Jason M. Tyra, CPA. Website: tyracpa.com
CoinTracking.info recently welcomed aboard a new partner: CPA, Jason Trya, of Dallas, Texas. We interviewed Jason Tyra to find out why his firm prefers our software, how the state of Texas views the cryptocurrency industry and more.
CT: Can you tell us about your firm’s, Jason Tyra CPA, origins story? What were some of the biggest challenges you faced in the early days?
JT: Short version: I went out on my own when I was still very early in my career. I knew that I wanted to be a licensed public accounting firm (as opposed to just a tax prep shop) and I was looking for a way to set myself apart. I was also physically located in a semi-rural area that would not support organic growth. As a result, I wanted to focus on an area where I could stand apart/alone and access clients outside my physical zone of influence.
CT: How did you get involved in cryptocurrency and when did you begin accepting Bitcoin payments?
JT: The space appeared to be nearly devoid of professionals, especially in the finance and tax areas. This was in the summer of 2013. We have always accepted bitcoin payments.
CT: Are most of your clients based in Dallas, or do you also provide tax advice to residents of other localities?
JT: We, at Jason Tyra CPA, have hardly any local clients. Probably 95% or more of our client base is not located in Dallas, Texas.
CT: Is there anything that Texas-based crypto traders should know about how the state of Texas views cryptocurrency?
JT: Texas has no income tax. In fact, the Texas Constitution explicitly forbids it. By default, that makes Texas crypto-friendly. The only enforcement action taken by the State of Texas involving cryptocurrencies has been related to the sale of unregistered securities. Cryptocurrencies generally are not securities, but there have been a couple of high profile cases of ponzi scheme operators passing themselves off as investment funds. Cryptocurrencies are also not subject to sales tax in this State.
CT: What are some of the most common mistakes that crypto traders make when they submit their tax returns? to Jason Tyra CPA?
JT: The most common issue, by far, is failing to render a complete accounting of reportable transactions during the year. Many traders believe either that they don’t have to report crypto transactions at all or that they only need to report when they cash out to fiat. Not true.
CT: In 2017, you correctly predicted that the Cryptocurrency Tax Fairness Act wouldn’t pass. Do you think that the IRS will ever change the way that it views cryptocurrency, or will existing legislation remain the same?
JT: That bill never had any chance of passing because it was written in a way that would effectively have exempted virtual currency trading gains from taxation. I think most Americans would agree that a level of taxation is necessary, though clearly not what should be taxable or to what extent. It is the role of the Congress, not the IRS, to make those decisions. From a public policy standpoint, there just isn’t any compelling argument to grant favorable treatment to crypto gains or to promote cryptocurrencies as an alternative to the US dollar.
CT: How does CoinTracking compared to other crypto tax software programs that you’ve tried?
We use CoinTracking because it works directly with the most exchanges of any platform of which I am aware. The gain/loss calculation piece (matching sales with purchases) isn’t really that complicated. I would imagine that most calculation platforms do it in about the same way. Where CoinTracking stands apart is ease of use for my team. Direct imports mean we spend less time reformatting spreadsheets, which results in greater productivity.
CoinTracking can solve your crypto taxes by:
Calculating automatic Gains for all crypto-to-crypto or crypto-to-FIAT trades.
12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB).
Generating fully compliant Tax Reports worldwide.
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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.
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