Understanding the Importance of Crypto Accounting: As the crypto industry grows, founders must ensure compliance with regulations by understanding crypto accounting and seeking expert help.
The crypto industry is experiencing a surge in entrepreneurial energy and is seen as the new SaaS or consumer internet. However, it's important to note that old laws do apply to this new industry, and founders have a fiduciary responsibility to understand them. Ignorance of the law is not an excuse or a defense against breaking it. The crypto industry, which includes ICOs, has seen its share of challenges and regulatory issues. Jason Calcana, an angel investor and host of This Week in Startups, has started a series called Startup Basics to help answer common questions about various aspects of starting a business, including crypto accounting, which is becoming increasingly important as more companies enter the crypto space. They trust providers like Scott, the COO of Cruise Consulting, to help navigate the complexities of crypto accounting and ensure compliance with regulations.
Crypto Tax Implications for Utilitarian Tokens: Companies dealing with crypto as a business model may face taxable gains on utilitarian tokens used for transactions or network access.
The regulatory landscape for crypto is evolving, with a focus on the utility of tokens beyond speculation. Utilitarian tokens, such as those used for transactions or accessing network services, are no longer just seen as investments. Instead, they may be subject to tax treatment similar to barter transactions or payments in traditional currencies. Companies dealing with crypto as a business model, rather than a fundraising tool, may face realized or unrealized gains that could be taxable. This was exemplified by Solana founder Anatoly, who acknowledged and paid a significant tax bill. It's essential for individuals and businesses dealing with crypto to understand these tax implications and consult with tax professionals for proper guidance.
Penalties for Not Paying Crypto Taxes Estimated: Neglecting to pay estimated crypto taxes can lead to penalties and inability to pay taxes when due. New crypto accounting software simplifies crypto tax management.
Not paying estimated taxes on crypto transactions can lead to penalties and potential legal consequences. The IRS expects tax payments to be made throughout the year, not just at the end. Failing to pay estimated taxes can result in penalties and the inability to pay taxes when due. Additionally, the infrastructure for managing crypto taxes is still developing, making it crucial for individuals and businesses involved in crypto transactions to stay informed about tax obligations and seek professional advice when necessary. The traditional accounting software like QuickBooks is not designed for crypto accounting, but new accounting software specifically for crypto transactions is emerging, allowing for easier integration and management of crypto transactions within the existing accounting systems.
Navigating the complexities of crypto accounting: Accountants help crypto businesses comply with regulations while maintaining decentralization, dealing with W-2s, 1099s, and W-8BENs, and ensuring efficient accounting processes with advancing technology.
As technology advances, particularly in the crypto space, accountants play a crucial role in ensuring compliance and ethical business practices. In the past, crypto companies may have relied on rudimentary reporting methods, but now, advanced tools allow for more seamless integration of financial data. Founders value good accountants and want to ensure their businesses are run ethically. However, the crypto world's decentralized and anonymous nature raises unique challenges, such as the need for tax compliance and KYC (Know Your Customer) procedures. Accountants must navigate these complexities and help crypto businesses comply with regulations while maintaining the spirit of decentralization. This involves dealing with W-2s for employees, 1099s for contractors, and W-8BENs for foreign vendors. Despite the challenges, the future looks promising as technology continues to innovate and make the accounting process more efficient for crypto businesses.
Crypto Tax Compliance: Essential for Business Owners: Crypto business owners must prioritize tax compliance and keep accurate records to protect themselves and their businesses from potential disasters and regulatory scrutiny.
Running a business in the crypto world comes with unique challenges, especially when it comes to tax compliance. Ignoring these challenges and not doing things the right way can lead to potential disasters down the line. As one expert noted, even if mistakes are made, showing good faith and a genuine effort to correct them can go a long way with government agencies. With the development of accounting software specifically designed for crypto transactions, there's now no excuse for not doing things the right way. It's important to remember that just like in the days before credit cards, when expense reports were submitted with written receipts, there were opportunities for people to manipulate their accounts. But with the introduction of credit cards and digital tracking, fraud and manipulation became much harder to pull off. The same will be true for crypto transactions as they become more regulated and tracked. So, it's essential for crypto business owners to prioritize tax compliance and keep accurate records to protect themselves and their businesses.
Exploring the intersection of finance and creativity with NFTs: NFTs enable creators to earn royalties or annuities from each sale of their work, fueling entrepreneurial energy and excitement in the space. However, legal complexities exist and the potential implications for creators and intellectual property owners are vast.
The world of finance and creativity is evolving rapidly with the emergence of Non-Fungible Tokens (NFTs). In the past, expenses like travel or meals could be claimed as business expenses, but the process was not as streamlined or valuable as it is today with NFTs. The discussion also touched upon the tax implications of miles or points programs, which can be compared to the ownership and sale of NFTs. The financial innovation brought about by NFTs is remarkable, allowing creators to earn royalties or annuities each time their work is bought and sold. This has fueled the current entrepreneurial energy and excitement in the space. However, there are legal complexities, such as the ongoing court case between Quentin Tarantino and Miramax over NFTs of unproduced script pages from Pulp Fiction. As we move forward, it's fascinating to consider the potential of NFTs, where every frame or second of a movie or TV show could be sold as an NFT, and the implications for creators and intellectual property owners. This new frontier in finance and creativity is sure to inspire and challenge us in ways we could not have imagined just a few years ago.
