Coinbase Is Now Offering 1.25% Interest for Holding USD Coin (USDC), What Is Coinbase’s Incentive for Doing This?

October 3, 2019  /  by Zachary Mashiach
Coinbase, the most popular retail cryptocurrency exchange in the United States, is offering customers 1.25% interest per year for simply holding USD Coin (USDC) in their accounts. Essentially, this is similar to banks that offer users an interest rate for holding money in a savings account. Banks generally loan and invest money held in savings… Read more

Binance Launches a Dedicated Staking Platform for Eight Cryptocurrencies

October 2, 2019  /  by Crypto.IQ
Top crypto exchange Binance has announced the launch of a staking platform that will allow users to earn monthly rewards just for depositing and holding funds. According to the official announcement, this new platform is going to be available as a value-added service, giving users a chance to earn “staking rewards without the need to… Read more

Pi — The First to Introduce Cryptocurrency Mining on Mobile

September 25, 2019  /  by Crypto.IQ
There are many concepts worth keeping an eye on in the cryptocurrency world. One of them is the mobile cryptocurrency mining concept, first introduced by Pi. Users of the Pi Network, a new mobile application developed by a team of Stanford graduates, can earn the Pi cryptocurrency on their mobile phones. In the early days… Read more

Celsius Network Introduces Weekly Compound Interest For CEL Token Holders

September 5, 2019  /  by Crypto.IQ
On Thursday, Celsius Network announced that it would be offering CEL token holders compound interest. The crypto lending and borrowing platform indicated that CEL token holders would earn interest at 3% rate per year. The announcement indicated that US customers would get automatic enrolment into the weekly compounding interest program. Non-US Celsius users will have… Read more

Spending Cryptocurrency Can Be a Huge Tax Trap, Learn How

August 29, 2019  /  by Patrick Camuso
With an exponential gain in value and thousands of businesses now accepting it as a form of payment, Bitcoin has quickly become one of the trending topics throughout the country. While there are various types of cryptocurrency out there, Bitcoin is currently the most popular form of digital currency (also known as virtual or cryptocurrency)… Read more

Form 1099-K: What Cryptocurrency Investors Need to Know in 2019

August 16, 2019  /  by Patrick Camuso
The IRS has demonstrated it intends to enforce existing 1099 reporting rules on cryptocurrency exchanges, but it has not followed up by providing clarity regarding those rules. For instance, trading platforms might have to send 1099-B forms to users who exchange one type of coin for another, but they’re not explicitly required to send the… Read more

The Five Lesson From Our “Proof of Stake “ Conference Call

August 5, 2019  /  by Lou Kerner
On June 18th, we held a conference call with five thought leaders (see invite below) on Proof of Stake (PoS) to discuss the advantages of PoS over Proof of Work (PoW), as well as the different flavors of PoS that are emerging. You can watch the entire one hour call below: Or you can read… Read more

Tax Planning For Cryptocurrency Miners

August 2, 2019  /  by Patrick Camuso
Miners are a critical part of the cryptocurrency ecosystem. New coins and bitcoin forks are being developed every day with the goal of making mining easier for both existing mining pools and new market participants. But now that an increasing number of individuals and businesses are receiving mining income, tax compliance and tax planning become… Read more

What to Do If You Have Not Reported Your Crypto Trades on Last Year’s Tax Return

July 30, 2019  /  by Patrick Camuso
According to the personal financial service Credit Karma, only about 0.04 percent (or 100 citizens out of 250,000) of United States citizens reported their cryptocurrency transactions to the IRS as of February 13. Back in March of 2014, the IRS began providing some guidance for the taxation of Bitcoin, one of the most popular and… Read more

Accounting Industry Rushing Into Cryptocurrency

July 23, 2019  /  by Patrick Camuso
CPAs are late to the game but also rushing into the cryptocurrency space. As an industry leader in crypto tax services I have been able to observe how this niche sector is developing. It is not out of the ordinary for me to get targeted with ads from various franchise organizations to “double my accounting… Read more