Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, despite not being recognized by GAAP.

How much you paid for your cryptocurrency (the cost basis) has a major impact on the taxes you pay when you eventually sell them. Understanding how Specific ID, First in, first out (FIFO) & Highest in ...

FIFO, HIFO and Spec ID (among others) are key methods to calculate crypto tax liability. The choice of method affects your taxable gains and overall liability. Record-keeping is crucial for compliance ...

What is cost basis in crypto? In the context of cryptocurrencies, “cost basis” refers to the initial outlay paid for digital assets. It is an important consideration when calculating capital gains or ...

The United States Internal Revenue Service (IRS) has issued a temporary relief for a rule that would have defaulted crypto ...

Finance Minister Nirmala Sitharaman, during her Budget speech in Parliament on Tuesday, announced a scheme for taxation of virtual digital assets, such as cryptocurrencies and non-fungible tokens ...