Property Vine is Now Accepting Cryptocurrency as A Payment Method
February 13, 2021Altseason Playbook, Part of 6 of 6
February 14, 2021
In a letter shortly before his death, in November 1789, Benjamin Franklin, one of the legendary wits of the one-liner, gave us one last aphorism: “…in this world, nothing is certain except death and taxes”.Given the frenzy of enthusiasm in the crypto world, any heartfelt supporters might add “Bitcoin” to Franklin’s shortlist of utter certainties. But even if we accept Bitcoin as an inevitability, it sadly does not cancel out the others Franklin mentioned.Since the beginning of the Bitcoin bull run in December 2020, many new retail investors have invested in Bitcoin.Social media has been a 24×7 frenzy of enthusiasm as investors celebrated every death-defying leap Bitcoin took on its way to a more than 300% surge over the last 12 months. In February, Bitcoin spiked 16% to an all-time high of $48,200, driven in part by Elon Musk’s announcement that Tesla had purchased $1.5 billion in Bitcoin.So what will these new Bitcoin investors do with all their earnings? Answers vary — but one thing they will do with any 2020 earnings is to declare them on their tax returns.With the tax filing deadline just a month away on Thursday, April 15th ready to handle their new crypto gains? Are their small-town CPAs ready for the challenge?Paying Central Government on Decentralized EarningsTaxes are another step in the growing pains of mainstream adoption — and with new changes to the tax forms and details in tax codes, it is something that new retail investors should pay close attention to. The IRS certainly is paying attention to them.Kell Canty, CEO and co-founder of Verady, a blockchain platform that offers crypto accounting tools, said,“The challenge we see is tax professionals being ready for the onslaught of crypto taxpayers. Tax preparers and accountants will have to get up to speed on both crypto and…
