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Bitcoin and tax statement: Report reveals large gaps in knowledge

The company Blox reported large gaps in knowledge in the accounting of crypto-Investments, as well as the reporting to the tax authorities. Only 5 percent of U.

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Bitcoin and tax statement: Report reveals large gaps in knowledge

The company Blox reported large gaps in knowledge in the accounting of crypto-Investments, as well as the reporting to the tax authorities. Only 5 percent of U.S. accountants (CPAs) believe that their customer may disclose the trading of digital assets fully. For 96 percent of the CPAs, an official regulation is imminent.

From Stefan Schäfges
14. August 2019BTC$11.401,00 -0.43%part Facebook Twitter LinkedIn xing mail

Blox.io is a platform for crypto-Tracking, Management and accounting solutions. Blox has released a study, "The Crypto CPA Insights Report" on the topic of tax return. The study describes the difficulties, the crypto-owners and CPAs with the correct tax Declaration. Further, the report provides insights on the hurdles, the need to take individual investors and companies to take their digital assets to track goods in Detail and to be able to manage. The report also provides an insight into the emerging crypto-accounting industry.

How BTC-ECHO already on the 29. July had reported that the Internal Revenue Service more than 10,000 owners of Bitcoin that have not paid taxes on your transactions, to contact you by Post.

In the course of this first investigation by the US tax authority, reports Blox that just 5 percent of the U.S. economy believe auditors that their customers are able, an accurate and complete tax return to be disclosed.

This may be intentional, happen unconsciously. Because 98 percent of the CPAs reported that missing or inaccurate data will lead to crypto-billing errors. Added to this is a lack of understanding of the tax rules for Cryptocurrencies, as well as lack of government regulations and instructions for the proper handling of digital assets.

accurate reporting to the tax authority is at all possible?

The founder Sharon Yip of Crypto Tax Advisors, said in a press release for this:

a company has created, If 1,000 transactions per day with 100 different Wallet addresses for 30 different departments, the organization and tracking of these transactions as the search for a needle in a haystack.

Furthermore, Sharon Yip says that for investors is a dangerous game to rely on Exchanges. Some stock exchanges to document the transactions, only a few months, other stock exchanges are closed. This makes a calculation of profit and loss is virtually impossible and can lead to legal consequences.

to This end, BTC was reported by the ECHO in may, the extent to which taxes on the income from crypto-Trades occur. In addition, the Swiss Start-up Accointing offers a control Tool for traders. The Tool enables the Monitoring of the Portfolios, and assistance with the tax return.

Alon Muroch, the CEO of Blox, also sees one of the biggest problems in the lack of infrastructure, and said:

This is a completely new industry, and most investors and accountants still learning the basics. One of the biggest problems is the lack of infrastructure. The more crypto-transactions to the Mainstream, the more intelligent Tracking and Management Tools are essential. Human error can have serious consequences.

It is reported that 93 per cent of CPAs believe it will be in the near future, intelligent Software solutions for the crypto control statement. In addition, 81 percent are in favour of greater automation and datenspeic bitcoin tax approach.

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