Currently, virtual currencies are operating in a "wild west" environment with only a basic list of rules and regulations established by the IRS. Due to this absence of federal guidelines on cryptocurrencies, it can be very hard to determine if you're overpaying or underpaying on your taxes. While the growing pains of the cryptocurrency market are likely to continue, this transitional climate is sure to end in the near future, especially as the IRS and the U.S. Treasury start to craft more regulations and explore better solutions to track cryptocurrency tax obligations.
To the experienced investor, navigating the traditional investment markets for tax purposes can seem relatively straightforward, but when it comes to virtual currency tax reporting, even the most experienced cryptocurrency traders can be left scratching their heads. If you're an investor who deals with multiple types of cryptocurrency transactions during the year, received payment for a job in the form of a virtual currency, or are a novice looking to make his or her first move into the digital currency world, contact Porte Brown today to discuss your cryptocurrency accounting and tax needs. Porte Brown is well-versed in virtual currencies and has the knowledge and experience to properly assist you with all of your cryptocurrency tax preparation needs.
For more information, please contact Porte Brown's Cryptocurrency leader, Gary Kemnitz, CPA, CFE, CVA, at 847-956-1040.
Get in touch today and find out how we can help you meet your objectives.