IBA CryptoCurrency Tax Services
for Businesses and Individuals
“This Cryptocurrency Tax Mistake Could Cost You $250,000” CNBC, April 12, 2018
That is the headline from the famous business television network CNBC regarding how critical knowledgeable tax advising is for any person or business involved with cryptocurrencies.
Read on to learn from the experienced global team at IBA how to minimize cryptocurrency taxes for you or your business,
specifically to understand and address the unique space of cryptocurrencies around the world.
Cryptocurrency Taxation is New and Complex
From around 2009 through 2015, most taxing authorities around the world payed scant attention to cryptocurrencies. The minimal value of the crypto market relative to the substantial effort required to track individual cryptocurrency users allowed the Internal Revenue Service and the European taxing counterparts to ignore cryptos for the most part.
When bitcoin began gaining noticeable value by crossing over $1 billion in market capitalization around August of 2013, taxation agencies became aware that they would need to address the cryptocurrency market at some point. Yet, it was not until November of 2016 when the I.R.S. went on a fishing expedition by sending a John Doe records request to the largest exchange in the U.S., Coinbase. Suddenly businesses and individuals knew it was time to address the complex question of accounting for cryptocurrencies.
Work with IBA Experts Who Know the Language and Accounting of Cryptocurrencies for Multiple Jurisdictions
The challenge for most people or businesses either trading or transacting with cryptocurrencies is how to set the value for transactions and account for profits and losses based on a volatile market. This question would be easier to answer if all taxing authorities would agree on one standard, but each country, not surprisingly, has its own approach. Some countries do not require unique crypto reporting while others, like the U.S., impose burdensome record keeping requirements for each trade of cryptocurrencies.
Some of the critical decisions IBA will assist you with include:
Unfortunately, most accountants are not immersed in the nuances of cryptocurrencies and could not easily answer the above critical questions. These are just the basic issues for cryptocurrencies. Fortunately for you, IBA is 100% focused on how to most effectively handle all cryptocurrency trades, investments, transactions, record keeping, and tax reporting for agencies around the world.
If you are at all involved with cryptocurrencies as a trader, investor, with your business, or are considering accepting cryptocurrencies in your business, you deserve to work with the most experienced world-wide team of cryptocurrency accounting specialists at IBA
Contact IBA in the form below for a free consultation on your accounting challenges.