Crash Course
The crypto wave is coming fast! The vast majority of tax professionals are not prepared to talk crypto or to handle many of the tax questions that come up regarding crypto products that do not have a parallel in the world of traditional finance. In 4 hours flat we’ll have you ready to go!
The course is delivered live.
It qualifies for verifiable CPD credits.
There are 4 core topics:
Talk Crypto – A review of all the core terms and what each component does as it plays a role in the cryptosphere. You’ll feel confident, you’ll understand your clients’ questions, and you’ll discover many interesting components in the world of crypto.
Crypto Use Cases & Ecosystems – An explanation of the products and platforms, including live demos. You’ll know what people are using crypto for – and why!
Incorporating Crypto into your Practice – The demand has created a new and early-stages explosion of opportunity for those who get ready in time. We will cover several different approaches to incorporating crypto taxation into your practice so you retain current clients and attract new ones.
Critical Issues in Crypto Taxation – Pitfalls abound (we have more than 2 dozen in our crypto bookkeeper training program). Only by becoming informed will someone even know what they are and where to look. That incorrect ACB can cost you a dozen hours of frustrating research and that transaction that is hiding in plain sight will confound you. Become aware of them and you will serve your clients in a way that is nothing less than critical!
Strategic Partner
Make Crypto Records a strategic connection for your tax business.
- Is their trading activity at the level where incorporation may be advantageous? If so, should they consider an OpCo or a HoldCo + OpCo structure? (The “to incorporate or not to incorporate” conversation comes up in 10-20% of our client scenarios.)
- Are there taxable events that have happened since the year end that would be good for you to be aware of so you can discuss tax planning strategies in advance? (We notice this in 10-30% of our clients’ scenarios.)
- Are there losses due to hacks or platform bankruptcies that may be written off 100%? If so, the emails, notes, and other backup information such as evidence of the event will be included. (About 10% of our clients are dealing with such a situation.)
- Could there be income attribution issues to be aware of, such as when one family member transfers assets from their crypto wallet to another family member for trading purposes (This issue is often overlooked, but transfers between family with the proceeds subsequently invested is relatively common).
- Will they need to file a T-1135? If so, what assets are the ones that need to be included? (This issue affects 15-40% of our clients.)
- Will they need to amend prior years’ returns to account for unreported crypto activity? (This affects 60-80% of our clients.)
- Should they consider using the VDP? (This issue affects 10-15% of our clients.)
- Should they have collected GST/HST on crypto NFT sales? (This issue affects a small percentage of our clients, but non-compliance with GST/HST reporting comes with hefty penalties. Additionally, confusion abounds regarding this issue, so we keep an eye out for it and will advise you and the clients if we see that there may be a GST/HST issue to address.)
- Do they have changes in the works regarding their employment or business activities that may affect how their current or future crypto activities should be handled? (5% of our clients are in the midst of changes which they should bring up with their accountant.)
We can create the crypto tax reports for your clients.
We know crypto, and we know tax – and that makes a big difference for you because our reports include the bookkeeper’s notes. This is gold for you; the notes highlight key areas for you to zero in on and provide a head start to answer any potential questions from CRA. Instead of spending a large amount of time pouring over the results and hundreds and likely thousands of transactions, top level items that may be of interest will be front and centre. Any unique transactions will be referenced and summarized. Core transactions that may affect the ACB or be considered a total loss will be referenced, as well as activity that could fall into the grey zone between realized capital gains vs business income. Our team is experienced in taxation so they understand the issues and opportunities you may deal with when serving your client. If we see any of those items that may come up we will include it in our report; such as:
Get your practice crypto ready
The crypto wave is upon us! Crypto forums are full of crypto users asking for referrals to accountants who are familiar with crypto. 75% of our clients told us they were not comfortable with their existing accountant because they were not knowledgeable with crypto products. Dozens upon dozens of crypto users told us they “had to switch” to a new tax professional because they want to work with an accountant who is personally familiar with crypto. In Canada more than 90% of crypto users have not filed their crypto activity. More than 50% of Gen Y and Gen Z have traded crypto. The market is massive, growing quickly, and shockingly underserved. We have a resident pro with over 30 years’ business coaching experience who has worked with accountants on hundreds of his clients scenarios, and who has been full time in crypto since 2017. He has already helped many tax professionals to up their crypto game and has a full process he can work through with you and your entire team to get you ready to serve crypto clients with all the knowledge you need. The process also includes our 4 hour crash course, which qualifies for CPD credits (details below). All your employees are included, as is personalized strategizing based on your needs, ideas, and questions. The process:
Assess > Modify promo > Create communications > Update processes > Client interactions questions & discussion points > Analyzing their crypto activities; key items to look for > Planning; strategizing ideas to keep their crypto activity tax efficient > Transaction tracker > Keeping their crypto admin organized > Personal Q&A for you and your team; can be used as you wish: crypto product, platform how to, tax questions, terminology, practice integration, marketing.
