Rise of Crypto Bookkeepers and Accountant

Lorence.xD

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Quote from: coolcoinz on November 01, 2020, 05:44:18 PM

Its normal for new job opportunities to open now and then when technology gets adopted. It was like that when computers became mainstream and typewriters begun to go out of use.
I remember years ago, in 2015 or 16 there was a thread in "legal" where a lawyer specializing in cryptocurrencies and taxes was offering his services. It was only a matter of time before accountants started to do the same.

I think that it is fair, when I was in highschool, Bitcoin was labeled as a criminal implement by many clickbait videos but the sheer fact that it involves cryptography is something that fascinated me back then. I think that it is fair that there will be book keepers and accountant in bitcoin especially now that it is getting a traction in mainstream and with more businesses integrating blockchain technology, I think that it is a good thing.

coolcoinz

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Its normal for new job opportunities to open now and then when technology gets adopted. It was like that when computers became mainstream and typewriters begun to go out of use.
I remember years ago, in 2015 or 16 there was a thread in "legal" where a lawyer specializing in cryptocurrencies and taxes was offering his services. It was only a matter of time before accountants started to do the same.

AvaMorrison

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Quote from: ?? on ??

Frankly speaking, I can not trust bitcoin. I’m a realist by nature. So, for me, it is much better to trust for real money. But as far as I know Bitcoin has become really popular during the last years. If you want to deal with this money then I would advise to talk to with a high qualified accountant. I work in the business sphere for 3 years yet and I often address at https://apmaccountants.ie/ and they always answer to my questions which arise time by time. I work in the investment sphere and I understand how is important to be sure in every step. Every mistake can cost you a lot. APM Accountants consists of high qualified people who are responsible and always answer to my questions. So, I would recommend you to address at APM Accountants and I think they will help you.

I want to begin to have a deal with Bitcoin but I have some doubts. I didn't hear about this company but I'll connect with them. Thanks a lot for sharing so useful information.

marielbeckham

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Yes, taxation is a very complicated issue indeed but, to my mind, it is more profitable to gain your own knowledge and experience and try to do everything on your own.

SUDARMONO

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If the government acknowledges bitcoin and altcoins it is very good and I think the tax is much avoided by many people, and if it is to be done it will not be a problem, but I think it is very complicated and it should be combined with all payment market transactions.

laredo7mm

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Quote from: Harlot on May 17, 2018, 04:16:21 AM

I don't think that they need to specialized in cryptocurrency in order to do your books. A certified accountant that knows your local laws as well has the ability to recognized where your cryptocurrency earnings belong will be enough. This accountants don't need to specialize on something in order to do their job. You don't even need someone who has that specialty if you are just asking for a partial service like doing your books on your cryptocurrency earnings. All accountant can do that.

When you withdraw larger amount of fiat from exchange to your bank account in my country, bank might ask you to prove origin of money so that they know it's not from money laundering. In this case you would need to provide every transaction and trade from the date you bought cryptocurrencies. I doubt any accountant can do that. He would need to log in to your accounts on different exchanges, check trades, deposits and withdrawals, use block explorers to track transactions and so on.

audaciousbeing

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Quote from: Theb on May 17, 2018, 06:24:53 AM

I would rather choose an accountant who knows how to manage my books on everything rather than an accountant or bookkeeper that specializes on one thing. Accountants should be well-rounded at everything as even though cryptocurrencies are a new thing they should know where this earnings go into the books. Just like lawyers, when there is a new law you don't expect to go someone new who specializes on that already but you expect that your old lawyer must have known it by now and knows how to adjust to it. Also one quick advice is I would stay away from "accountants" and "lawyers" who are giving their service online as based from what I am seeing nothing good ever came out of it.

I am an accountant by profession with some little stint in business law. You cannot compare the two with each other by concluding that once a new law is out, your old lawyer must surely know about it but that is not the case. Lawyers specialize too. Some are versatile in criminal matters, while others are just for civil cases. Some lawyers would visit the court maybe once in 10 years because of the clients they represents where they only draft agreements and nothing else. Which means that some laws will be promulgated and your lawyer wont have any business to do with it.

In the case of crypto, its better to have just an accountant who knows how to keep the books for now. Not because its wrong to have one that specializes in crypto but the users of the information who are not aware of crypto and again accountants have a way particular transactions are recorded in the books which is guided by the standard and until a standard is issued on a particular topic every accounting treatment is subject to interpretations.

veleten

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it is too early to say this is going to be a thing
I mean cryptocurrency accounting and bookkeeping,it is way more likely that if need be (and I see not much of it at the moment)
the existing accountants and bookkeepers will add to their resume some lines like "expert in blockchain bookkeeping and bitcoin mixing" Grin

too many countries are neither here nor there with their stance on cryptocurrencies,hence the laws regulating them are nonexistant or vague at best

Theb

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I would rather choose an accountant who knows how to manage my books on everything rather than an accountant or bookkeeper that specializes on one thing. Accountants should be well-rounded at everything as even though cryptocurrencies are a new thing they should know where this earnings go into the books. Just like lawyers, when there is a new law you don't expect to go someone new who specializes on that already but you expect that your old lawyer must have known it by now and knows how to adjust to it. Also one quick advice is I would stay away from "accountants" and "lawyers" who are giving their service online as based from what I am seeing nothing good ever came out of it.

