Crypto Tax Academy has announced that it now has an enterprise offering for multi-student discounts and group trainings for small, medium and large tax and accounting firms. Since it’s launch in July, CryptoTaxAcademy.com has been the the nation’s first and largest crypto-specialty education provider already helping over 1,000 tax and accounting industry professionals on the platform to navigate the complexities of crypto accounting and taxation. All tax courses come along with IRS CE credit for EAs and NASBA CPE credit for CPAs. The Academy is operated by professionals from CryptoTaxPrep.com, the industry-leading cryptocurrency tax preparation service by Happy Tax.
The courses offered by Crypto Tax Academy help practitioners add more clients and increase their revenue in the large and growing market of cryptocurrency traders and miners. There are an estimated fifteen million owners of cryptocurrency in the U.S., including over thirteen million users at the digital currency exchange Coinbase alone. The Academy features learning tracts that include 25 modules with over 45 hours of content and live Q&A. Those who complete the Advanced course modules receive the Advanced Crypto Tax Expert (ACT-E) Designation, showcasing their expertise.
The Academy’s team of instructors includes CPAs, Enrolled Agents, business growth experts and even a Harvard MBA. “Cryptocurrency is here to stay. The use of blockchains is a ground-breaking technology that has enabled millions to speculate in trading activity, with upwards of ten billion dollars of bitcoin and other digital assets trading each and every day currently,” said Crypto Tax Academy Tax Director L. Knox Wimberly. “Our team has prepared more cryptocurrency returns than anyone else, and we are pleased to be able to share our knowledge, experience, and expertise with the wider community of practitioners. Our instructors are thorough and provide information usable to preparers and accountants of every experience level.”
The curriculum not only includes deep learning on the nuts and bolts of the tax laws and guidance pertaining to cryptocurrency, but it also covers marketing strategies to gain these new clients, who generally have a fee of four times the amount of a non-crypto return.
“It is a complete supply and demand situation. With so few competitors who understand cryptocurrency taxation and so many clients in need of the service, those that complete our courses, learn the materials, and implement these strategies are guaranteed to grow–and grow dramatically,” said CEO Mario Costanz. “The coming one-two punch of the Coinbase letters about to be sent by the IRS and NYSE’s Bakkt enabling consumers to purchase Starbucks with crypto are going to create the biggest opportunity this industry has seen since H&R Block opened up the first retail office 60 years ago.”
Crypto Tax Academy students also get access to a number of bonuses not ordinarily available from typical tax-education providers. Access to a monthly business growth coaching call, a year-round email support hotline, and actual marketing materials are included with paid courses.
“There are a large number of non-filers who have traded cryptocurrency but have not yet included their trades in their tax returns,” said instructor and Happy Tax CFO Ted Muftic. “Some crypto enthusiasts have the misconception that this income is not required to be included in tax returns. Those taxpayers who haven’t complied with the law are in for a rude awakening that includes penalties, interest, and possibly fines.”
In 2016, the IRS sued Coinbase, the US’s largest exchange to receive KYC (Know Your Customer) data on an initial subset of its users and their trades. In the suit, the IRS asked a federal judge to order Coinbase to turn over its users’ account information to the taxing agency. The IRS asserted that even though millions had traded cryptocurrency in 2015, only 802 taxpayers included their crypto trades on their tax returns. The judge signed the order in November of 2017, and the data was turned over in March of 2018 to the IRS, who has its LB&I division working through it.
The Academy believes that the Coinbase letters will be going out at some point during 2018 to over 13,000 traders from the 2013-2015 tax years, when cryptocurrency hadn’t even hit the mainstream. There is also a large contingent of traders who still haven’t included their cryptocurrency income for 2017, when crypto mania swept the nation. This is a client opportunity for those practitioners who know how to handle the business. Once the penalty letters are sent, traders receiving them will flood to sites like Reddit, bitcointalk.org, and various Facebook and telegram groups to share their experiences with other traders not yet ensnared in the data turn-over. Hearing stories of those traders’ penalties will, in turn, spur those currently out of compliance to look for competent cryptocurrency tax experts. “There will be millions of clients looking for help. We might not be able to handle it all ourselves, so we are excited to help our peers to be ready for this coming onslaught of business,” said CEO Mario Costanz.
Cryptocurrency is not anonymous, even when using masking cryptos like Dash or Monero. “I believe the IRS and DOJ will continue aggressively targeting taxpayers who are not reporting their crypto trades on their tax returns,” said Mark Milton, owner of MCM Law LLC, who serves as Crypto Tax Academy’s Advisor and is a former Trial Attorney with the US Department of Justice Tax Division. “As such, it is imperative that taxpayers ensure they are timely and accurate in reporting their crypto trades.”
The firm is currently in discussions with a number of large accounting firms to offer the content to all of their professionals. Affiliate programs are also available for any companies that would like to offer this to their customers.
Happy Tax and it’s cryptocurrency brands are also participating as a member and Chair of the Tax Working Group at the Accounting Blockchain Coalition, an alliance dedicated to educating businesses and organizations on accounting matters relevant to digital assets and distributed ledger technology, including blockchain.
As a member of the ABC, Happy Tax will assist in providing educational information and materials to the broader accounting industry on changes and updates to information regarding digital assets and distributed ledger technology.
In alignment with the ABC, Happy Tax CEO Mario Costanz presented a TED Talk on crypto taxation at the American Accounting Association’s Blockchain Technology Emerging Issues Forum on September 14, 2018. The AAA is the premier community of accountants in academia. Over 200 forward-thinking university professors from all across the US attended to learn about crypto taxes and accounting from Mr. Costanz, the AAA and the ABC.
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Tags: Accounting, Digital Currency, Technology
