{
  "version": 3,
  "sources": ["ssg:https://framerusercontent.com/modules/zg2IkRMRj4qpptJ83wMO/VuYIMIQHlpxfNhh3hQol/HKslO7_ko-11.js"],
  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as a}from\"framer\";import{motion as n}from\"framer-motion\";import*as r from\"react\";export const richText=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Reconciliation is a critical process for every organization. This comes with a valid reason, as it ensures their corporate tax return is filed accurately \u2013 so both tax officials and internal stakeholders are satisfied.\"}),/*#__PURE__*/e(\"p\",{children:\"Though, as expected, tax reconciliation is applied differently in crypto. Compared to traditional finance, Web3 organizations rely on multiple complex data sources versus only a few.\"}),/*#__PURE__*/e(\"p\",{children:\"With regulatory complexities and high volume of digital asset transactions, this can cause discrepancies in any crypto organization's tax returns.\"}),/*#__PURE__*/e(\"p\",{children:\"To manage this, we\u2019ll explore crypto tax reconciliation further through understanding:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"What is tax reconciliation and how it differs in crypto\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Why organizations reconcile crypto transactions for tax purposes\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Its internal process of reconciling tax transactions\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"How to reconcile taxable income as a Web3 organization\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"When you should consider reconciliation support for your crypto taxes\"})})]}),/*#__PURE__*/e(\"h2\",{children:\"What is Reconciliation in TradFi?\"}),/*#__PURE__*/e(\"p\",{children:\"Accountants already understand what tax reconciliation is and how it applies in the TradFi world. However, as this becomes more complicated in crypto, it's essential to review its principles.\"}),/*#__PURE__*/e(\"p\",{children:\"In finance, reconciliation refers to the process of ensuring that one account's balance matches another. Here, we differentiate multiple types, with the two most common categories including:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Bank reconciliation: You compare your organization's accounts to your financial institution's monthly statements to discover missing transactions or other issues and then resolve them.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Vendor reconciliation: You reconcile your organization's accounts with its vendors' statements to check whether the sum you paid for a vendor's service matches the amount they received. This prevents potential conflicts between your organization and its partners.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Besides the above, other reconciliation types include:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Business-specific reconciliation: Ensure internal records' accuracy at the start and the end of your organization's financial cycle.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Intercompany reconciliation: Spot and correct accounting errors by unifying the accounts of a parent company and its subsidiaries.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Customer reconciliation: Reveal anomalies, errors, or mistakes in the accounting of an organization's clients.\"})})]}),/*#__PURE__*/e(\"h2\",{children:\"What Is Tax Reconciliation and How Does it Differ in Crypto?\"}),/*#__PURE__*/e(\"p\",{children:\"Tax reconciliation (also called book-to-tax reconciliation) is when you reconcile your organization's net income on the books to the income reported on the annual tax return.\"}),/*#__PURE__*/e(\"p\",{children:\"In traditional finance, reconciling tax is not overly complex with access to your organization's bank account. By generating a monthly report, you now have a single source to ensure that the claims you make on your return are valid.\"}),/*#__PURE__*/e(\"p\",{children:\"In the cryptocurrency industry, however, the reconciliation process is more difficult than in TradFi. The reason is simple: financial institutions are not integrated into blockchain networks\u2019 infrastructure. This means you can't reconcile crypto transactions for tax purposes against monthly institutional statements.\"}),/*#__PURE__*/e(\"p\",{children:\"Instead, you have to rely on a variety of other resources, including:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Block explorers: Block explorers are the services that provide insight into all the records, transactions, balances, and other publicly-recorded data in blockchain networks.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Exchanges: Apart from deposits and withdrawals, centralized exchanges (CEXs) like Binance, Coinbase, and Kraken execute mostly off-chain transactions on their platforms. As these records are stored outside blockchain networks, you have to use CEXs as separate sources for crypto tax reconciliation.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Centralized Finance (CeFi) providers: From centralized lending services and launchpads to custodial staking platforms, CeFi solutions settle off-chain transactions in their ecosystems. Like CEXs, this makes their records inaccessible via block explorers.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"The problem comes when one or more sources become unreliable.\"}),/*#__PURE__*/e(\"p\",{children:\"For example, your organization uses a CEX to trade USDC for BTC but later shuts down its services. However, no service can guarantee 100% uptime, especially after bankruptcy or a security hack.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So when a centralized service shuts down, organizations are unable to access their account data. Unless regular screenshots of your activity were taken, a defunct crypto platform can make tax reconciliation a nightmare for your finance team.\"}),/*#__PURE__*/e(\"p\",{children:\"On the other hand, block explorers are considered more reliable in crypto as they pull data directly from blockchain networks. And it's a correct assumption in the case of an established blockchain like Ethereum, where everything is available reliably on Etherscan. But this can change when trying to access records on newer or less popular chains that haven't yet established a robust infrastructure for block explorers.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Integral\"})}),\" ensures data accuracy by reading data directly from blockchains using a combination of RPC APIs from leading node providers\"]}),/*#__PURE__*/e(\"h2\",{children:\"Why is Tax Reconciliation Important for Web3 Organizations?\"}),/*#__PURE__*/e(\"p\",{children:\"Reconciliation is crucial for getting a clear picture of your finances.\"}),/*#__PURE__*/e(\"p\",{children:\"It allows you to forecast accurately and assess the financial health of your Web3 organization or DAO; encouraging action when necessary.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to taxes, crypto reconciliation ensures that the records on your books match the ones on third-party sources like block explorers. This way, you can confirm that your organization's tax returns include only accurate data.\"}),/*#__PURE__*/t(\"p\",{children:[\"Failure to achieve this could result in costly penalties. For example, the fine\",/*#__PURE__*/e(a,{href:\"https://www.gov.uk/guidance/penalties-an-overview-for-agents-and-advisers\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" can be as much as 100%\"})}),\" of the extra tax due in the UK, depending on the reasons for the errors. Deliberate and concealed cases involve the largest penalties.\"]}),/*#__PURE__*/t(\"p\",{children:[\"At the same time, an accuracy-related penalty is\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/payments/accuracy-related-penalty\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" 20% in the US\"})}),\", with the IRS charging interest on fines imposed on tax reporting errors.\"]}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s assume you\u2019re a web3 accountant of an NFT project that launched its collection on OpenSea last year.\"}),/*#__PURE__*/t(\"p\",{children:[\"According to your internal books maintained in spreadsheets. The organization generated $100,000 in primary sales and $5,000 in secondary sales through \",/*#__PURE__*/e(a,{href:\"https://integral.xyz/blog/nft-royalties\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"NFT royalties\"})}),\". Throughout the year, you bought 2 BTC for $60,000 in total, from which you sold 1 BTC for $30,000.