Harlot

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I don't think that they need to specialized in cryptocurrency in order to do your books. A certified accountant that knows your local laws as well has the ability to recognized where your cryptocurrency earnings belong will be enough. This accountants don't need to specialize on something in order to do their job. You don't even need someone who has that specialty if you are just asking for a partial service like doing your books on your cryptocurrency earnings. All accountant can do that.

Kemarit

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Quote from: pendulangemas on May 17, 2018, 03:43:04 AM

Any university which open for crypto bookkeepera and accountant? Grin

I'm not fully aware of any schools or universities offering such courses though. But I wouldn't be surprise if there will be more offering in the future as they need to adopt to the changes that crypto brought. I'm not sure though it this will be a new course, or will it be just top of the existing one as there will be that much difference. All you have to do is apply your knowledge in tax accountancy in crypto-currency, although it will be different per country.

pendulangemas

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Any university which open for crypto bookkeepera and accountant? Grin

thomasjonestaxman

newbie

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As far as US taxation of crypto, I agree it is important to make sure you find someone who knows it and wants to work with it. Too many tax preparers either are ignorant or want to stay away from the complexity of reporting coin transactions. I'd suggest making sure the advice you're getting comes from either a CPA (Certified Public Accountant) or EA (Enrolled Agent). Ideally, they'll also have an advanced degree in Accounting or Tax, indicating they're really committed to their work and it's not just a seasonal side job.

I'd also say I think strategic, proactive tax planning is underemphasized. A lot of tax preparers just focus on reporting transactions and not trying to plan to save money.

LibraryAnn

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Quote from: purecane on January 09, 2018, 09:09:46 PM

I just happen to have an accountant that sits two offices over from me that is fully versed in crypto and how the new tax laws effect us. If anyone would like contact info DM me.

Thanks for the offer, will send PM soon.

Quote from: HeRetiK on January 06, 2018, 06:41:17 PM

Apparently there are already people offering tax advise on Fiverr, regardless of crypto. I don't see Fiverr becoming much of a platform for tax advisors on an international scale though, since unlike programming or graphic design location matters when it comes to tax advise -- ie. with skilled programmers / designers it doesn't matter much where they come from but even a skilled tax advisor won't help if they are not familiar with your local tax laws.
.....

People offering tax advise on Fiverr is almost really funny. The expected competence of both the sellers and buyers would seem to be very low. Almost anyone with the skills to earn enough money to need tax advice should know $5 is not the price you expect to pay for good service..

purecane

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I just happen to have an accountant that sits two offices over from me that is fully versed in crypto and how the new tax laws effect us. If anyone would like contact info DM me.

entrepmind23

sr. member

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The big four accounting firms are already active in the blockchain world and some of them even accept bitcoin as payment for their services so I am sure they already have a plan on how to go about the computation of gains and profits so that right amount of taxes can be applied. If they are already in it then the small ones would follow suit because accountants and bookkeepers should always be up to date when it comes to financial matters. As we are heading towards the mainstream adoption of cryptocurrency then the rise of those who are recording and auditing would be in demand as well.

HeRetiK

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Apparently there are already people offering tax advise on Fiverr, regardless of crypto. I don't see Fiverr becoming much of a platform for tax advisors on an international scale though, since unlike programming or graphic design location matters when it comes to tax advise -- ie. with skilled programmers / designers it doesn't matter much where they come from but even a skilled tax advisor won't help if they are not familiar with your local tax laws.

Either way I expect accountants / tax advisors to catch up with the game and learn how to handle cryptocurrencies within their respective country. Keeping up with current taxation laws is part of their job after all. I can very well imagine more tax advisors focusing their expertise on cryptocurrencies though, especially as more companies get involved.

CryptoBry

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The number of countries recognizing Bitcoin and other alts are increasing but in return for the recognition is that crypto players would now be paying the taxes on capital gains and maybe also on income earned (each country can be largely different from each other. We have to report and pay the appropriate tax otherwise the arms of the law will be descending upon us. Not, not so many are familiar with taxes (and many don't want to get familiar with it since it can really be a mess) and this can be reason why there will soon be a big demand for service providers either as bookkeepers or as accountant to do the filing in our behalf.

I am not so sure if Fiverr is already offering this type of service but am sure that they will soon because there is a really a demand for it. Taxation is really a very complicated issue that if we can't handle it properly then we might as well outsource the same task.

Topic: Rise of Crypto Bookkeepers and Accountant (Read 251 times)