The recent bankruptcy of cryptocurrency exchange platform FTX Trading Ltd. is unsettling for stakeholders. It also has tax implications. FTX is only the latest crypto platform to enter Chapter 11 bankruptcy protection, after Celsius Network and Voyager Digital earlier this year. With no real precedent for large-scale bankruptcy in the crypto industry, tax consequences are unclear. Courts will have to decide which customers qualify as creditors and which liquidated assets belong to them. Other questions: When will FTX’s assets be valued and will the company pay creditors in crypto or regular currency? This year, even “stable” cryptocurrencies such as Bitcoin have lost significant value. Contact Cg to learn more. © 2022
Cg is a Premier Accounting Firm in NJ
Cg is a top accounting firm in NJ, with locations in Tinton Falls and Toms River. Our certified public accountants provide accounting and tax services across the NJ, NY and CT area. The philosophy here at Cg is simple: Gather the best and brightest accomplished financial consultants from several industries. Develop a deep understanding of the client’s needs, operations, business strengths and weaknesses. Provide accurate assessments and evidence-based strategies to offer the most advantageous options for them.
Accounting firms are not all created equal. You need an accredited team with specialized industry expertise and the financial acuity to ensure your success. That’s exactly what Cg provides to every one of our clients. We are backed by four decades of experience and take a practical, results-oriented approach with a focus on increasing profitability.
We provide business accounting services in NJ, NY and CT. Cg specializes in valuations, business audits, forensic accounting, financial consulting and more across a wide range of industries.
Give us a call at 732-676-4100.