\"]}),/*#__PURE__*/e(\"p\",{children:\"To reconcile your crypto transactions for tax purposes, you need to source and calculate the following:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Inbound/outbound txns of all your wallets and CeFi or CEX accounts\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Realized gains/losses\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Unrealized gains/losses\"})})]}),/*#__PURE__*/e(\"p\",{children:\"We will use this newly-sourced data to create an income statement for your NFT project.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Note:\"}),\" The figures cited below are for educational purposes only.\"]}),/*#__PURE__*/e(\"h3\",{children:\"1. Reconcile Against Your Treasury\"}),/*#__PURE__*/e(\"p\",{children:\"Suppose all your crypto activity concentrates on one non-custodial wallet and an exchange account. The former is your NFT treasury, and you utilize the latter for trades between crypto and fiat currencies.\"}),/*#__PURE__*/e(\"p\",{children:\"Based on public blockchain data accessible via Etherscan, your NFT treasury's ins and outs look like this:\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"2876\",src:\"https://framerusercontent.com/images/NxkEFfEhT9CqjGZzaqQO9jT5as.png\",srcSet:\"https://framerusercontent.com/images/NxkEFfEhT9CqjGZzaqQO9jT5as.png?scale-down-to=1024 713w,https://framerusercontent.com/images/NxkEFfEhT9CqjGZzaqQO9jT5as.png?scale-down-to=2048 1426w,https://framerusercontent.com/images/NxkEFfEhT9CqjGZzaqQO9jT5as.png?scale-down-to=4096 2853w,https://framerusercontent.com/images/NxkEFfEhT9CqjGZzaqQO9jT5as.png 4008w\",style:{aspectRatio:\"4008 / 5753\"},width:\"2004\"}),/*#__PURE__*/e(\"p\",{children:\"To simplify, ETH gas fees are subtracted from your organization's USDC balance in the above table.\"}),/*#__PURE__*/e(\"p\",{children:\"We can use the above NFT treasury data to now create your organization's income statement:\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"596\",src:\"https://framerusercontent.com/images/SomtByUN5PuA8qZJaefzj5gMs.png\",srcSet:\"https://framerusercontent.com/images/SomtByUN5PuA8qZJaefzj5gMs.png?scale-down-to=512 512w,https://framerusercontent.com/images/SomtByUN5PuA8qZJaefzj5gMs.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/SomtByUN5PuA8qZJaefzj5gMs.png?scale-down-to=2048 2048w,https://framerusercontent.com/images/SomtByUN5PuA8qZJaefzj5gMs.png 2688w\",style:{aspectRatio:\"2688 / 1192\"},width:\"1344\"}),/*#__PURE__*/e(\"p\",{children:\"As you can see, our example is very simple and only includes the P&L of the data we could gather on-chain.\"}),/*#__PURE__*/e(\"p\",{children:\"It is important to note that individuals cannot use gas fees to offset personal income. However, businesses can deduct any expenses related to operating their business. Given this reconciliation is for a company, all expenses related to transacting in cryptocurrency are deductible for tax purposes.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"For that reason, it's important to analyze if you've included deductible expenses regarding both your business income and investment activities when reconciling crypto transactions.\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Reconcile Against CEX Accounts\"}),/*#__PURE__*/e(\"p\",{children:\"Now, let's explore the records of exchange activity where you purchased and sold BTC to calculate realized and unrealized gains/losses:\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"1304\",src:\"https://framerusercontent.com/images/S15HEqyPXA7Coi6MLJgqBtegKw.png\",srcSet:\"https://framerusercontent.com/images/S15HEqyPXA7Coi6MLJgqBtegKw.png?scale-down-to=512 512w,https://framerusercontent.com/images/S15HEqyPXA7Coi6MLJgqBtegKw.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/S15HEqyPXA7Coi6MLJgqBtegKw.png?scale-down-to=2048 2048w,https://framerusercontent.com/images/S15HEqyPXA7Coi6MLJgqBtegKw.png 3296w\",style:{aspectRatio:\"3296 / 2608\"},width:\"1648\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Note:\"}),\" Under most accounting standards the FIFO (First In, First Out) method should apply to valuing gain/(loss) on asset sales.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"The cost basis of the first BTC you bought is $20,050 ($20,000 + $20 + $30), and it is $40,070 ($40,000 + $40 + $30) for the second.\"}),/*#__PURE__*/e(\"p\",{children:\"If you sell the last BTC you purchased with the Last In, First Out (LIFO) cost basis method, your:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Realized loss becomes $10,070 ($30,000 - $40,070)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Unrealized gains equal $10,000 ($30,000 - $20,000)\"})})]}),/*#__PURE__*/e(\"p\",{children:\"On the other hand, choosing the First In, Last Out (FIFO) method to sell the first BTC your organization acquired will result in:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"$9,950 ($30,000 - $20,050) realized gains\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"$10,000 ($30,000 - $40,000) unrealized losses\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Because most companies are maintaining their crypto records, this is an area of the reconciliation that provides the most challenge. Assets need to be allocated into tax lots to ensure appropriate gains and losses are calculated, unrealized gains/(losses) understood and revaluations provided. This applies to both CEX accounts and self-custody assets.\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Make Changes When Necessary\"}),/*#__PURE__*/e(\"p\",{children:\"After reconciling, both the items and balances in your books should match the ones in your on-chain treasury and CEX accounts.\"}),/*#__PURE__*/e(\"p\",{children:\"If that's not the case, then review the process again to make the necessary corrections. It's important to keep the following in mind to avoid errors:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Include only deductible expenses related to your business' income and computed gains/(losses)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Always add dates, crypto and fiat values, fees, and categories for transactions\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Use digital asset prices at the time of each transaction to calculate the fiat value of each item in your books\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Ensure you are comparing using appropriate data cut off dates; with high velocity of transactions, hourly cut off\u2019s when doing a reconciliation can make a big difference\"})})]}),/*#__PURE__*/e(\"p\",{children:\"In the end, the records on your books will match the ones on block explorers and exchange accounts. After that, you\u2019ll be ready to file your corporate tax returns.\"}),/*#__PURE__*/t(\"p\",{children:[\"In the US, you can report your business income via\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/forms-pubs/about-form-1120\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Form 1120\"})}),\",\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/forms-pubs/about-form-1120-s\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Form 1120-S\"})}),\", or\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/forms-pubs/about-form-1065\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Form 1065\"})}),\" and capital gains/losses via\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/forms-pubs/about-form-8949\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Form 8949\"})}),\" and\",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/forms-pubs/about-schedule-d-form-1040\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Form 1040 Schedule D\"})}),\". UK-based crypto enterprises can declare both their revenue and CGT (the latter is also treated as corporation tax)\",/*#__PURE__*/e(a,{href:\"https://www.tax.service.gov.uk/gg/sign-in?continue=/cato/&origin=CATO-frontend\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" online\"})}),\" or by filling out the\",/*#__PURE__*/e(a,{href:\"https://www.gov.uk/government/publications/corporation-tax-company-tax-return-ct600-2015-version-3\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" CT600\"})}),\" form.\"]}),/*#__PURE__*/t(\"p\",{children:[\"To learn more specifically about non-fungible token taxation, we highly recommend reading our \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/blog/nft-taxes\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"NFT taxes\"})}),\" guide.