Accounting Industry Rushing Into Cryptocurrency

July 23, 2019 / by Patrick Camuso

CPAs are late to the game but also rushing into the cryptocurrency space. As an industry leader in crypto tax 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 is 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 your 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.

Patrick Camuso, CPA is founder and owner of Camuso CPA, a CPA firm serving cryptocurrency investors, miners and businesses nationwide. Camuso CPA was the first CPA firm in the country to accept cryptocurrency as a form of payment for professional services. Camuso CPA works with investors and businesses on cryptocurrency accounting, tax preparation and tax planning.