Bickz

I had a client who got a scary letter from the tax office. The tax office pretty much said, "we know you traded crypto, and you haven't reported it...now's your chance." They were given a tight deadline. So their tax advisor asked me to write a statement about why the deadline was not realistic. This is what I've come up with, how'd I do? 👇 In general, it is very difficult for individuals to manage accurately reporting their own crypto taxes.  Unfortunately, crypto tax software marketing makes it seem like the process of generating accurate tax reports is automatic and takes just a few minutes. But software like [redacted] lacks the ability to automatically recognize and categorize transactions. This creates a scenario where consumers expect that they can quickly generate reports for their accountants at the last minute. But the reality is it leaves individuals needing to do extremely complex accounting and blockchain investigation to get accurate tax reports. And it might take them months to do this. To further complicate the matter, transaction records from platforms like [redacted CEX] are not standardized and often missing data.  Therefore, it makes sense that many crypto investors may need an extension to file their taxes so that they can report accurately to the [redacted tax office]. The reality is that the work in this case will require weeks of review by three accountants on my team to arrive at accurate crypto income figures. So the deadline provided is not realistic and we request an extension. --- Feel free to use that statement if you got a scary letter, too.

There has been a lot of controversy over Koinly's cost tracking migration tool. Some users feel like they're being forced into changes they don't agree with. So has Koinly gone too far to help users come into compliance? Let's explore it in this video &🧵for the readooors