\"]}),/*#__PURE__*/e(\"h2\",{children:\"When to Consider Crypto Tax Reconciliation Support?\"}),/*#__PURE__*/e(\"p\",{children:\"Tax reconciliation is a significantly more complex process in crypto than in traditional finance. Besides relying on multiple sources, Web3 organizations must manage these large volumes of data constantly.\"}),/*#__PURE__*/e(\"p\",{children:\"While smaller organizations might handle this process on their own, manual reconciliation can quickly become unmanageable at scale. This makes reconciliation tedious and even prone to human error.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Integral\"})}),\" removes this complexity with a reconciliation process that moves as quickly as your digital assets. World-class web3 organizations can maintain control at scale and save valuable resources with:\\xa0\"]}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Automated workflows and blazing-fast month-ends\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Automatic capital gains/losses calculation\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",style:{\"--framer-font-size\":\"12px\",\"--framer-text-color\":\"rgb(51, 51, 51)\",\"--framer-text-decoration\":\"none\"},children:/*#__PURE__*/e(\"p\",{children:\"Real-time treasury visibility and management with minute-by-minute pricing\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"Let Integral simplify your crypto tax reconciliation so you can focus on growing your operations. \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/book-a-demo\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Book a demo\"})}),\" with our team and we\u2019ll show you how quickly it can be done.\"]})]});export const richText1=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"We\u2019re thrilled to announce that DeQuest and Integral have recently partnered together. This stems from our shared mission to support Web3 communities and accelerate its adoption.\"}),/*#__PURE__*/e(\"p\",{children:\"Our partnership\u2019s goal focuses on providing exclusive access, discounts and perks to GameFi organizations. In doing so, we aim to arm these organizations with the necessary tools for success.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://beta.dequest.io/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"DeQuest\"})}),\" is a reputation-focused gaming platform that provides seamless onboarding and engagement for Web3 games. They leverage community, gamification, and mutually beneficial partnerships combined together into a Web3 platform that teaches, empowers, and rewards forward-thinking users.\"]}),/*#__PURE__*/e(\"p\",{children:\"GameFi organizations can increase in-game engagement and education with DeQuest by:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Completing exciting quests in Journeys and Realms so players can level up their skill trees\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Enabling users to discover new web3 games and metaverses across different blockchains\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Offering rewards for completing quests while boosting on-chain player reputation\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"And ultimately earning Soulbound Tokens (SBTs) that showcase authenticated achievements and activities\"})})]}),/*#__PURE__*/e(\"p\",{children:\"DeQuest works with world-class Web3 games like Illuvium and Gods Unchained.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"This partnership will allow us to combine our strengths and resources, creating a synergistic relationship that fosters innovation, growth and progress in GameFi. Excited to be working with Integral to build the future of web3 gaming!\"'})})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Mujtaba Arbi \\xb7 DeQuest Chief Strategy Officer\"})})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(a,{href:\"https://integral.xyz/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Integral\"})}),\" empowers Web3 gaming organizations to take charge of their digital assets with enterprise-grade crypto accounting that puts them in control. We\u2019re a Web3 CFO\u2019s most powerful tool with crypto bookkeeping, treasury management, compliant-friendly reporting and more.\"]}),/*#__PURE__*/e(\"p\",{children:\"GameFi organizations can ensure NFT accounting efficiency, transparency and compliance with Integral by:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Ditching the spreadsheets and save hundreds of engineering and accounting hours annually\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Closing month-ends 4x faster with intuitive rules for revenue categorization across NFT collections, NFT marketplaces, and NFT tokens\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Automating recognition of primary sales (mints) and secondary sales (royalties) income\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Seeing a real-time dashboard to track their NFT assets, value, and cost basis\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Building compliance with tax lots, flexible reporting and a robust exporter\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Integral works with world-class NFT organizations like RTFKT and Degenerate Ape Academy.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"After speaking with DeQuest\u2019s team, it was obvious we had strong alignment on our organizations\u2019 core missions. We\u2019re thrilled to be partners with them and are eager to serve our communities from it!\"'})})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Liam Grant \\xb7 Integral Head of Growth\"})})}),/*#__PURE__*/e(\"p\",{children:\"We strongly believe that Web3 allies who share common values are what make this community so great. We know our partnership together will not only accelerate Web3 gaming but prove highly beneficial to organizations who desire accelerated GameFi adoption and streamlined financial operations.\"}),/*#__PURE__*/e(\"h3\",{children:\"Let DeQuest and Integral accelerate your growth. \"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(a,{href:\"https://31o64qde25z.typeform.com/to/Yeeas55Q\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Apply here\"})}),\" for exclusive access, perks and discounts in less than a minute! \"]})]});export const richText2=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"NFT royalties have been in crypto's spotlight recently. Marketplaces are battling over allowing secondary market sales to creators (and for how much).\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Some platforms have even taken this opportunity to boost trading activity with zero fees and optional NFT royalties. Conversely, others have continued to honor royalty payouts, ensuring fair compensation to creators.\"}),/*#__PURE__*/e(\"p\",{children:\"But what are NFT royalties in the first place? Let's explore their purpose and mechanics which have been at the center of this conflict.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"What Are NFT Royalties?\"})}),/*#__PURE__*/e(\"p\",{children:\"NFT royalties provide creators a percentage of the sale price each time their digital collectibles are resold on the secondary market. Their purpose is the same as in the music and film industries: to compensate creators for their work and provide a regular revenue stream.\"}),/*#__PURE__*/e(\"p\",{children:\"Deducted from sellers' revenue on the secondary market, NFT royalty percentages can range anywhere between 0% and 10% on most marketplaces. Rarible is considered an outlier, as it allows creators to set a maximum 50% fee for secondary sales of their work.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How Can Creators Benefit From NFT Royalties?\"})}),/*#__PURE__*/e(\"p\",{children:\"Besides offering users complete and verifiable ownership via the blockchain, the purpose behind non-fungible tokens is provide fair compensation to creators. NFT royalties play a critical part in accomplishing this goal.\"}),/*#__PURE__*/e(\"p\",{children:\"As we know, the initial sale of NFT collections provides creators with a one-time payment. However, the royalties from these secondary market transactions allow the creator to generate passive revenue from their work. This opportunity allows creators to benefit from a project's future success as the value of their NFTs increase.