wes (@chefwescrypto) 's Twitter Profile
wes

@chefwescrypto

Digital Nomad bridging blockchain & balance sheets. Director at the @The_NetworkFirm & @LedgerLensTM Making crypto taxes & accounting simple for the defi era

ID: 1239042228363726848

linkhttps://linktr.ee/chefwescrypto calendar_today15-03-2020 04:14:32

393 Tweet

748 Followers

421 Following

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Crypto Tax Tip of the Day ⬇️ Extending your tax return ≠ extending your tax payment. If you’re filing an extension this year, you still need to estimate what you owe by April 15th. Late payments = penalties + interest. Even if you push your paperwork to October. Run your

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Crypto Tax Tip of the Day ⬇️ Bridging your crypto ≠ selling your crypto. However, the IRS might treat bridge transactions as taxable Potential IRS Argument: Different chains = different assets But here’s some insight: You didn’t sell. You didn’t cash out. You just moved

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You’re missing important information. “You must file” is incorrect. You can file for an extension and make an estimated payment. This is recommended with the amount of policies up for change with the crypto task force and current admin. This pushes the actual filing to

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Crypto Tax Tip of the Day Don’t worry — the IRS will totally track all your wallets, DEXs, bridges, and airdrops for you. They’ll even file for you. All gains optimized. All losses harvested. All gas fees deducted. April Fools 👉👈 You’re on your own. Track it now — or pay

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Crypto Tax Tip of the Day With Bitcoin hovering around $87K amid market volatility, remember: every trade can have tax implications.​ Whether you're capitalizing on price swings or holding, ensure you're tracking:​ - Entry and exit points - Holding periods - Transaction fees

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Crypto Tax Tip of the Day If you're down bad on a token but still holding, you can't claim the loss yet. Unrealized losses are just that If you're not ready to sell, start building your cost basis now by converting that token to stables, and converting it back to realize the

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Crypto Tax Tip of the Day Staking rewards 🥩 Taxable or not? Yes they are taxable (sigh)… but when? Scenario 1: If rewards are accruing but locked (no access) - No income is recognized yet - Taxable event happens when unlocked and have control Scenario 2: If rewards are

Crypto Tax Tip of the Day

Staking rewards 🥩

Taxable or not? 

Yes they are taxable (sigh)… but when?

Scenario 1: If rewards are accruing but locked (no access)

- No income is recognized yet

- Taxable event happens when unlocked and have control

Scenario 2: If rewards are
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Let me help explain MartyParty TLDR: Trump’s Executive Order 14192 is triggering a full SEC review of how digital assets are classified. All staff guidance on “investment contracts” and crypto as securities is now under the microscope. Major reclassification potential

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Less than 24 hours to go until what’s set to be an epic AMA session with Nick Waytula & wes ⏰ Don’t miss out - set your reminders now! 🔔 x.com/i/spaces/1OdKr…

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Crypto Tax Tip of the Day Moving crypto between wallets you own is NOT taxable However, if the IRS sees a send and no context, they might assume it's a sale Be sure to label all internal transfers while you reconcile your activity. Often times transferring funds between

Crypto Tax Tip of the Day

Moving crypto between wallets you own is NOT taxable

However, if the IRS sees a send and no context, they might assume it's a sale

Be sure to label all internal transfers while you reconcile your activity. 

Often times transferring funds between
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𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴 𝗙𝗿𝗲𝗲 𝗳𝗿𝗼𝗺 𝗦𝗽𝗿𝗲𝗮𝗱𝘀𝗵𝗲𝗲𝘁𝘀: 𝗛𝗼𝘄 𝗪𝗲 𝗦𝗰𝗮𝗹𝗲𝗱 𝗖𝗿𝘆𝗽𝘁𝗼 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 Fathom At The Network Firm, we help crypto startups, DAOs, foundations, and funds scale their accounting with clarity and speed. By implementing

𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴 𝗙𝗿𝗲𝗲 𝗳𝗿𝗼𝗺 𝗦𝗽𝗿𝗲𝗮𝗱𝘀𝗵𝗲𝗲𝘁𝘀: 𝗛𝗼𝘄 𝗪𝗲 𝗦𝗰𝗮𝗹𝗲𝗱 𝗖𝗿𝘆𝗽𝘁𝗼 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 Fathom

At The Network Firm, we help crypto startups, DAOs, foundations, and funds scale their accounting with clarity and speed.

By implementing
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Crypto Tax Tip of the Day In the USA, filing an extension only gives you more time to file. Not more time to pay. April 15 is still the payment deadline! Even if you extend to October 15. Estimate. Pay. Then breathe.

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Most common chart crimes in crypto & finance: Slicing off context Making tiny moves look massive Double y-axes with bad vibes 3D charts (this ain’t Excel 2004) Weird pie chart energy Timeline trickery Ratio distortion Clutter over clarity Hiding uncertainty Dressing

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X partners with Polymarket to redefine news with prediction markets A game changer for transparency Wonder if we’ll see integration on X platform soon 👀

X partners with Polymarket to redefine news with prediction markets

A game changer for transparency

Wonder if we’ll see integration on <a href="/X/">X</a> platform soon 👀
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Today, we’re introducing third-party Proof of Reserves transparency for the Bitwise Bitcoin ETF $BITB and the Bitwise Ethereum ETF $ETHW, provided by The Network Firm, a U.S.-based certified public accounting firm. Live now, you can check daily balance updates on each fund’s