Monday Jul 10, 2023

Exploring the Complexities of Crypto Taxes and Accounting

Exploring the Complexities of Crypto Taxes and Accounting

Crypto and digital asset taxation and accounting still seems to leave many crypto goer’s and institutions looking to hold crypto on their balance sheets, with sleepless nights.

In this episode, Ian Andrews sits down with experts, Ann Jaskiw (VP of Engineering) and Austin Woodward (Co-Founder and Executive Chairman), from leading crypto taxation and accounting software providers, TaxBit to discuss the complex problem of crypto taxes. 

They explain the challenges of tracking and reporting crypto transactions, the distinction between tax and accounting and explore the concept of cryptocurrency as property, while leaving room for the potential of stablecoins being  treated as currency. 

They highlight the importance of cost basis interchange and lend their insights into the future of tokenization and the exciting developments with regulatory guidelines in the USA and around the world.

Minute-by-minute episode breakdown

  • (2:35) - Austin's journey to solve expensive transaction fees problem which led the founding of TaxBit
  • (4:35) -Ann’s journey from thinking the Bitcoin whitepaper was impractical and Ethereum was difficult to build on into transitioning into crypto during the pandemic 
  • (7:45) - Why Tax and Accounting are not the same and how TaxBit was able to specialize in crypto assets 
  • (10::37) - The complexities of tax rules and regulations of web2 brands looking to enter into web3
  • (20:54) -The potential designation of crypto as currency or property
  • (27:45) - Where NFTs and real world asset tokenization fits into the cryptocurrency and digital asset ecosystem 
  • (34:59) - The biggest challenges for companies that want to hold crypto and digital assets on their balance sheet and how TaxBit solves for these hurdles
  • (39:15) - The cost basis interchange and the future of the TaxBit Network 

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Speakers on today’s episode

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