US digital asset legislation is moving toward a vote, with concrete accounting and compliance implications for firms and CFOs
Third Circuit's Murrin decision binds Tax Court practitioners in DE/NJ/PA: a preparer's fraud alone triggers Section 6501(c)(1)'s unlimited assessment window, exposing innocent clients to decades of back-tax and interest liability
IRS disputes CP53E errors exist while AICPA collects practitioner examples of erroneous notices sent to taxpayers who owed nothing
Section 530A Trump accounts create an 18-year recurring advisory revenue stream that most accountants are overlooking
The IRS has issued new guidance on AI risks under Circular 230, increasing compliance duties for tax practitioners. Crypto accounting software can help firms manage these obligations.
IRS Office of Professional Responsibility clarifies that Circular 230 duties apply in full to AI-assisted tax work, placing compliance and billing obligations squarely on practitioners and firms
The IRS filing season disparity between online and other filers highlights the need for robust crypto accounting software to ensure accurate reporting and reduce audit risk for accounting firms.
The advisory panel's recommendations signal a shift toward technology-driven tax administration, which will impact how accounting firms handle crypto compliance.
DAC8 reporting introduces mandatory disclosure of crypto transactions for EU tax authorities, aligning with global standards like CARF and impacting accounting firms' compliance workflows.
AICPA recommendations signal need for better crypto tax notice management, which crypto accounting software can address.
The court case highlights the importance of accurate tax classification for investment firms, which can be supported by crypto accounting software.