\"}),/*#__PURE__*/t(\"p\",{children:[\"For example, BAYC's\",/*#__PURE__*/e(a,{href:\"https://nonfungible.com/market-tracker/boredapeclub/BAYC/7537\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" Bored Ape #7537\"})}),\" was sold initially for $229 (0.08 ETH) in May 2021. Just over a year later, a buyer purchased the same NFT for over $1.22 million. In doing so, Yuga Labs earned approximately $30.5k from their 2.5% royalty in the transaction.\"]}),/*#__PURE__*/e(\"p\",{children:\"This shows not only the power of creator royalties, but also illustrates how creators can earn future income after possibly underpricing its initial sale.\"}),/*#__PURE__*/t(\"p\",{children:[\"In hindsight, royalty payments would have helped past creators like Harvey Ball. Ball\",/*#__PURE__*/e(a,{href:\"https://www.cnbc.com/2019/09/12/the-man-behind-the-smiley-face-symbol-was-paid-45-for-his-design.html\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" received\"})}),\" only $45 for the smiley symbol's original design which later became a global licensing empire\",/*#__PURE__*/e(a,{href:\"https://thehustle.co/who-owns-the-smiley-face/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" worth over $500 million\"})}),\" annually.\"]}),/*#__PURE__*/e(\"p\",{children:\"Therefore, NFT projects can use royalties to attract talented creators by offering them meaningful compensation. At the same time, royalties incentivize high-quality work from these creators (as unique artwork can boost reselling activity and generate more secondary market revenue).\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How Do NFT Royalties Work?\"})}),/*#__PURE__*/e(\"p\",{children:\"Now that we explored what NFT royalties are, and their benefits, it's time to dive deeper into their mechanics. The first step is to understand who participates in the transaction.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Participants of the Transaction\"})}),/*#__PURE__*/e(\"p\",{children:\"The first party is the creator (project) who mints, lists, and sells a non-fungible token to its first owner via a marketplace. It's up to the creator to determine the NFT royalty percentage (or whether to take a cut from secondary sales at all). In most cases, the same rate applies to all items in a collection, but a few marketplaces allow creators to set different royalty fees for individual collectibles.\"}),/*#__PURE__*/e(\"p\",{children:\"The next participant is the seller who lists and sells the original NFT on the secondary market. While the transaction between the NFT\u2019s creator and first owner is not subject to any royalty fees, the creator still takes a cut from all trades occurring after the initial sale.\"}),/*#__PURE__*/e(\"p\",{children:\"Besides the creator and the seller, most royalties have a third participant: marketplaces.\"}),/*#__PURE__*/e(\"p\",{children:\"As it can't be enforced on the blockchain, the marketplace is the party that operates the smart contract. They are responsible for automatically deducting royalties from the seller's revenue and distributing it to the creator. The payout sum is based on the value of the transaction and the NFT royalty percentage.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"The Role of Marketplaces\"})}),/*#__PURE__*/e(\"p\",{children:\"While transactions occur between creators and secondary market sellers, marketplaces play a crucial role as they enforce the policies. And that's why NFT royalties may work differently on various services.\"}),/*#__PURE__*/e(\"p\",{children:\"For example, some marketplaces immediately distribute royalty payouts to creators' wallets while others make periodic payments. Some creators receive protocol fees instead of royalties like on LooksRare. Meanwhile, some marketplace buyers decide whether to compensate creators like on Magic Eden.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"It's also the marketplace's discretion to allow creators to transfer royalty policies across different platforms.\"}),/*#__PURE__*/t(\"p\",{children:[\"For instance, the ongoing battle between OpenSea and Blur\",/*#__PURE__*/e(a,{href:\"https://decrypt.co/121450/blur-advises-nft-creators-to-block-opensea-in-royalties-battle\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" makes it difficult\"})}),\" for creators to sell an NFT via one service and receive payouts from secondary sales on the other.\u200D\"]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"The Battle Over NFT Royalty Fees\"})}),/*#__PURE__*/e(\"p\",{children:\"In the last few months, NFT marketplaces have been waging war against each other.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"The conflict first broke out in August 2022 when Sudoswap\",/*#__PURE__*/e(a,{href:\"https://www.theblock.co/post/163497/an-nft-market-maker-set-0-royalties-sparking-concerns-about-the-future-of-artist-compensation\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" introduced\"})}),\" 0% royalties for its automated market maker (AMM).\"]}),/*#__PURE__*/t(\"p\",{children:[\"As a result of the bold move, it only took a few weeks for the platform's trading volume and TVL to\",/*#__PURE__*/e(a,{href:\"https://blockworks.co/news/sudoswap-erupts-as-nft-traders-capitalize-on-royalty-free-sales\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" increase exponentially\"})}),\". Consequently, more marketplaces have followed suit to implement zero-fee collectibles or optional creator royalties to attract more users. In contrast, other platforms have doubled down on providing fair compensation to NFT creators for their work.\"]}),/*#__PURE__*/e(\"p\",{children:\"Interestingly, this entire battle was possible as creator payouts aren\u2019t enforceable on chain and therefore neither are the associated NFT smart contracts. For that reason, they have to be enforced on the marketplaces themselves.\"}),/*#__PURE__*/e(\"p\",{children:\"This means that platforms like OpenSea, Blur, and Sudoswap have the authority to decide whether to compensate creators for secondary market sales. And that's why some have taken advantage to boost their trading activity with zero or optional NFT royalties.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How Are NFT Royalties Taxed?\"})}),/*#__PURE__*/t(\"p\",{children:[\"Creating an NFT is not a taxable event in itself. However, creators will \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/blog/nft-taxes\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"pay tax\"})}),\" when their collectibles start earning revenue, which includes the initial sale and NFT royalty payouts.\"]}),/*#__PURE__*/e(\"p\",{children:\"A taxable event is created every time a creator receives a royalty payment from secondary market sales. In general, creators have to pay both a regular income tax and a self-employment tax on royalties if they have minted their NFTs as part of their profession or business.\"}),/*#__PURE__*/e(\"p\",{children:\"That said, regulations vary by jurisdiction so it's critical to check your corporate tax laws to ensure compliance.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How to Calculate and Pay Royalties?\"})}),/*#__PURE__*/e(\"p\",{children:\"NFT projects regularly send royalty payouts to their creators, making accuracy essential in revenue categorization and calculation.\"}),/*#__PURE__*/e(\"p\",{children:\"Generally, an NFT's royalties are calculated as a percentage of the sales price. The creator sets this value, with the average NFT royalty fee ranging between 5% and 10%.\"}),/*#__PURE__*/t(\"p\",{children:[\"When it comes to categorizing your royalties at scale,\",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\" \"})}),\"Integral makes it possible with \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/nft-accounting\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"NFT accounting\"})}),\". You can automatically categorize by collection, non-fungible token, and marketplace with intuitive rule creation at 99% classification accuracy.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"With Integral, NFT creators also have real-time visibility into their primary and secondary sales, so they can clearly see their associated payment breakdowns. We plan to introduce creator payouts in the future so you can quickly send those outstanding payments with a single click.\"}),/*#__PURE__*/e(\"p\",{children:\"Integral manages your whole NFT inventory and their associated transactions in one place. With that time saved, NFT creators can uncover strategic opportunities and less time in manually reviewing Etherscan.\"}),/*#__PURE__*/t(\"p\",{children:[\"Looking for control in managing your NFT royalties? \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/book-a-demo\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Book a demo\"})}),\" with us and our team will show you how quickly it can be done.