Exploring Opportunities and Challenges of Selling Intellectual Property as NFTs: Selling intellectual property as NFTs offers new revenue streams but raises concerns around profit distribution and regulatory uncertainty. It's crucial to have a solid cash management plan and understand tax implications.
The sale of intellectual property as Non-Fungible Tokens (NFTs) in the crypto world presents both opportunities and challenges. While it opens up new revenue streams, it also raises concerns around the distribution of profits and regulatory uncertainty. The sale of physical memorabilia, such as movie prints, has been happening for years, and NFTs are an extension of that concept. However, the accounting and tax treatment of crypto assets is still evolving, and it's crucial for individuals and companies to have a solid cash management plan in place. The AICPA has provided some guidance, but more clarity is needed. The volatility of crypto assets, like Bitcoin, can lead to significant losses, and it's essential to have a clear understanding of the tax implications. Overall, the NFT market presents exciting opportunities, but it also requires careful consideration and planning.
Focus on core business and growth: Founders should prioritize their company's growth with given funds, avoiding risky investments in crypto or NFTs with business funds.
Founders and companies should focus on growing their businesses with the funds they have been given, rather than using those funds for speculative investments in areas like cryptocurrency or NFTs. These investments should be made with personal funds instead. Venture capitalists, foundations, retirement associations, and high net worth individuals who invest in these companies expect the companies to focus on their core business and growth, not on diversifying their portfolios with risky investments. The importance of this was emphasized, as these investments can lead to significant losses and distraction from the company's main objectives. The speaker acknowledged the allure of the crypto and NFT worlds, but emphasized the importance of maintaining a clear focus on the business at hand.
Approaching NFTs with Caution and Understanding: Understand why you're buying, diversify, consider long-term benefits, and manage risk to avoid significant loss in NFT market.
While the crypto trend, specifically NFTs, is an exciting major trend, it's essential to approach it with caution and understanding. Comparing it to the dot-com boom, the energy and potential were correctly placed, but the bets were placed poorly and at insurmountable odds for many, leading to significant risk of ruin. To avoid this, it's crucial to know why you're buying something - is it for speculation, fun, or excitement? Diversification and intelligent bets are key, as is being aware of the risk of ruin - putting all your money into one bet or a small number of bets. Additionally, consider the long-term benefits, such as potential appreciation or enjoyment, before making a decision. As the speaker suggests, taking profits and locking in wins is not a sign of weakness but a smart move. Remember, the dot-com boom had its winners, but it also had its losers. Approach NFTs with a well-managed bankroll and a clear understanding of the potential risks and rewards.
Investing in traditional markets and emerging technologies: Be aware of potential risks and regulatory environments, adapt and evolve with changing markets, work with reputable institutions and entrepreneurs, and embrace market regulation for value preservation and innovation.
Thoughtful investment strategies, whether in traditional markets or emerging technologies like cryptocurrency, can lead to significant gains and strategic partnerships. The speaker emphasizes the importance of being aware of potential risks and regulatory environments, and being willing to adapt and evolve with changing markets. He also highlights the value of working with reputable institutions and entrepreneurs to build a clean and transparent infrastructure that benefits all parties involved. The speaker's experiences with Masayoshi Son and Uber illustrate this point, as well as his cautious approach to cryptocurrency during the ICO phase and his more positive outlook on it now that regulations are in place. Ultimately, the speaker believes that market regulation can be a good thing, as it helps preserve value, encourage innovation, and protect consumers.
Ensuring Legitimacy and Ethical Implications in Business Transactions: Shifting Bitcoin production from China to the West reduces the risk of supporting human rights violating organizations and supports growing businesses by bringing accounting in-house and supporting startups.
It's important to ensure the legitimacy and ethical implications of the people and organizations involved in business transactions, especially when it comes to new technologies like Bitcoin. The shift of Bitcoin production out of China to the West has given Western control over this technology and reduced the risk of supporting human rights violating organizations. Additionally, supporting startups and bringing accounting in-house are significant milestones for growing businesses. The Basics series on Startups.com provides valuable insights from professionals like Scott, who can help unpack complex issues and offer solutions. Be sure to watch the entire series for a deeper understanding of various business topics.
