As a tax consultant, early in my career I have seen that managing crypto in business operations requires careful planning due to inconsistent regulations, lack of bank support, and hard to understand compliance needs.
We face challenges with limited transaction records, varying tax rules, and risks such as the AML concerns from unknown wallets.
The volatility of crypto adds reporting difficulties, which can help businesses manipulate their bottom line. While we can ruin years long banking relationships with even one crypto related transaction (yes this is possible!) we have to understand the risks around using and reporting about these new payment methods.
Businesses need solid payment and banking strategies which affect every aspect of their operations, include fraud detection, compliance management, and thorough due diligence. Treating crypto as traditional assets is key to maintaining smooth operations and staying compliant.
For more information about How to Account for Crypto, and to access the 60' webinar visit https://solteszinstitute.com/