\"]})]});export const richText3=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Despite recent turbulence, NFT markets continue to thrive. In 2022 alone, transaction volumes \",/*#__PURE__*/e(a,{href:\"https://ambcrypto.com/nft-sales-surge-67-57-in-one-year-generate-billions-in-trading-volume-report/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"hit\"})}),\" $24.7B and \",/*#__PURE__*/e(a,{href:\"https://crypto.news/almost-8-7m-wallets-actively-traded-or-minted-nfts-in-2022/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"8.7 million\"})}),\" wallets actively traded or minted digital collectibles. As this market matures, government bodies are seeking more regulation and have declared that NFTs are indeed taxable.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Therefore, Web3 companies need to pay close attention to the intricacies involved with NFT tax filings. For example, even if you don't sell an NFT, you may still owe taxes on it if you received it as payment for goods or services.\"}),/*#__PURE__*/e(\"p\",{children:\"As a Web3 CFO or accountant, it\u2019s critical to stay compliant with these associated NFT tax regulations to ensure timely and accurate data reporting\u2013 which in turn also reduces internal costs.\"}),/*#__PURE__*/e(\"p\",{children:\"After reading this article, you\u2019ll understand how NFTs are taxed, what methods are used to calculate taxes, and how you should approach filing them.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"The main questions we will answer today include:\"})}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Are NFTs taxable?\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Why are NFTs taxed?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"How to calculate NFT taxes?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Which NFT transactions are non-taxable?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"How do you file NFT taxes?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"How can Integral help with your taxes?\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Let\u2019s dive in!\u200D\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Are NFTs taxable?\"})}),/*#__PURE__*/e(\"p\",{children:\"Yes, NFTs are taxable in most jurisdictions because they are best considered capital assets, the same as a company\u2019s inventory.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Even Portugal, a nation often considered a crypto tax haven, changed their rules in 2023 to tax digital assets at 28%. However, the latter rate only applies to short-term capital gains. In Portugal, you don\u2019t have to pay any taxes if you realize profits on the sale of an NFT (or a fungible cryptocurrency) after holding it for 365 days or more.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"In most jurisdictions, the following NFT-related transactions are considered taxable events:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Purchasing an NFT with a cryptocurrency (possibly triggering a taxable event only on the existing currency itself)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Selling an NFT for either fiat or cryptocurrency\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Trading an NFT for another NFT\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Receiving an NFT as part of an airdrop\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Staking an NFT\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Receiving a royalty payout after the secondary market sale of an NFT\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Certain events are non-taxable; we will cover these cases a bit later.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Why are NFTs taxed?\"})}),/*#__PURE__*/e(\"p\",{children:\"NFTs are taxed as they\u2019re considered property and, therefore, a source of tax revenue. Based on the sheer size of the NFT market, government bodies believe it makes sense that some form of taxation should take place, as is the case for regular cryptocurrencies.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"NFTs have associated gains or losses during trades, as well as royalties for creators. This means that NFT minting and trading is a business just like any other, which involves income. The government taxes anything that generates income to fund public services and programs. In a nutshell, that's why NFTs are taxed.\u200D\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Calculating NFT taxes\"})}),/*#__PURE__*/e(\"p\",{children:\"In general, NFT taxes are categorized into two buckets through:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Earning NFT royalties from a collection\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Holding NFTs that experience a price appreciation or depreciation\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Both of the above are therefore taxed differently.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"If you earn NFT royalties\"})}),/*#__PURE__*/e(\"p\",{children:\"NFT royalties refer to the profits generated from a small fee the creator gains every time their NFT is traded on the secondary market. These are recurring transactions and, as such, are treated as income and may also be subject to additional taxes, such as sales tax or value-added tax (VAT). The applicable tax rate, therefore, varies by jurisdiction and depends upon one\u2019s marginal tax rate.\"}),/*#__PURE__*/e(\"p\",{children:\"For example: an artist creates an NFT collection with a 5% royalty rate. In the first month, they receive 10 royalty payouts after the secondary market sales of their assets. Each fee the creator collects would be taxed at their regular income rate.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"If you hold NFTs that appreciate/depreciate in value\"})}),/*#__PURE__*/e(\"p\",{children:\"In contrast, price appreciation or depreciation is considered a capital gain (or loss). If the NFT were held for under a year, it would be considered a short-term capital gain, while holding it for over a year qualifies it as a long-term capital gain. Short-term capital gains are considered income and, therefore, are typically subject to a higher tax rate, whereas long-term capital gains are eligible for a lower tax rate. In some jurisdictions (e.g., Portugal and in the case of individuals in Germany), you don\u2019t have to pay any taxes after long-term capital gains.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Let\u2019s use a few examples:\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"An investor buys and holds an NFT for 6 months and then sells it. Any gain or loss would be reflected on their net income at the end of the year.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Another buyer holds it for a year and then sells it for a gain. This would be subject to a lower tax rate, as it\u2019s considered a long-term capital gain.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"The income rate depends on the country or state (in the case of the US) of residences. In contrast, capital gains are set at the federal level and max out at 20% in the United States.\"}),/*#__PURE__*/t(\"p\",{children:[\"In the past, it wasn\u2019t clear whether the IRS would treat NFTs as property or collectibles. The latter case would involve a much higher (28%) tax rate. However, recent IRS guidance \",/*#__PURE__*/e(a,{href:\"https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"suggests\"})}),\" that the agency is not planning to consider NFTs as collectibles, meaning that the max 20% capital gains rate applies.\"]}),/*#__PURE__*/t(\"p\",{children:[\"As mentioned, NFTs are considered property in most jurisdictions. And as such, normal tax principles and rules apply to them. \",/*#__PURE__*/e(\"strong\",{children:\"\u200D\"})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"strong\",{children:[\"Below are some additional examples:\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"Scenario 1: Realized vs. Unrealized Gains & Losses\"]})}),/*#__PURE__*/e(\"p\",{children:\"Both realized/unrealized gains and losses occur due to the price appreciation or depreciation of an NFT. The main difference is that realized gains and losses occur when someone sells an NFT for a profit or a\\xa0 loss.\"}),/*#__PURE__*/e(\"p\",{children:\"On the other hand, unrealized gains or losses are theoretical gains or losses an investor has while still holding an NFT. In most cases, this means that there's no tax liability on unrealized gains until an NFT is traded (a taxable event).