CPAs are late to the game but also rushing into the cryptocurrency space. As an industry leader in cryptotax services I have been able to observe how this niche sector is developing.
It is not out of the ordinary for me to get targeted with ads from various franchise organizations to “double my accounting fees” by offering crypto tax services with no prior experience. This catches me off guard.
I can only picture how investors are navigating this maze of service offerings and distinguishing from CPAs that have financial services experience and an understanding of crypto between CPAs that have just hopped on this bandwagon.
Analyzing financial transactions are a detailed process that can easily be plagued with costly errors if you do not have a structured process and workflow in place. Analyzing crypto transactions adds another layer of complexity due to the nascency of this industry and the reporting standards from exchanges.
Many CPAs are using a back-offices from another company to actually analyze an investors’ portfolios and do not understand this process. Without the proper experience and training it is very easy for well-meaning accountants to make costly errors related to the portfolio calculations and advisory they provide investors.
Be careful and do you due diligence. At the end of the day your tax return is your responsibility and it is your job to work with an experienced CPA firm to protect your assets.
I would suggest that investors work with a CPA that not only understands and invests in crypto but also a CPA that has a strong background in financial services.
Here at Camuso CPA, we offer a wide array of tax and accounting services for cryptocurrency investors and traders including tax preparation, tax planning and portfolio reconciliations.
If you searching for experienced CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA . Whether you need tax preparation services related to bitcoin transactions, assistance with properly reporting gains and income from cryptocurrencies on your taxes, cryptocurrency portfolio analysis, or any other tax and accounting service, Camuso CPA can help.