News, standards updates and audit guidance for crypto-accounting teams, covering reporting, compliance and regulatory developments.
The FBI's action against Huione Group, the largest illicit crypto marketplace ever recorded, signals a new baseline for AML due diligence and stablecoin transaction screening at regulated firms.
SEC and CFTC open a joint consultation on unified portfolio margin rules spanning securities and derivatives, with direct implications for how accounting firms and CFOs track, report, and reconcile cross-product margin positions.
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
UBS and Nethermind's proofs of concept show that embedding compliance at block-production level, not just in smart contracts, could reshape how regulators and banks treat permissionless blockchains under Basel capital rules.
The Coinex sanctions allegations highlight the critical need for robust crypto accounting for accountants to ensure compliance with international sanctions.
The PCAOB's request for comment signals upcoming audit standards for crypto assets, prompting accounting firms to evaluate their crypto accounting software and sub-ledger tools.
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 Supreme Court ruling on IRS time limits for preparer fraud increases compliance risk for crypto accounting firms, making robust crypto accounting software essential for audit trails and accuracy.
AICPA survey indicates firms are prioritizing technology, creating opportunities for crypto accounting for accountants to meet client needs.
OFAC sanctions highlight the need for crypto accounting software with built-in sanctions screening and compliance reporting for accounting firms servicing crypto clients.
The advisory panel's recommendations signal a shift toward technology-driven tax administration, which will impact how accounting firms handle crypto compliance.
FASB's request for comment on hedge accounting guidance for crypto assets held at fair value signals potential changes to crypto US GAAP accounting, with implications for firms applying ASC 350-60.
DAC8 reporting introduces mandatory disclosure of crypto transactions for EU tax authorities, aligning with global standards like CARF and impacting accounting firms' compliance workflows.
Poor IRS phone service highlights the need for accurate crypto accounting software to minimize taxpayer errors and inquiries.
OFAC sanctions on crypto addresses create compliance obligations that crypto accounting software can address through screening and reporting.
IRS staffing changes may increase audit scrutiny on crypto, making robust crypto accounting software essential for compliance.
AICPA recommendations signal need for better crypto tax notice management, which crypto accounting software can address.
The IRS merger of tax practitioner offices signals increased scrutiny, making crypto accounting software essential for compliance.
IRS hiring events after staff cuts signal increased enforcement, making crypto accounting software essential for firms to manage client compliance.
CPA firms can improve profitability by integrating crypto CPA services as a new advisory revenue stream.
The AICPA campaign elevates the CPA brand, indirectly supporting crypto CPAs by reinforcing trust and expertise in emerging areas like digital assets.
What ASU 2023-08 changed, which assets its scope criteria actually reach, and why the assets it excludes are now the harder half of the problem.
SEC's fireside chat signals a shift towards rebuilding trust and improving usability in crypto regulation, impacting how firms use crypto accounting software for compliance.