\"}),/*#__PURE__*/e(\"p\",{children:\"As a business, it\u2019s important to have a holistic view of your current realized/unrealized gains in order to make strategic decisions, such as tax-loss harvesting, which we\u2019ll cover next.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"strong\",{children:[/*#__PURE__*/e(\"br\",{}),\"Scenario 2: NFT Tax-Loss Harvesting\"]})}),/*#__PURE__*/e(\"p\",{children:\"Tax-loss harvesting is a strategy through which investors sell NFTs that are valued at a loss, triggering a capital gains loss. This loss can then be used to offset capital gains from other investments, such as profitable NFTs or a real estate gain.\"}),/*#__PURE__*/e(\"p\",{children:\"If an NFT investor was to sell an NFT at a loss of $5,000, this could be applied against their other $10,000 capital gain to reduce their net annual capital gain by $5,000.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/t(\"strong\",{children:[/*#__PURE__*/e(\"br\",{}),\"Scenario 3: NFT burning\"]})}),/*#__PURE__*/e(\"p\",{children:\"While the IRS hasn\u2019t issued any guidance on this yet, you can prevent NFT airdrops with no value from negatively impacting your business\u2019 tax returns in some jurisdictions (the UK is an example). To do that, you have to report zero proceeds for the airdropped NFT and send it to a burn address.\u200D\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Which NFT transactions are non-taxable?\"})}),/*#__PURE__*/e(\"p\",{children:\"While most NFT transactions are taxable, there are a few scenarios in which they may incur no taxes. Based on US GAAP, we have listed five main scenarios in which NFT transactions may be exempt from tax (please note that rules may vary by jurisdiction):\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"NFT Minting\"})}),/*#__PURE__*/e(\"p\",{children:\"Like painting a picture or making a sculpture, minting an NFT is not a taxable event in itself. But this changes as soon as you start earning money (e.g., via sales, trading, royalty payments) with your newly created digital collectible. In some jurisdictions (such as the US), you will also be subject to capital gains taxes if the minting transaction involves gas fees.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Fiat Purchases\"})}),/*#__PURE__*/e(\"p\",{children:\"As mentioned above, buying an NFT with existing cryptocurrency is considered taxable, as one has to sell crypto assets to finance the purchase. In contrast, purchasing the same non-fungible token with fiat would not be a taxable event.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Charitable Donations\"})}),/*#__PURE__*/e(\"p\",{children:\"When someone donates an NFT to a qualified charitable organization, that transaction is tax-exempt. Moreover, the donor can deduct the fair market value of that NFT on their tax return as a charitable contribution.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Gifts\"})}),/*#__PURE__*/e(\"p\",{children:\"When and individual or business\\xa0gifts an NFT to another party, the transaction is non-taxable but up to a certain value. This value varies depending on which tax year the NFT transaction was made in. The NFT transaction will be subject to gift taxes if the gift value exceeds the exempted value.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How do you file NFT taxes?\"})}),/*#__PURE__*/e(\"p\",{children:\"Filing NFT taxes as an enterprise means reporting gains or losses on tax returns. Though it's a complex process to calculate and file them, here are a few steps to file NFT taxes smoothly in the United States:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Determine both the time period in which you held your project\u2019s NFTs, as well as their individual cost basis at the time of purchase. The cost basis refers to the price at which you bought the asset and its associated gas fee at the time.\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The above is contingent upon keeping accurate records of your NFTs and their transactions. This includes your holdings, unrealized and realized gains, cost basis, sale price (with purchase and sale date), and gas fees.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Report any relevant NFT capital gains or losses in Section D of your U.S. tax return. For general cryptocurrency gains or losses, use Form 8949.\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"The above may be manageable for businesses with a small number of taxable events, such as an artist that has released only a few NFTs. However, this process can quickly become complex and time-consuming for larger projects and enterprises. In that situation, we recommend using our \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/nft-accounting\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"NFT accounting\"})}),\" solution. Integral ensures the foundation for compliance is laid while empowering Web3 operators to organize and oversee all their NFT assets and activity in one place.\"]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How can Integral help with NFT taxes?\"})}),/*#__PURE__*/e(\"p\",{children:\"As a Web3 CFO, you can use Integral to easily manage your NFT project\u2019s inventory (including the assets you own, their value, and cost basis) in a single place, no matter the blockchain or the wallet.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Additionally, your NFT activity is displayed with a real-time view of primary and secondary sales revenue across collections and marketplaces. This access enables strategic cash flow forecasts, compliant audit documentation, and transparent community reports.\"}),/*#__PURE__*/e(\"p\",{children:\"With Integral, you can bring control to your NFT accounting by:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Creating intuitive rules\"}),\" for revenue categorization across NFT collections, marketplaces, and tokens with 99% accuracy\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Automating revenue recognition \"}),\"of both primary sales (mints) and secondary sales (royalties) income across NFT collections and tokens\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Ditching Etherscan and manual spreadsheets \"}),\"to reduce accounting and engineering hours and complete month-ends up to four times faster. For example, Orange Comet \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/blog/orange-comet-automates-nft-accounting-with-integral\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"saved $50,000 per year\"})}),\" after partnering with Integral.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"Integral is trusted by world-class Web3 accounting teams at RTFKT, Azuki, SuperRare, Orange Comet, Degenerate Ape Academy, and many more. In the past 7 months alone, we helped our clients reconcile over $10B in crypto accounting transactions.\"}),/*#__PURE__*/t(\"p\",{children:[\"Bring control to the chaos of NFT accounting. \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/book-a-demo\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Book a demo\"})}),\" with us and our team will show you how it can be done!\"]})]});export const richText4=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"The Migration to Web3\"}),/*#__PURE__*/e(\"p\",{children:\"Blockchain is becoming increasingly adopted by companies of all sizes, and for good reason. By migrating into the Web3 space and incorporating cryptocurrency transactions, companies are experiencing several benefits: faster transactions, lower fees, enhanced security, and new revenue streams. Major global payment platforms like PayPal are taking notice of this trend and\\xa0 hastening the implementation of necessary infrastructure to support blockchain-based payments.\"}),/*#__PURE__*/e(\"p\",{children:\"Despite all of the benefits, blockchain-based operations can add significant accounting complexity. Companies that adequately prepare and incorporate enterprise-level software will discover that they can now make real-time business decisions rather than relying on delayed quarterly tax reports. They\u2019ll also find that their associated accounting costs are reduced, and they have a more holistic view of their operations.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"This article will dive into the above and highlight common questions, including:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"What is a crypto audit and what triggers them?