The post OnChain Accounting: Pioneering the Future of Crypto Accounting Expertise appeared on BitcoinEthereumNews.com.

Have you dabbled in crypto investing or NFT trading? As fascinating as decentralized finance is, it comes with major tax implications that can leave your head spinning. How do I calculate taxes on thousands of volatile crypto transactions across multiple wallets and exchanges? Am I handling crypto taxes correctly? What deductions can I claim? The bottom line: Crypto accounting is complex. Yet, with the right partner, you can simplify tax preparation, optimize deductions, and avoid penalties from the IRS. Enter OnChain Accounting – the leading crypto-native accounting firm equipped to handle all your DeFi tax and accounting needs. In this post, we’ll explore: – The key challenges with crypto taxes– How OnChain pioneers easy and compliant crypto tax solutions – The accounting services offered for investors of all types– What the future looks like for crypto accounting innovation So buckle up, buttercup! By the end, you’ll understand how OnChain sets the gold standard for simplifying even the wildest ride of crypto taxes. The Beast of Crypto Tax Complexities Before we dive into solutions, it’s worth understanding exactly why crypto taxes are so thorny: The Sheer Volume of Taxable Events Unlike stocks, crypto triggers a taxable event on every trade, swap, sale, conversion, or transfer between wallets. Investors are easily exposed to thousands of micro-transactions across various networks. Manual calculations get extremely messy, extremely fast. Volatile Assets and Valuations The value of crypto assets fluctuates wildly from minute to minute. Not properly accounting for volatility on the dates of transactions can result in incorrect cost basis data and massive underpayment of taxes owed. Opaque Tax Implications Tax codes simply have not kept pace with decentralized technology. There is little official IRS guidance around crypto treatments. Many investors unintentionally misfile their taxes or miss out on potential deductions. The consequences can be nasty…

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Filed under: News - @ December 5, 2023 1:10 pm