Crypto accounting for startups | Finance Basics with Kruze Consulting’s Scott Orn | E1339
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Mentioned on the show:
OpenAI o1’s announcement: https://openai.com/index/learning-to-reason-with-llms/
OpenAI release article on The Verve: https://www.theverge.com/2024/9/12/24242439/openai-o1-model-reasoning-strawberry-chatgpt
Supermaven article: https://techcrunch.com/2024/09/16/ai-coding-assistant-supermaven-raises-cash-from-openai-and-perplexity-founders/
Twitter post from Michael Seibel: https://x.com/mwseibel/status/1835063692117103090
Waymo and Uber expand partnership: https://waymo.com/blog/2024/09/waymo-and-uber-expand-partnership/
Polymarket on Fed Interest Rates: https://polymarket.com/event/fed-interest-rates-september-2024?tid=1726496650092
Leaked Mr Beast doc: https://drive.google.com/file/d/11dV24Mda_kNEBCLtPtBomWG4IkngvQKK/view
Travis Kalanick | All-In Summit 2024 video**:** https://www.youtube.com/watch?v=8j7lwauJN2s
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Relationship Advice of the Investor Sort with Meghan Reynolds of Altimeter | E2008
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The New Power Law & How I Built a $100B Portfolio | E2007
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Timestamps:
(0:00) Jason joins Pejman Nozad and Jason Shuman at the Liquidity Summit 2024.
(3:25) Pejman Nozad’s “How I Built a $100B Portfolio”
(10:42) .Tech Domains. Don’t miss our “Jam with JCal” contest! To apply and get more details go to https://jamwithjcal.tech/
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(23:50) Jason joins Pejman for a fireside chat.
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(38:02) Jason Shuman’s “The New Power Law: Good vs Great Funds”:
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(36:33) Oracle. Save up to 50% on your cloud bill at https://www.oracle.com/twist
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Boom: Supersonic speeds for everyday travel with Blake Scholl | E2006
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Todays show:
Boom Supersonic’s Blake Scholl joins Jason to discuss the future of supersonic flight (1:18), Boom's vision and test flights (9:25), the evolution of hardware startups (22:29), the future of autonomous aviation (1:17:06), and much more!
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Timestamps:
(0:00) Boom Supersonic’s Blake Scholl joins Jason
(1:18) Commercial flight speed & Concorde history
(8:34) Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist
(9:25) Boom's XB-1 test flights and airline partnerships
(15:04) Pricing, market comparison, and venture capital's view on hardware startups
(21:16) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/TWIST
(22:29) Evolution of startup market and hardware innovation
(29:03) Boeing's innovation decline and attracting talent to projects
(36:15) OpenPhone - Get 20% off your first six months at https://www.openphone.com/twist
(37:42) Working with tech legends and overcoming engine design challenges
(49:14) Cross-discipline innovation
(57:01) Learning from Air France 447 and cockpit safety design
(1:03:36) Cockpit technologies and the MH370 mystery
(1:11:30) Public perception of aviation risks and airport security impact
(1:17:06) The future of autonomous aviation
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Scaling Childcare with Tech: Winnie.com’s Blueprint for Growing with Purpose & Profit | E2005
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Timestamps:
(0:00) Sara Mauskopf, CEO of Winnie joins Alex
(1:45) Winnie's evolution, pivot, and focus on childcare services (7:25) Building Winnie's database and reflections on company growth
(9:55) Brave Search API. Get started for free at https://www.brave.com/jason
(12:08) The value of transparency and growth metrics
(19:20) CLA. Get started now at https://www.claconnect.com/
(21:16) Market positioning, motivations, and goals in the childcare industry (23:30) Addressing gender dynamics and startup funding (27:34) Balancing investor expectations with business models
(29:43) Sprig. Visit https://sprig.com/twist ****to book a demo and get a $75 gift card.
(31:10) Profitability, operational efficiency, and managing costs (37:01) Marketing strategies, brand growth, and the impact of Google’s model (40:30) Adapting to changing childcare demands due to remote work (44:08) Efforts to reduce childcare costs and home-based business challenges (50:06) Balancing profitability with growth and venture capital experiences (54:00) SaaS pricing challenges and the impact of AI (58:22) Tech M&A, FTC regulations, and innovation policies
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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The Rise of Stablecoins with Circle’s Jeremy Allaire | E2004
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Todays show:
Circle’s Jeremy Allaire joins Alex Wilhelm to discuss the growth of stablecoins (49:06), stablecoin market infrastructure (22:23), their impact on global financial systems (56:07), and more!
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Timestamps:
(0:00) Circle’s Jeremy Allaire joins Alex Wilhelm
(2:08) Jeremy's early career and the evolution of the internet
(5:28) Transition from Macromedia to Circle's founding
(12:10) LinkedIn Jobs - Go to https://www.linkedin.com/twist to post your first job for free.
(13:21) Bitcoin, stablecoins, and Circle's compliance
(20:53) Google Cloud - Get up to $200K in Google Cloud credits – or up to $350K for AI startups – plus training and guidance. Apply at https://startups.google.com/twist
(22:23) The current state and future of stablecoin market infrastructure
(28:07) Integrating stablecoins with traditional finance
(34:12) Beehiiv - Get 30 days free and 20% off your first 3 months at https://www.beehiiv.com/twist
(35:40) Stablecoins' impact on global financial systems
(41:30) Circle's business model, scalability, and blockchain potential
(49:06) Growth of USDC and other currency stablecoins
(51:10) USDC market cap trends and interest rates
(56:07) Stablecoins in the global financial system and US regulation
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.