Nancy Orben, CPA
As the cryptocurrency market ebbs and flows, the accounting profession needs to remain flexible with it. Nancy Orben is doing just that by staying on top of the latest changes in cryptocurrency rules and regulations. A lot of accountants have a basic understanding or a general impression of cryptocurrencies, but for anyone who is more than a casual investor, you need an accountant who knows quite a bit more than the basics and there are some key things she is able to look out for.
For example, there are savvy investors in cryptocurrency who understand the tax implications, but some taxpayers who have made numerous transactions might not realize they need to provide additional documentation. It’s easy for a standard accountant to incorrectly report this information on a tax return if they didn’t know to ask more specific questions.
From an accounting standpoint, there’s also an issue with accounting software in that a lot of the cryptocurrencies go out to eight decimal places, versus the U.S. dollar which is typically calculated to two decimal places. Additionally, the changes in the market value from year to year have an impact on the type of income tax filing that people would be filing. Lots of little pieces of knowledge add up to big value from Nancy Orben.