benzingahace 10d
Dallas, TEXAS, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Digital Ascension Group, a family office serving digital asset holders, now offers comprehensive crypto tax preparation and filing services through partnerships with CPA firms specializing in cryptocurrency taxation. The service addresses the growing need for accurate crypto tax reporting as IRS enforcement intensifies and new tax forms take effect for the 2025 tax year.Digital Ascension Group has partnered with specialized CPA firms to offer crypto tax services for individuals and businesses.TL;DRDigital Ascension Group has partnered with specialized CPA firms to offer crypto tax services for individuals and businesses. The tax professionals in their network handle everything from simple Bitcoin sales to complex DeFi transaction histories, staking income, NFT sales, and multi-entity structures. They use crypto tax software to import your crypto transactions, calculate your crypto capital gains and losses, and prepare accurate tax returns including Form 8949, Schedule C, and all required tax forms. The IRS has made cryptocurrency tax enforcement a priority, and filing incorrectly creates real risk. Digital Ascension Group connects clients with tax experts who actually understand how crypto is taxed and can defend their work if questioned. Learn more about the service or contact the team to get started.Why Digital Ascension Group Built This Crypto Tax ServiceThe firm launched crypto tax preparation services after seeing the same problem repeatedly among its client base: people with substantial cryptocurrency holdings couldn't find qualified tax professionals to prepare their returns."Most CPAs have never filed a return with DeFi income," said Maximus Avery, CBDO and Principal of Digital Ascension Group. "They don't know how to handle staking rewards, liquidity pool participation, or cost basis tracking across five exchanges. Our clients needed tax experts who specialize in this, not generalists learning on their dime."Digital Ascension Group responded by building relationships with CPA firms that have dedicated practices around cryptocurrency tax compliance. These tax professionals have prepared returns for crypto founders, active traders with thousands of annual transactions, and families holding digital assets across multiple generations.The result is a crypto tax service that handles everything from straightforward Bitcoin capital gains to the most complex cryptocurrency transaction scenarios.The IRS Is Watching: Why Accurate Crypto Tax Filing Matters in 2026The Internal Revenue Service has made digital asset tax enforcement a priority. This isn't speculation. The agency has served John Doe summonses on Coinbase, Kraken, and other major exchanges, obtaining account holder information for hundreds of thousands of taxpayers.Starting with the 2025 tax year, exchanges must file Form 1099-DA (the new digital asset reporting form) with the IRS. This builds on existing Form 1099-B requirements. The IRS receives copies of these forms before you file your taxes. When your tax return doesn't match what exchanges reported, expect a notice.The cryptocurrency tax question on Form 1040 now asks every taxpayer directly: did you receive, sell, exchange, or dispose of any digital asset during the tax year? Checking "no" when the answer is "yes" creates problems. Checking "yes" and filing incorrect amounts creates different problems.Penalties for substantial understatement of tax start at 20% of the underpaid amount. Interest accrues from the original due date. If the IRS determines fraud, penalties increase and criminal referral becomes possible. Nobody expects fraud allegations from sloppy crypto tax reporting, but large discrepancies combined with complex transaction histories can look intentional.Digital Ascension Group's crypto tax services exist to help clients avoid these outcomes by filing accurate crypto tax returns from the start.What Makes Cryptocurrency Tax Preparation So ComplicatedEvery cryptocurrency transaction potentially triggers a tax obligation. Most crypto investors have hundreds of these transactions without realizing it.The IRS Treats Crypto as Property for Tax PurposesCryptocurrency is taxed as property, not currency. This means every sale, trade, or disposal creates a capital gain or capital loss. Trading one crypto for another counts as selling the first and buying the second, even though dollars never entered the picture.The tax rate depends on your holding period. Crypto held more than one year qualifies for long-term capital gains tax rates of 0%, 15%, or 20%. Crypto held one year or less faces short-term capital gains tax at your ordinary income tax rate, which matches your federal tax bracket.Cost Basis Tracking Creates HeadachesIf you bought Bitcoin at $5,000 in 2019, $35,000 in 2021, and $68,000 last year, then sold some, which Bitcoin did you sell? The IRS ...Full story available on Benzinga.com