Our team at BearTax has put together this presentation to help traders and investors understand the basics of accounting and taxation of cryptocurrency. For more questions & discussions, join our telegram group https://t.me/beartax and visit out website https://bear.tax Feel free to share around. Link us if you make a copy of it in your presentation.

1. The basics of
Cryptocurrency
Accounting
Created by BearTax for education purposes for
individual cryptocurrency traders and accountants
helping traders and investors file their taxes.

2. Cryptocurrency vs Virtual Currency

3. A New Question on
your tax forms

4. IRS stand on
Cryptocurrency
How serious are they about your
cryptocurrency reporting?
Spending good efforts on understanding nuances and updating
FAQs and guidance regularly since summer of 2019
Updating guidance & jargon
IRS turns out to be the biggest customer of the blockchain
forensic firm Chainanlysis according to recent report
Biggest customer of Chainalysis
IRS has sent out warning letters and notices to thousands of
underported and mireported traders .
Letters & Notices to traders
Exchanges have to be compliant and provide information of
traders crossing certain thresholds to the IRS.
Exchange compliance & 1099K

5. How can I be
complaint?
A question to ask!
Saying Yes if you own
Reporting Income &
Gain/Loss
Keeping good records

6. Understanding
Taxable events
When do I owe taxes?
Only when you withdraw to bank?
Only when you sell for FIAT?
Every trade you make?
Crypto to Crypto taxable?
What about Lending?
What about Staking & Mining?

7. Classifying &
Declaring Income
HardForks
Referrals
Mining
Gifts
Staking rewards
Airdrops
Voting rewards
Community rewards
Earning for tasks

8. Capital Gains &
Losses
Crypto to Crypto trades
First In First Out
Specific Identification

9. GAIN-LOSS
SHORT TERM GAINS
If an asset is purchased and sold within 12
months, it is considered as a short term gain.
This attracts relatively a higher tax rate!
LONG TERM GAINS
If an asset is held for more than 12 months time
by a certain individual, then gains or losses on it
would be considered long term.

10. Claiming losses
Forms needed
Audit Trails

11. That's Crypto
Taxes
DOES THAT SOUND OVERWHELMING?
If that is a lot to digest. No worries.
We will always be there to help you. You
can reach out to us via email or ping us
using the chat box on our website.
Our software platform helps you
automate a lot of stuff mentioned above
and makes it a breeze for you as an
accountant.

12. What is BearTax?
THE CRYPTOCURRENCY
ACCOUNTING SOFTWARE

13. CSV that contains all the details your accountant needs.
A Comprehensive Auditable CSV
Filled with your gains and losses classified by short term/long term
Generate 8949 Capital Gains Documents
For those with thousands of transactions, we aggregate for you
Aggregated Versions for your conveninence
Exports to TurboTax, TaxAct, Drake and more tax software
Export data to your favorite tax software

14. Thank you!
Vamshi Vangapally
Co-founder & CEO
BearTax | @bear_tax
www.bear.tax