There's an accounting group that sets the, like the gap standards and all that stuff. Have they started putting on crypto best practices yet? The a i c p a has given out some guidance. Some of the stuff we caund talk about is like some basic accounting. Like if you have a bunch of crypto on your balance sheet and it goes down, the guidance from those groups is to write it down. This is when crypto is not your business. And then the guidance its, it doesn't make a ton of sense, but it's an intangible asset,. Theyll want you to take the right down, but they don't want you to write it up - which doesn't make
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.