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Crypto tax - A forgotten niche?

In the last few years, there was quite a boom and bust cycle in the crypto industry. Many were saying it was the future, but many are now saying that it was all a phase. I say that it’s a great opportunity for accounting professionals.This is a special edition of our newsletter on the opportunity in the crypto tax space.

Never fear, CryptoTaxCalculator is here!

CryptoTaxCalculator’s software simplifies the process of sorting through all of those transactions to give you a clear tax report you can use in your filing. They offer the ability to toggle between different tax positions so you can adjust to the ever evolving and uncertain landscape of crypto taxes, and they have a free accountant suite to manage your clients in a simple dashboard.

If you’ve got crypto tax work to do for yourself, your clients or your friends, I highly recommend checking out CryptoTaxCalculator by clicking this link!

What makes crypto tax work unique?

• It’s a niche specialization: A lot of firms completely stay away from clients who transact in cryptocurrencies because it’s an unfamiliar area for them. Having knowledge in this space can be a valuable differentiator for CPAs looking to stand out in a crowded market. Also, taking on a client in a niche space with fewer providers will generally open the door to higher fees.

• Complex and rapidly evolving environment: Although its been around for years, crypto is still a space driving tons of innovation and governments are struggling to keep up in terms of offering guidance. This makes working in the space intellectually stimulating given that answers are not always offered to you and there is often need for interpretation.

• Built-in communities: Crypto communities are highly engaged and passionate about the space. Through DAOs and NFT projects, there are already pre-existing gatherings of like-minded individuals and communities you can tap into. This can greatly help with choosing the type of client you are interested in and rapidly spreading the word about your services making the cost of customer acquisition extremely low.

• No more shoeboxes: Every firm has that client who shows up with a shoebox of receipts. The crypto space has the benefit of all transactions being recorded on a ledger, making them available as they happen and entirely digital. My experience in crypto tax workWhen I worked in a Big 4 firm previously, I was the first tax analyst within the firm to specialize in the field. That got me tons of great opportunities to work above my level, travel to conferences and meet interesting people. Now that I’m no longer with the firm, I do some crypto tax work on the side and am constantly battling excess demand. It’s not something I want to do full time, I actually just started to earn a bit of travel money. It rapidly grew into a 5 figure side business where I get to be extremely selective about my clients as I don’t have sufficient capacity for the excess demand. Softwares like Crypto Tax Calculator are constantly improving to make the workload lighter year after year, but ultimately clients still need accountants involved in the process to guide them through more complex transactions. I thought I would share about the niche opportunity in a special edition of the newsletter. Let me know by replying if you like this format, or if you hate it and I should stick to sharing findings in the Big 4 Transparency data.

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