Curt Mastio, CPA. Website: FoundersCPA.com
CoinTracking.info recently interviewed CPA Curt Mastio, Founder’s CPA, to find out why he decided to become a CoinTracking.info affiliate partner.
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Interview with Curt Mastio
Can you tell us about Founder’s CPA origin story? What were some of the biggest challenges you faced in the early days?
I started off in a pretty traditional career path. Quickly realized that a more structured corporate environment wasn’t for me. Shortly thereafter I went off on my own and started what is now Founder’s CPA and have been doing that ever since. The biggest challenges in the early days was finding the right people to add to our team. Most accountants that come from a more traditional background are used to the old way of doing things. As a result, we have to teach people to unlearn some of those habits, which isn’t always the easiest thing to do.
In addition to helping cryptocurrency traders do their taxes, you also specialize in startups. Is there any tax advice that you’d like to pass along to people who are thinking about starting a blockchain company?
Make sure you understand the tax implications of things like ICOs or receiving funding in cryptocurrency. It can be a mess to play catch-up with that. In addition, the IRS allows for some very specific tax credits for companies that are experimenting with new technology. Most people have no idea that these credits exist and they miss out on these incentives.
Is there anything that crypto traders in Illinois should know about crypto and taxes?
In general, make sure you understand all your filing obligations and dates. The worst thing you can do is not file at all.
What are some of the most common mistakes that crypto traders make when they submit their tax returns to Founder’s CPA?
Not reviewing their statements. Even if you use a software platform, you still need to review it to make sure it’s reporting the gains and losses appropriately. If things look like they’re wrong, they probably are.
Do you think that the federal tax rules around cryptocurrency will ever change, or do you expect the IRS to keep the same stance for the foreseeable future?
I don’t think anytime soon. They don’t have all the resources they need to implement any meaningful reforms in the short term. However, the existing regulatory framework that we’re operating in from a tax perspective won’t work if crypto achieves widespread adoption, so it’s something that will have to happen at some point.
How does CoinTracking compared to other crypto tax software programs that you’ve tried?
At Founder’s CPA, I’ve looked at some other ones. CoinTracking was one of the first ones in the space from what I recall. They support pretty much every exchange that you’d need to import data from so it’s a great option to help consolidate your gain/loss data for tax reporting. I would definitely recommend it for tax planning and compliance purposes!
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Where can CoinTracking help you?
- Importing your trades from 110+ exchanges/wallets.
- Supporting DeFi, BSC, and Binance Chain trades.
- 25+ advanced reports.
- Calculating your crypto gains automatically.
- Supporting 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB).
- Generating complete tax reports in your country.
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All you need to know about crypto taxes:
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.