POLL - Tax return preparation fees - CPA firms


#9

Sorry guys, just want to refresh this to keep it in the active rotation (Peter – OK??)

I need some info from the group for this meeting next week.

PLEASE CONTRIBUTE TO THE DISCUSSION


#10

Sorry guys, This is a prime reason to use a CPA this year.

Coinbase is providing a Cost Basis for each of the different wallets for Tax purposes.
However they are considering a SELL if you move your money out of their wallet into a hardware wallet.

Great catch Abs!!! Is this transaction labeled by Coinbase in any specific way?

Everyone should be aware of this wrinkle when (if) they go through the process of downloading their activity and give it to their accountant.

Also they provide a 1099-K for users with more than 20K in transactions. Don’t know how helpful will this be as it won’t capture the transactions accurately.

Prime example of The Accountant Full Employment Act. Everyone receiving a 1099-K this year having errors like those described above MUST reconcile their 1099-K proceeds to what they actually received. Put those schedules away for 1.) when/ if the IRS decides to audit your return or 2.) you receive a notice of deficiency related to that difference.

If it is a large difference caused by a large dollar transfer I STRONGLY SUGGEST that you hire a good accountant this year.


#11

The CPA I am using in TX charges between $450 and $650 depending on your documentation and this he stated is more than just preparing your taxes. He stated that most charge for meetings and sit downs on an hourly basis and due to the paperwork involved with charging for those sessions he wraps it up into your yearly tax return.

It doesn’t look like this is normal from what I see above. He has been following cryptos for about 4 years and has at minimum 15 other crypto clients other than myself.

Let me know your thoughts on this @Peter_Rehm


#12

Huh!! He is like hens teeth. But good to hear he’s out there.

Is he in Dallas or some other large city??


#13

North of Austin - Cedar park area for those pub’rs that are intersted as I have already gave his reference out to a few of them.


#14

Remember that Texas has NO STATE TAX RETURN TO PREPARE.


#15

Well aware of that and have been loving it.


#16

Could you give me his contact info. I did lots of trading and don’t know what to do to report my tax.


#17

I plan on using excel and doing it myself. I also used manage 401(k)s for a recordkeeper, so maybe I am just more comfortable with doing it myself. I think that 2,000 is very high. I am going to try to use turbo tax and replace stock ticker symbols with coin symbols and the data should calculate cost basis the same.


#18

It is just getting that BTC price for the precise time the exchanges happen. Hell this might be an addon that @peter and @john could add to CoinPuffs. A way for us to enter date and time and it spit out the BTC value of a coin or in the case of BTC a FIAT value. Just a thought here guys to make it better.


#19

Are you in the North Austin area?


#20

I’m in California. Don’t know any CPA that could help me here.


#21

Hi @Peter_Rehm, I really am sympathetic to all those out there struggling with the tax code and trying to report their cryptocurrency correctly. While I’m part of those CPA firms that do a kick-butt job but just don’t make economical sense for the micro Bitcoin HODLer, I do offer at least free consultations.

Free consultations are the least I can do. I got into tax to help people and if someone just has a couple questions or needs a point in the right direction, I would love to jump on a quick call on give them free advice.

I also try to be very transparent and upfront with clients with fees. That last thing I want is for anyone to be surprised. I do this year-round, invested in getting my CPA and MBA, live and work in Seattle where the median house price is 4x that of Atlanta, and work hard to make sure I provide proactive advice and tax planning for my clients all year long. So I know I can’t compete on price with small one-man CPA shops in TX that works out of their basement, is only open during tax season, and has a part-time job somewhere else. Likewise, they can’t touch me in terms of quality and expertise, but not everyone needs a high quality tax return and help planning tax strategies. I thrive on complex situations.

Anyway, like I said, if there’s anyone who needs a top-quality consultative phone call (maybe their uncle died and left a bunch of Bitcoin or they started pooling their Ether with some friends from overseas) I’d be more than happy to help and offer a free phone call or consultation!

Thomas Jones
425-301-1149
tjones@sweeneyconrad.com
https://www.linkedin.com/in/thomasjonestaxman/


#22

Wow all that dissing someone that you have no idea who they are and have been doing crypto taxes longer than you have been out of school.

Get over yourself and your ego.


#23

@Nekko I filed an extension on my taxes for 2017 and have been searching for a local CPA to help me with filing. Would you be willing to provide his contact info. I am in the Round Rock area so not far at all :slight_smile:

Thanks!


#24

Sent you a link in a DM. Been unplugged for almost two weeks.


#25

Ended up using visor.com which was only $350 if I remember correctly (but they require your crypto trades to be filled using bitcoin.tax). They did a pretty good job in a decent amount of time. Considering the time and effort needed to fill my tax returns, I may end up using them again next year.


#26

Im using cointracking.com and its really lagging on my trades.Might have to look into visor.com.


#27

I am in Central Florida, no state tax form. My accountant charges 550.0 USD for full personal federal tax prep including crypto (I only have a small amount) and 700.00 for corporate fillings. He has a few other clients with crypto.


#28

$550? I need to increase my fees then. I was charging folks $400 - 475 with little trades. More if extensive.