Cost est $3,000 CAD but can be modified based on your needs. Get in touch with us for a video call to discuss.
Benefits summarized:
- The fastest and most cost effective way possible for you to integrate crypto taxation into your services.
- Financially efficient: The process includes 4 hours of verifiable CPD credits for each person who attends that portion of the process.
- Team building: Everyone on your team is welcome to attend the sessions; it will be a fun experience for everybody.
- Upgraded skills across the board: It will leave a good impression when your entire office can talk crypto – that will instill confidence in the clients.
- Effective messaging: You will have tools to connect with crypto users, including professional messaging in your facility, communications on your website, emails to clients, and advertising.
- Rich content: Your coach knows what clients are looking for, what accountants need, and has literally decades of experience coaching business owners and a tremendous amount of crypto experience, having used several hundred platforms and used a huge array of crypto products. You will learn a lot, quickly, and effectively.
- Relevant experience to put it all together: Your coach is not single-dimensional, but has critical business and leadership experience to know the how and the why, and how to pass that on to you. He will not just help you to learn more about crypto, but he will help you to put the full package together so that you and your team know how to find, service, and interact with crypto investors in ways that will win their trust. Examples: He has created and delivered several leadership programs, written guest articles on business success, owned and run 3 small incorporated businesses, lead a team of 4-8 people for decades, taught many groups on how to interpret and respond to clients, designed hundreds of business process flows, consulted on hundreds of high level tax and financial strategies, been an ongoing aid to several CRA employees when they had new or unique scenarios to interpret, had CRA employees as clients, been through 4 CRA audits personally / corporately, and explained crypto taxation issues to hundreds of accountants.
Free Private Groups for Professionals
This will save you a lot of time while boosting your knowledge. We will host an online video call for professionals in tax only. On each call we will:
- Give updates on crypto taxation
- Answer any questions you have
- Advise you about the CARF initiative, as that will affect you directly (Crypto Asset Reporting Framework)
- Discuss any of the crypto tax topics for which there may not yet be clear guidance (there are several of those already and possibly more on the way as the crypto industry is creating new products at a rapid pace)
For members of this group, once per year we will have a free event structured to qualify for 1 verifiable CPD credit.
HIRE US FOR YOUR EDUCATION EVENT
Having a conference or an online education event?
We will create a tailor-made agenda to cover all or any topics to enhance your knowledge in crypto and crypto taxation.
We have pros who have been in crypto full time for nearly a decade and who have extensive experience working with accountants in a wide array of tax-related situations. Our education content qualifies for CPD credits!
Need a one-time speaker? Check. Want to do a series? Check. Half day, full day, or sessions at a conference? Check, check, check. Q&A on any crypto product or tax question? Sure!
Get in touch with us and we’ll deliver the content in a way that your people will enjoy & understand, and most importantly, they’ll learn a lot in a short window of time.
Resources for accounting professionals:
Data complexities are a big headache for tax preparers who do not specialize in cryptocurrency taxation. Crypto Records is focused exclusively on cryptocurrency bookkeeping. This specialization results in knowledge and experience that is invaluable when inputting transaction data and creating tax reports. We are experienced with a myriad of data types, a wide range of transactions, exchanges, blockchains, and wallets. Farming out the work is a time-friendly and cost-effective solution that relieves the tax preparer from the burden of learning many details to do a small quantity of work.
By working with Crypto Records, you can carry on with serving your clients and have confidence that the cryptocurrency portion of their taxes will be handled with care and professionalism.
If you are a member of our free Private Group for Professionals you will get 1 free verifiable CPA credit annually.