When it comes to crypto taxes, understanding the nuances associated with them becomes increasingly important. In fact, properly accounting for any crypto taxes can make a huge difference for your clients. As a result, thoroughly understanding how to properly report them and what it means for your clients can make you a trusted and reliable accountant. Here are some key pieces of information that can help make your life easier when it comes to reporting crypto taxes for your clients and how it can affect them.
IRS Requires Crypto Tax Reporting
Do you know how to deal with crypto taxes when it comes to the IRS? The reality is, your clients expect you to know what to do about their crypto taxes. It turns out, the IRS does actually require that you report any crypto taxes properly on income taxes. That means, navigating the issue of properly reporting crypto taxes becomes increasingly important.
Reaching Out To Clients
One of the first things you should do is reach out to all your clients that have crypto taxes and begin asking them the proper questions needed to get the relevant information for your reporting purposes. In fact, getting a head start on your client’s taxes is a great show of accountability and organization. Who doesn’t love a CPA with excellent organizational skills? Then, it becomes your responsibility to do the requisite research that can bring to fruition the necessary and proper information needed to effectively and efficiently determine which clients must report crypto taxes.
One of the best ways to gain the data and information you need is to do a simple email blast of all your clients. That’ll help you to narrow down which clients have crypto taxes and which do not. In fact, email blasts serve as a great way to provide necessary information to you about your clients and their taxes.
At the end of the day, there is nothing more important than understanding how to properly handle crypto taxes for your clients. In fact, those who have crypto taxes to report will require some extra attention. Knowing which clients those are can be really helpful when prioritizing all your client’s taxes and getting everything properly reported to the IRS.
trust the professionals at the harding group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.