Blox survey reveals shocker for crypto tax

Blox survey revealed major knowledge gaps in record keeping and reporting with only a few clients accurately disclosing digital assets or transactions. This was reported on 13 August.

Blox introduced itself as an industry-leading platform for crypto accounting, management, and tracking. Blox further added that the report, titled “The Crypto CPA Insights Report,” was a novel look at the upcoming crypto accounting industry. The multi-faceted firm explained that the report compiles insights on the current hurdles that both individuals and businesses face when tracking or managing digital assets. 

Alon Muroch, CEO of Blox expressed thoughts as – 

“This is an entirely new industry and most investors and CPAs are still learning the ropes. One of the biggest problems is the lack of infrastructure. The more mainstream crypto transactions become, the more smart tracking and management tools become imperative. Human error can have serious implications. It comes as no surprise that most CPAs identified technology as a key component for the future of crypto accounting.”

Blox, however, noted a point of distinction that this lack of disclosure may or may not be intentional. The fintech firm opined that a large percentage of accountants stated that missing or inaccurate data was the major crypto accounting mistake. Also, the finance personnel stated a lack of understanding of crypto tax rules was a key hurdle. Blox summarized that more government regulation and guidance was the need of the hour.

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Blox maintained that respondents also pointed to the lack of access to automated crypto accounting software. This was in addition to the limited knowledge about the available crypto software solutions. Blox added a positive reference that a high percentage of respondents believe that there would be smarter solutions in the future. However, a sizeable number pointed to the need for increased automation for accurate record keeping.

David Kemmerer, Co-Founder at CryptoTrader.Tax shared news about the integration of CryptoTrader.Tax with Intuit TurboTax. CryptoTrader.Tax is an automated cryptocurrency tax processing platform. It was built to address crypto tax implications. A multitude of users has already used the software for their crypto taxes. The partnering up with TurboTax has further extended their outreach.

Blox threw light that it had conducted an online survey of 20 leading crypto accounting and bookkeeping experts. Such entities were focused on blockchain, crypto companies, projects, investors, and mining operations. The survey was distributed recently with respondents being U.S. based.