A crypto tax expert investigated a host of innovative and ambitious crypto tax companies and the product they offer.
The media attention is going to the metaverse, the future of all-time price high, and the doge of finance is being pushed on all sides. The most difficult part of finance is to get a 21st-century makeover and the name of that dinosaur is tax industry.
The tax industry has made its efforts to try to understand the industry and flesh out the nitty-gritty tax details, that come in a brand-new asset class. However, filing crypto-related taxes can still be a burdensome task, with a variety of different forms, calculations, and recording of transactions.
That said, a host of young, innovative, and ambitious crypto tax companies have risen to the occasion – ready to reduce your tax-related stress before deadline day.
Dennis Wohlfarth was working in a Ferrari company as a mechanical engineer in 2014 when a bug called bitcoin bit him. After three years, a group of founders from the United States, Germany and Switzerland developed the blueprint of Accounting.com and they launched their company in 2019.
With a European vibe, Accounting offers crypto tax reporting solutions for the U.K, Germany, Austria, Switzerland, Australia and the U.S. ranging something between $80 and $300 (plus a free tax report), as well as a portfolio-tracking app and desktop solution. A product called Trading Tax Optimizer is a part of the offering, which can help users to optimize their taxes through tax-loss deduction and analytics.
At the starting of this year, the startup partnered with Swiss-based audit giant BDO Global, to boost its brand as well as connect a key traditional tax partner in Europe. “We want our team to bring in their personal touch so we can expand our tax solutions in Europe and then to the APAC (Asia-Pacific). We want to expand our blockchain connections, NFT and decentralized finance (DeFi) tax support [and] our portfolio features,” Wohlfarth says.