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"If transactions are public, why are crypto audits needed?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"What does the process look like?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"What affects applicable timelines\"})})]}),/*#__PURE__*/e(\"h2\",{children:\"What is a crypto audit and what triggers them?\"}),/*#__PURE__*/e(\"p\",{children:\"A crypto audit is an examination of an organization\u2019s web3 financial records to ensure that they are accurate, secure, and compliant with relevant laws and regulations.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"As business operations and cryptocurrency transactions become more integrated, there has been a corresponding increase in regulatory oversight. Tax authorities are looking to set a strong precedent in this area, making crypto tax audits more commonplace. The IRS is now clamping down on blockchain-related companies and the same can be expected in other jurisdictions globally. Furthermore, the IRS has been on a hiring frenzy, with experts predicting that both tech and crypto will be big targets. It can be expected that they will be diligent in their work, and those caught unprepared may find their business operations disrupted.\"}),/*#__PURE__*/e(\"p\",{children:\"In practice, this might unfold similarly to a traditional audit, albeit with some differences. For one, there will be greater scrutiny over both asset valuations and complex transactions, such as cross-chain bridging. Additionally, assets will need to be reconciled against their fiat counterparts, which may require various documentation.\"}),/*#__PURE__*/e(\"p\",{children:\"Proactively managing one\u2019s accounts can mean the difference between a fast, painless audit process, and a long, costly one.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So, what might actually trigger a crypto tax audit?\"}),/*#__PURE__*/e(\"p\",{children:\"There are typical three triggers:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Tax authorities such as the IRS or CRA looking to dispute calculations.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Third parties, such as a new investor or bank, wishing to perform business due diligence.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Internal audits, such as for the purpose of evaluating the effectiveness of internal controls, risk management, and governance processes.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s worth noting that the likelihood of the first type of trigger is severely reduced when companies rely on trusted professionals. For example, an entity that submits their taxes through a certified accounting firm is much less likely to become audited.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"The same is true in web3, which is a big reason that world-class enterprises rely on crypto accounting software like Integral.\"}),/*#__PURE__*/e(\"h2\",{children:\"If transactions are public, why are crypto audits needed?\"}),/*#__PURE__*/e(\"p\",{children:\"Blockchain transactions are public, which might lead to the false conclusion that managing transactions and being prepared for an audit is a simple process.\"}),/*#__PURE__*/e(\"p\",{children:\"Why might companies still need to prepare?\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nature of Transactions:\"}),\" things aren\u2019t always clear. For example, it may be unclear whether funds received are business revenue, a loan repayment, or something else entirely.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Cost Basis:\"}),\" typically determined via complex asset valuation rules and valuation methods.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Supporting Documentation:\"}),\" companies must ensure that supporting documentation (e.g. account statements) are readily available. Relying upon blockchain transaction data alone is insufficient.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Complexity:\"}),\" preparation may be simpler when dealing with only one wallet address across a few different chains. However, it can quickly get complex as more wallet addresses and networks are used, and both transaction complexity and volume also increase.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"Despite all of the above, those that properly prepare will find that it\u2019s not an overly strenuous exercise.\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Prepare for a Crypto Audit\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Ensure Detailed Bookkeeping\"}),/*#__PURE__*/e(\"p\",{children:\"Companies should maintain an accurate, up-to-date general ledger of all crypto-related transactions, including swaps, LP rewards, and NFT-related transactions. For example, day-to-day transactions should be properly reconciled, with information such as the date of the transaction, the amount of crypto involved, the proper valuation, and any fees or commissions paid.\"}),/*#__PURE__*/e(\"p\",{children:\"Additionally, when beginning to conduct business in cryptocurrencies, it\u2019s prudent to reconcile opening balances. Everything on one\u2019s balance sheet at the beginning of a given period should be explainable and reconcilable. For fiat-based companies this may entail reviewing bank statements, matching inventory balances with inventory counts, confirming that retained earnings are accurately reflected, and so on. For companies operating with crypto, further complexity is added as various crypto-related holdings across various blockchain networks must now be accounted for as well.\"}),/*#__PURE__*/e(\"p\",{children:\"For companies operating in crypto, this may include manually comparing account statements with blockchain data provided by a block explorer or automatically using platforms such as Integral.\"}),/*#__PURE__*/t(\"p\",{children:[\"One good way to evaluate whether you are bookkeeping at an appropriate level is through our next suggestion: reporting regularly. Doing so will make it clear where there are gaps in your internal processes, and where to adjust.\",/*#__PURE__*/e(\"em\",{children:\"\u200D\"})]}),/*#__PURE__*/e(\"h3\",{children:\"2. Report Regularly\"}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s a good idea to periodically confirm that financial records are accurate and up-to-date, with monthly revisions being a good frequency. Price fluctuations, unrecorded transactions, and error corrections are just a few reasons for doing so. Furthermore, confirming ongoing compliance with applicable tax regulations is always a good idea as things are moving swiftly.\"}),/*#__PURE__*/e(\"p\",{children:\"If performed correctly initially, this should be a straightforward process that will make it clear if you have been bookkeeping properly. It will be an ideal time to check-in on your internal processes too, enabling the proper monitoring of your financial health and business operations.\"}),/*#__PURE__*/e(\"p\",{children:\"By conducting regular revisions, companies can stay on top of their crypto accounting, monitor business operations, and avoid potential issues during a tax audit.\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Maintain Data Visibility\"}),/*#__PURE__*/e(\"p\",{children:\"In the event of an audit, it\u2019s common that auditors will conduct a stress test whereby a random selection of transactions is scrutinized to ensure compliance. If inconclusive, auditors will dig deeper into a client\u2019s records, consuming more time and resources for all involved.\"}),/*#__PURE__*/e(\"p\",{children:\"Having quick and accurate access to all relevant data will make this process much more pain-free.\"}),/*#__PURE__*/e(\"p\",{children:\"A holistic data view can provide unique business insights that can set companies apart from the competition. It\u2019s also important because traditional finance entails the reconciliation of transactions against a trusted 3rd party (i.e. bank), whereas in crypto there are no trusted third parties. That means that projects must reconcile against multiple data sources in order to have an accurate understanding of their current state of affairs.\"}),/*#__PURE__*/e(\"p\",{children:\"This is certainly possible through manual processes, but may entail tedious effort and potential errors, and can be streamlined through accounting software.\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Implement Appropriate Software\"}),/*#__PURE__*/e(\"p\",{children:\"For early-stage firms, all of the above may be feasible without relying upon external software, especially if operations are more simple in scope and meticulous bookkeeping is maintained.