KTT Global Advisors

Tax

Corporate Accounting and Tax for ICO Proceeds

Despite the tanking of the crypto market this year and the uncertain regulatory environment in the USA, companies are still looking to token sales, or “initial coin offerings” (ICOs), as a way of raising funds.  One of the key considerations is the taxation of ICO proceeds, and the subsequent accounting.  The Blockchain CFO is here …

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Tax Question: Can I Deduct the Premiums on the Life Insurance Policy I Just Took Out on My Cheatin’ Husband?

Attention-grabbing headline.  Following content not the exact situation I hinted at.So the question is in which situation a company can pay life insurance premiums on behalf of an owner and deduct those premiums for tax purposes. In this case, the owner of a single member LLC has two policies: $7,500 annual premium whole life policy $15,000 …

Tax Question: Can I Deduct the Premiums on the Life Insurance Policy I Just Took Out on My Cheatin’ Husband? Read More »

What is My Tax Basis for Tokens Received from Airdrops or Forks? From Mining?

DISCLAIMER:This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax advice. You should consult your own tax advisor with regard to your particular tax position. ****************************************** One of the truly enjoyable parts about being involved in cryptocurrency is all of the questions …

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SH*T!!! – I Owe a Lot of Taxes from my Crypto Trades in 2017…but I Don’t Have the Cash!

So you bought into crypto in 2017.  What a great move!  Prices took off, your portfolio quadrupled; you were even considering setting up a crypto hedge fund and taking investments from friends and family (please don’t do this).  You even took some of your appreciated ETH and went in on some hot ICOs, which “mooned” …

SH*T!!! – I Owe a Lot of Taxes from my Crypto Trades in 2017…but I Don’t Have the Cash! Read More »

Cryptocurrency Tax Questions…..

I’ve been receiving inquiries recently about the taxation of cryptocurrency transactions.  In addition to responding to individual queries, I’ve decided to summarize my opinions on certain issues that have come up. DISCLAIMER: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax …

Cryptocurrency Tax Questions….. Read More »