Can a Crypto CPA or tax accountant really help you save in capital gains tax?
This is the 7th video in the Top 8 Crypto tax problems series. Please watch all videos in this 4-part series to solve a specific virtual currency taxation question. We will now go over Cryptocurrency Tax problem # 7.
My name is Mark Robert, Crypto Tax Accountant and Crypto Tax Advisor. The insights shared were discovered over 5 years helping 1,200+ cryptocurrency clients during my last 17 years as an individual and business accountant.
You may be looking for a Crypto CPA Near Me in your Google searches. However, after googling for Crypto accountant near me, you’ll come to a rude awakening. There’s a shortage of Crypto CPAs and accounting professionals with the technical understanding required to accurately account for and reconcile hundreds or thousands of virtual currency transactions.
Looking For A Crypto CPA Network Or Firm Near You?
Very few CPAs and accountants can correctly prepare complex Crypto tax returns for investors, traders, miners, stalking income and help them one on one with Crypto tax planning and wealth building strategies.
A Crypto CPA or tax accountant with this expertise charge extremely high fees. They may only take on high net worth individuals or well-established mining companies with very high revenue.
The high fees are not just a result of the need and demand for Crypto tax and reporting compliance help. Crypto tax and accounting required for tax reporting, crypto transaction accounting and tax preparation is also very time consuming and involved even for a seasoned CPA and her staff.
- A good Crypto CPA will not only reconcile hundreds and thousands of detailed transactions for you.
- A tax accountant who’s specialized cryptocurrency (who wants to save you money in taxes and build your Crypto wealth) will put your transactions through several different accounting methods to yield you the lowest tax liability.
Unfortunately, your average CPA doing a crypto tax return mistakenly tell clients that they can only us First In First Out (or FIFO) in crypto tax accounting. This is completely incorrect information. They’re really doing their client’s a disservice and their clients are often paying thousands and even tens of thousands in some cases higher taxes than the legal amount due.
- Your average generalist accountant who’s NOT a specialized Crypto CPA can result in clients paying more than necessary in federal and state taxes.
Each week I amend numerous cryptocurrency tax returns. I discover unacceptable errors on them by non-Crypto CPAs. Not only is the accounting method and tax return completed wrong, I often find crypto investors, miners and traders missed substantial tax savings due to prior taxpayer or CPAs lack of knowledge or experience when it comes to crypto tax accounting and preparation.
I’m curious to know if you’ve got help or used a service to do your cryptocurrency returns.
Have you used a Cryptocurrency CPA? – Tell me about it.
Tell me if you’ve used an accountant or CPA to help you with your crypto tax returns. Let me know about that experience in the comments section below.
In my 5 years + of helping individuals and businesses with their crypto taxes, lack of Crypto CPAs and accountants is one of the major tax and accounting problems.
If your experience has been different or you think I missed another big crypto tax issue, please add it to the comment section below and I’ll be sure to follow up with you. If you got something out of this video (even if you knew all this info, but reinforced what you already know, or pushed you into action to get this monster conquered), please like this video and give it a thumbs up.
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