As more business owners use cryptocurrency, they will depend on their accountants to provide up-to-date information to reach their financial goals.
The IRS considers cryptocurrency as property, so crypto transactions are subject to tax in the U.S.
One crypto expert recommends tax professionals become familiar with software that can track a client’s crypto transactions and the associated taxes.
Crypto tax-tracking software can also help to serve clients who use decentralized finance applications for crypto investment trading.
CPAs can help clients by first asking targeted questions about their personal use of crypto and how they use it for their business. See more tips.