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There are over $100 billion in crypto reported to date, with over $10 billion accounted for daily. Accountants need to be prepared for the influx of businesses and individuals that will soon be reporting their cryptoassets for taxation- amounting to over 1 million transactions per month, analyzed continuously.
In the following video, Verady CEO Kell Canty presents a Webinar on Cryptoasset Taxation, Tools and Outlook for the Accounting Profession. Follow along with this 55 minute video for some useful tips, tricks, and tactics to greater prepare yourself for the growing presence of crypto and other related assets in the accounting field. Investing in this information now could give you a massive leg up on your competitors who are uneducated on the subject matter of cryptocurrency and blockchain.
For more information on the current landscape of crypto taxation and tools head on over to our blog page or click here to give Ledgible Tax, a trusted partner of Thomson Reuters, a free trial. Our blog features a wide array of articles and news stories related to what's new and important in the cryptocurrency industry as well as accounting, and often tying the two fields together.
Verady CEO and Co-founder Kell Canty joins Dr. Sean Stein Smith on this 20 minute podcast episode to discuss the current landscape of crypto and blockchain. Not just what it is, but how we need to operationalize this information and these tools inside businesses and firms. More and more businesses are wanting to utilize crypto for both B2B and B2C applications. Blockchain will be revolutionizing the world of payments moving forward. Check out what's going on in this podcast from Wall Street Blockchain Alliance.
For more information on the current landscape of crypto and blockchain head on over to our blog page or click here to give Ledgible Tax, a trusted partner of Thomson Reuters, a free trial. Our blog features a wide array of articles and news stories related to what's new and important in the cryptocurrency industry as well as accounting, and often tying the two fields together.
Ledgible is comprehensive cryptocurrency tax reporting for personal or professional use built on years of industry expertise. Ledgible Crypto Tax is the most advanced platform available for determining crypto tax liabilities and delivering that data to the tax systems you already use. What are you waiting for? Get started today
As part of the Wall Street Blockchain Alliance (WSBA), Verady contributes regularly to working papers, education, and other items on important issues around Cryptoassets and their evolving accounting and tax ecosystem in the United States. Recently, the WSBA asked Accounting Working Group members to collaborate in the creation of a response letter to the Internal Revenue Service regarding their Revenue Ruling 2019-24 as well as the subsequent FAQ’s providing guidance on the taxation of virtual currencies. The letter was designed to offer insight and recommendations, from experts in the cryptocurrency accounting industry, on “some of the most prominent outstanding questions or items for which [WSBA members] are seeking further clarification.”
The WSBA is a non-profit trade association based in New York City and the Accounting Working Group consists of leading companies with diverse backgrounds in the areas of accounting and cryptoasset tax, including Verady (represented by our CEO Kell Canty).
The response letter (which can be found embedded here) touches on a variety of issues, but leads with thoughts on perhaps the biggest disappointment in the crypto community since the IRS last released guidance… the classification of cryptocurrency as "property." And while the WSBA letter notes that there may not be a perfect classification for cryptocurrency at the moment, the current classification “as property creates additional compliance and reporting requirements that seems to neither add value to the taxpayer nor merchants accepting cryptoassets as payment for goods or services.”
Instead, the letter asks the IRS to consider “establishing a de minimis exemption for both individuals and merchants” that would establish a minimum transaction value threshold for tax reporting purposes, thus lowering the compliance burden on both smaller individual cryptocurrency users and their accounting professionals.
In further analysis Canty noted, “recent draft legislation proposing exemptions based on amount of potential capital gains may further complicate the already complex accounting and reporting issues around cryptoassets by mandating calculating capital gains on every transaction.”
The letter goes on to provide the following recommendations for other important cryptoasset tax implications, including:
“Obviously there is a lot to work through with such a disruptive technology as blockchain. We look forward to continuing the conversation with the IRS to bring clarity and support for guidance around cryptoasset tax. Cryptoassets’ use and adoption will continue to expand and it is vital to have the guidance, compliance, and tools to support them.”
To learn more about the Wall Street Blockchain Alliance, be sure to check out their website at https://www.wsba.co/membership.html.
