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If you're battling with some decisions and indecision related to cryptocurrency, we want to share what we know (so far) about the world of cryptocurrency. We admit it’s something very new to us but we have clients who are already in the space and are about to be in this space. And so, we want to meet them where they’re at, slowly but surely.
In January 2022, we sent someone in our team to a cryptocurrency tech summit so she could learn more about cryptocurrency and bring some things back to our team and get the basics under our belt.
One of the things we found out is that merchants utilizing crypto for payment are paying less in fees. As you're learning more about crypto, you could be saving money in merchant fees, which can quickly add up.
So far, there are no brokerage crypto statements coming out yet. And if you're planning to play in this digital field, you have to have the checks and balances you need to properly report because that reporting piece is loose at best right now. It depends on which coin you're dealing with, which platform you're dealing with, or how well-formed it is because there is no clearly defined regulation right now. Frankly, it’s all being built.
If you're going to play in the wild, wild west of cryptocurrency, make sure you have the right controls and tools in place to stay organized. You have to represent your data well when it comes to tax time because you don't want to overpay in tax, and you want to be able to rely on data.
In this episode, you will hear:
- What is cryptocurrency?
- Why people are leery of crypto
- Is crypto legitimate?
- An example of how the transaction works
- How cryptocurrency impacts your taxes
- Tax implications of cryptocurrency
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