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"That being said, typically the time and cost associated with that may not outweigh the cost of a crypto accounting software subscription. Additionally, one\u2019s business may be at-risk should any accounting errors slip in, and sources of error may be hard to locate.\"}),/*#__PURE__*/t(\"p\",{children:[\"Here\u2019s a recent example of how this played out for \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/blog/orange-comet-automates-nft-accounting-with-integral\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Orange Comet\"})}),\", creators of The Walking Dead NFT collection. They spent over 30 days closing their books each month\u2013 racking up significant costs and delaying financial decision-making. They needed real-time visibility to keep up with the rapidly-changing NFT markets. With Integral, they were able to reduce the manual review process by 50%, representing $50,000 in annual savings. Any crypto company operating at scale needs to implement software-based solutions to accurately track, classify and value their transactions & assets. Real-time & automated solutions will become the backbone of financial infrastructure and lead to cost savings and more informed decision-making.\"]}),/*#__PURE__*/e(\"h2\",{children:\"What Affects Applicable Timelines?\"}),/*#__PURE__*/e(\"p\",{children:\"Even if you have trusted software, it\u2019s still possible that your company may be selected for an audit.\"}),/*#__PURE__*/e(\"p\",{children:\"The length of a crypto audit typically depends upon several factors:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Transaction Volume:\"}),\" Greater transaction volumes result in a lengthier process to review\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Accounting Standards: \"}),\"Various jurisdictions may have their own respective accounting standards when it comes to crypto taxation. The complexity of applicable accounting standards will directly impact the process length, as valuing an asset at cost is much simpler than relying upon average cost.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Third-Party Corroboration:\"}),\" It is possible that firms may create fraudulent or deceptive transactions. Having 3rd parties, such as one\u2019s supplier, confirm the validity of transactions will contribute to a faster process. Proper documentation and bookkeeping help greatly here.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Tools & Processes:\"}),\" It\u2019s important that organizations have the right tools in place to properly document their business history, starting as early as possible. While spreadsheets may do the trick for a business with a handful of transactions, things can quickly become complex so it's recommended to use accounting software like \",/*#__PURE__*/e(a,{href:\"https://www.integral.xyz/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Integral\"})}),\".\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"Companies should have an effective process in place in order to correctly book all of their transactions. A failure to do so can result in a long and expensive audit process that disrupts business operations.\"}),/*#__PURE__*/e(\"h2\",{children:\"Blockchain\u2019s Future is Exciting - But Requires Careful Tax Planning\"}),/*#__PURE__*/t(\"p\",{children:[\"Tax authorities will be rigorous in their assessments, meaning that companies should anticipate and prepare for audits as soon as possible. Poor accounting practices can have disastrous consequences, such as \",/*#__PURE__*/e(a,{href:\"https://www.coindesk.com/policy/2023/03/08/crypto-bank-silvergate-announces-voluntary-liquidation/\",motionChild:!0,nodeId:\"HKslO7_ko\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(n.a,{children:\"Silvergate Bank\u2019s recent large-scale meltdown.\"})}),\" Additionally, new regulations are being proposed weekly which may have unintended consequences for businesses caught unprepared.\"]}),/*#__PURE__*/e(\"p\",{children:\"Having proper blockchain accounting practices in motion will not only save valuable time but also reduce accounting costs and reduce the likelihood of errors. While smaller companies may be able to meet these needs through manual bookkeeping and regular reconciliations, the process can be simplified significantly through the implementation of crypto accounting software like Integral.\"})]});export const richText5=/*#__PURE__*/t(r.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"What is real-time finance, and why does it matter now?\"}),/*#__PURE__*/e(\"p\",{children:\"Real-time bookkeeping, accounting, and treasury management allow teams to make better, faster decisions.\"}),/*#__PURE__*/e(\"p\",{children:\"Most businesses get financial insights 2-4 weeks after a month\u2019s or quarter\u2019s end - which is adequate in traditional markets where currencies are relatively stable and liquidity risk is nominal. But, web3 businesses don\u2019t have this luxury. A 2-week delay in actionable insights can be catastrophic - especially if your competitors have access to fresh, day-of financial data.\"}),/*#__PURE__*/e(\"p\",{children:\"At Integral, we believe that 1) real-time accounting, treasury management, and financial analysis will soon be the norm, and 2) web3 teams will lead the charge.\"}),/*#__PURE__*/e(\"h2\",{children:\"Web3 is the perfect place to start\"}),/*#__PURE__*/e(\"p\",{children:\"We chose to build a real-time finance tool for web3 teams first for 3 reasons:\"}),/*#__PURE__*/e(\"h3\",{children:\"1) Real-time finance is essential for web3 companies\"}),/*#__PURE__*/e(\"p\",{children:\"In web2, insights come 7-30 days AFTER the month-end. In web3, 30 days could be the difference between owning $10M of ETH and $5M of ETH.\"}),/*#__PURE__*/e(\"h3\",{children:\"2) Real-time (RT) finance is an edge for web3 and web2 organizations\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"RT P&L = faster, better decisions\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"RT balance sheet = better use of treasury\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"RT cashflows = happier collaborators\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"RT audits = more trust -> leads to more customers\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"All of which compound quickly.\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"3) Crypto is the fastest growing non-cash payment method in the US (10yr CAGR)\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Crypto: 63% (globally)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Credit/debit cards: 7.8%\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"ACH: 7.2%\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Wires: 2.5%\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Cheques: -4%\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Additionally, cryptocurrencies have amazing properties like near-instant settlement and programmability. The Integral team believes that the web3 values of transparency, financial independence, and permissionless access to financial services are beneficial for the world.\"}),/*#__PURE__*/e(\"h2\",{children:\"Announcing Integral V1\"}),/*#__PURE__*/e(\"p\",{children:\"Integral is a real-time finance platform that automates web3 financial workflows.\"}),/*#__PURE__*/e(\"p\",{children:\"Integral connects to all of your organization's wallets, safes, exchanges, and custodians and delivers enriched financial data in real time in a collaborative, beautifully designed interface.\"}),/*#__PURE__*/e(\"p\",{children:\"Our v1 provides web3 teams with 3 key features:\"}),/*#__PURE__*/e(\"h3\",{children:\"1. 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World-class record keeping and APIs\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"375\",src:\"https://framerusercontent.com/images/KDGXQP3z5gatJgItsTsp37W81A.png\",srcSet:\"https://framerusercontent.com/images/KDGXQP3z5gatJgItsTsp37W81A.png?scale-down-to=512 512w,https://framerusercontent.com/images/KDGXQP3z5gatJgItsTsp37W81A.png 960w\",style:{aspectRatio:\"960 / 750\"},width:\"480\"}),/*#__PURE__*/e(\"h3\",{children:\"Integral V1 supports multiple data entry points\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(0, 0, 0)\",\"--framer-text-decoration\":\"none\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Wallets\"}),\": Metamask, Phantom, Ledger, and many 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