This Week in Startups Crypto accounting for startups | Finance Basics with Kruze Consulting’s Scott Orn | E1339
Dec 6, 2021
Scott Orn, COO of Kruze Consulting, shares his expertise in crypto accounting, crucial for startups navigating the evolving landscape. He discusses the implications of regulations and taxes as crypto goes mainstream. Orn highlights the improvements in crypto accounting infrastructure and the importance of accurately documenting crypto holdings to avoid IRS issues. The conversation also touches on the ethical responsibilities of startups in the crypto space and the innovative solutions emerging to tackle accounting challenges effectively.
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Legal Responsibility for Founders
- Founders have a responsibility to understand the law.
- Ignorance is not a defense against legal repercussions.
Crypto as a Software Tool
- Crypto tokens can function as software tools.
- They facilitate transactions beyond mere speculation.
Estimated Taxes on Crypto
- Pay estimated taxes on crypto gains quarterly.
- This avoids penalties and ensures you have the cash when taxes are due.