Stanfield + O’Dell takes pride in being a leader in the rapidly changing financial and technological environment of digital currency, also known as cryptocurrency, or virtual currency.  We have been providing cryptocurrency tax and consulting services to our clients since 2010, following Bitcoin’s creation and circulation in 2009.  In a dynamic regulatory environment with increasing guidance and reporting standards, compliance is becoming increasingly more vital.  Our specialized virtual currency team offers robust experience in tax compliance and tax planning related to direct mining, contract mining, staking, reporting losses, capital gain treatment, and charitable donations of virtual currencies.  Our team understands reporting of complex transactions, such as hard forks, soft forks, airdrops, lost key reporting, exchange hacks, dead coins, coinopsy, and freezes.

Virtual currencies are quickly becoming a main stream form of trade and emerging asset class. We offer consulting to help guide our clients on how to record those transactions for their financials records and how to report those transactions to remain in compliance with the IRS. Many donors are now contributing virtual currencies to not for profits, and we can help both the donor and the recipient in recording and reporting those transactions.  Our team’s understanding of the crypto market makes tax planning, strategy, and implementation a seamless endeavor.

In addition to income tax reporting compliance, our team also has experience with recording and maintaining virtual currency investments in accordance for GAAP.  We provide audit and advisory services to companies maintaining cryptocurrency assets.  Our team is experienced in the topics of ownership, quality control, and valuation for digital assets.