Blockchain Crypto Tax Prep is Revolutionizing the Crypto Tax Landscape
When it comes to cryptocurrencies and digital assets, staying ahead of the curve is not just a choice but a necessity. Financial Advisor Brian Ernest and Accountant Michael Ring, two childhood friends turned business partners, are disrupting “the way it’s always been done” when it comes to crypto tax compliance – for the better.
Brian and Michael have known each other long before their foray into the world of finance and cryptocurrencies. They grew up together in Edgewater, Maryland, were college roommates, and embarked on distinct educational paths—Brian diving into finance while Michael pursued accounting. Fast forward 13 years, and their combined expertise has led them to a venture that many people are in need of, but may not even realize it. Blockchain Crypto Tax Prep was created to serve digital asset holders where other services have not.
Michael tells us, “Over the last handful of years as adoption of digital assets has risen exponentially I have seen a large increase in clients wanting assistance with calculations of their crypto gains and losses for tax reporting. Most CPA firms don’t have the experience or the time to assist clients with this new technology. Add in the fact that IRS regulations for digital assets are unclear and in many scenarios nonexistent and you get a situation of a minimum 75% noncompliance, most likely much higher, from US taxpayers.”
Brian adds, “[When building a business] you need to find something that the public needs and doesn’t have. Discover where there is a gap in services, then build an innovative solution and create a seamless process for individuals to overcome that issue. That’s where our firm comes in.”
Over the last decade, Michael has specialized in business consulting and high net worth individuals at his family’s CPA firm, Ring & Ring. During this time, Brian worked on the creation of his innovative business, Ready to Sell Renovations, which allows homeowners to renovate their homes prior to sale and pay for the renovations at the closing table with no cash out of pocket upfront. The business, started eight years ago, now boasts an impressive $8 million in annual sales.
Compliance for Those with Digital Assets
With their previous successes in mind, Brian and Michael set their sights on a new challenge—revolutionizing the cryptocurrency tax compliance landscape by being the first mover in this industry that has rapid adoption occurring. When overlaying the adoption of crypto currency to the early days of the internet Brian stated, “We are in 1999, and the BlackBerry has just come out. ”The stark reality is that far less than 25% of cryptocurrency holders comply with tax regulations. Brian identifies the core issue: existing tax software is complex, time-consuming, and poses security risks. “If someone hacks into any of the DIY tax sites, they could steal all of your cryptocurrency,” he warns.
A Fully-Anonymous, Trustless System
To address this pressing issue, unlike other tax preparation avenues, Blockchain Crypto Tax Prep has created a trustless system that streamlines the tax compliance process explaining, “We guide you in the easiest path to get your transactional data, with no personally identifiable information (PII) needed. It only takes about 5 minutes to get everything uploaded on our site.”
The alternatives are scarce and costly. Specialized CPAs in cryptocurrency tax preparation are limited, expensive, and often require months-long wait times for consultations. Additionally, DIY tax prep requires providing account numbers and PII that most people don’t want to share. Brian and Michael have disrupted this status quo by introducing the first full-service.
A Revolution in Tax Preparation
Their platform allows individuals to upload transactional data quickly and easily, with the added convenience of payment in cryptocurrencies or digital assets. The pricing is remarkably competitive, contrasting with the often exorbitant fees charged by specialized CPAs.
“With all of these uncertainties and hardships in reporting, Brian and I recognized an opportunity to be at the forefront of digital asset compliance,” Michael says, “We decided to create a company of trained blockchain experts with a background in tax to assist with compliance and get clients their digital asset reports/gains and losses in a cost efficient and timely manner. Add in our own proprietary software and Blockchain Crypto Tax Prep is primed to be the premier source for digital asset tax preparation.”
Additionally, they offer CPAs an opportunity to outsource crypto tax preparation to their firm. This bridges the gap for CPAs who are unfamiliar with cryptocurrency but want their clients to be tax-compliant. Many individuals and businesses now require blockchain-based tax preparation services, and that’s precisely where their firm excels.
Disruptive Technology That’s Changing the Game
In a landscape where innovation is key, the team at Blockchain Crypto Tax Prep are the vanguards of change. Their full-service tax preparation for digital assets, designed for both individuals and CPAs, offers a refreshing and efficient alternative to the existing, cumbersome methods. As they bring their cutting-edge service to market, it’s clear that they are not only pioneers but also visionaries, shaping the future of cryptocurrency tax compliance.
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