October 17, 2018

Crypto Accounting Becomes Mainstream

Over the past couple of years, millions of American taxpayers have started to use and trade cryptocurrencies. However, relatively few of these individuals realized that just about every cryptocurrency transaction is taxable. In fact, cryptocurrency is taxed according to the capital gains rules, which are even more complicated than what most of us are used to when filing our returns every year.

The American public needs tax planning and preparation services that include cryptocurrency tax services, and Happy Tax has placed itself in the best possible position to meet this growing market need. As an early innovator in the field of cryptocurrency tax prep, HappyTax founded CryptoTaxPrep.com and began helping digital coin investors manage their tax liability in early 2017. Now, our cryptocurrency accountants help thousands of taxpayers every year, saving them over $900 on their average tax bills.

The organizations that regulate accounting practices are only just now catching up to the cryptocurrency revolution. Most notably, the Charter Financial Analyst (“CFA”) Institute - a global association of financial investment professionals – has recently added cryptocurrency-related tax materials to its certification processes.

CFA Exam Now Includes Crypto Accounting

Each year, the Institute hosts the CFA exam, which is a prestigious financial accreditation. In fact, the CFA exam is often considered as one of the most difficult finance exams in the profession with an average pass rate of less than 50 percent. Starting in 2019, this all-encompassing exam will add cryptocurrency and blockchain topics to its curriculum.

The cryptocurrency materials will be included alongside other novel topics, such as artificial intelligence, automated trading, and machine learning. Moreover, the cryptocurrency topics included in the CFA study materials will discuss ethical concerns, an issue some believe is currently lacking adequate consideration in the cryptocurrency community.

Commenting on the news that the CFA was adding cryptocurrency topics to its curriculum, Stephen Horan, the CFA Institute's managing director for education and curriculum, stated, "We saw the field advancing more quickly than other fields and we also saw it was more durable."  He went on to say, "This is not a passing fad."

Happy Tax Franchisees Access New Markets

The CFA Institute's inclusion of cryptocurrency in its curriculum further supports the growing mainstream use of this new technology. Most financial experts have come to agree that cryptocurrency is here to stay, and there will soon be an entirely new market developing around cryptocurrency-based financial services.

Happy Tax is pleased to be an early mover in the cryptocurrency tax preparation and planning industry, and we are doubly pleased to be able to pass the benefits of this smart business move onto our franchisees. The fact that Happy Tax can provide cryptocurrency tax services gives us a distinct competitive advantage, and it may very well convince several taxpayers to work with Happy Tax instead of their regular accountant. If you’re considering joining the national tax preparation franchise market, Happy Tax’s cutting-edge approach to high-demand tax services will help you attract clients and achieve lasting success.

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