DIGITAL ASSETS

These concepts align well with the spirit of our firm's foundation, and led us not only to explore, but embrace the potential for digital asset utility and virtual development. 

 

The use of digital assets is expanding now, like it hasn't quite yet.  Traditionally viewed as too risky to navigate for many businesses, increased opportunities and changing perspectives are now encouraging business owners to also explore and embrace these technology and connectivity advancements.  Whether through digital currencies like Bitcoin being used to buy and sell inventory or pay for services, to businesses and individuals holding or creating digital collectibles or investment property in a metaverse, LEACIF can offer practical and innovative advice and support for your objectives.

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Income tax compliance and financial reporting issues are at the forefront when assisting our clients with digital asset transactions, however our service approach goes well beyond these concepts alone.  We understand and appreciate the complexities and opportunities that surround incorporating digital property creation or use into a business's strategy.  For some, this may mean a new concept to slowly explore now or in the future, and for others it may mean well defined goals of expense control, endeavoring into new economies, or a long-term investment into the intangible.

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While the subject matter is quickly changing and still emerging from early creation, our drive and curiosity has kept us exploring and diving further into these digital capabilities and concepts. True to our nature, we proceed with caution, conservatism, and a focus on enterprise risk management principles, coupled with an innovative spirit and appreciation of decentralization, individual experience, and virtual interaction.  In many ways, we recognize that the underlying nature of full scope connectivity is the core driver, and though it already exists in fragmented form, the ultimate possibility of entirely connected and open environments will continue to drive possibilities for digital development forward.  

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Some of the matters we can assist with include:

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• Accounting and tax compliance for digital asset transactions, including ordinary income property, collectibles, investments, and mining activities;

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• Defining objectives, strategic planning, and enterprise risk management for the use of digital assets, including currencies, investment property, and self-created property;

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• Cybersecurity risk management program considerations;

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• Digital asset policy development, including tax and financial accounting policies, and management, investor, and board related policies;

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• Digital property management transactions, including rental and staking income;

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• Concept and idea exploration, advisory, and compliance, including Web 3.0 and metaverse expansion, digital collectibles and membership tokens, and initial coin offerings;

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• Discussion and analysis for businesses new to or just considering digital asset use.

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