The worst hole you never want to find yourself in is owing taxes in not having the cash to actually pay it. estimatea tax s protects you from penalties, but also just makes sure you're actually fulfilling your obligationsi superimportant a ok. We all know that if you sell them, its capital gains. If they get paid in crypto, do they, oh, taxes on that? Is that a profit if they don't sell it? Cause it's kind of like getting paid in equity in stock. I mean, this is pretty rudimentary and quick books. And you now, accounting software is nothing to do with the block chain. So, and then you have all these transactions occurring.
Crypto is reaching the mainstream, which has major implications for crypto and traditional startups alike. Kruze Consulting COO Scott Orn joins to discuss what regulation and taxes actually apply to crypto (3:17), recent improvements in crypto accounting infrastructure (8:24), appropriately documenting crypto holdings (21:25) and more! With crypto market capitalizations rivaling large cap tech companies, the IRS wants its due. This is a great crash course for properly documenting crypto and avoiding future fines.