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February 7, 2023

7 questions to vet your CPA’s knowledge of Digital Assets

In the digital age, having a CPA who is well-versed in the intricacies of digital assets is increasingly important. As the popularity of cryptocurrencies and other digital assets continues to grow, it is crucial to ensure that your CPA has a solid understanding of this area to help you manage your finances effectively and make informed decisions.

In this blog, we’ll outline 7 questions you can ask your CPA to vet their knowledge of digital assets. Whether you are a seasoned crypto investor or just getting started, these questions will help you determine whether your CPA has the expertise to help you navigate the complex world of digital assets.

  1. What experience do you have with digital assets?

The first question to ask your CPA is about their experience with digital assets. This can give you a sense of their level of familiarity with this area and the types of digital assets they have worked with in the past. It’s important to have a CPA who has a solid understanding of the landscape and can provide you with expert guidance and advice.

  1. What are your thoughts on cryptocurrencies and digital assets in general?

Your CPA’s views on cryptocurrencies and digital assets can give you a good idea of their level of expertise and interest in this area. If your CPA is dismissive of cryptocurrencies or doesn’t have a positive view of them, it may be a sign that they are not up-to-date with the latest developments or are not particularly knowledgeable in this area. On the other hand, a CPA who is passionate about cryptocurrencies and has a positive view of their potential can be a great asset in helping you manage your finances effectively.

  1. Can you help me with cryptocurrency tax reporting?

Cryptocurrency tax reporting can be complex, and it’s important to have a CPA who can help you navigate this area. Ask your CPA if they have experience with cryptocurrency tax reporting and whether they can help you with this aspect of your finances. This will give you a good idea of whether they can help you manage your cryptocurrency portfolio and ensure that you comply with all relevant tax laws.

  1. What do you know about the different types of digital assets?

Digital assets come in many forms, and it’s important to have a CPA familiar with the different types of assets. Ask your CPA about the different types of digital assets they are familiar with, such as cryptocurrencies, security tokens, and stablecoins. This will give you a good idea of their level of expertise in this area and whether they are equipped to help you manage a diverse portfolio of digital assets.

  1. Can you help me with the transfer and storage of my digital assets?

The transfer and storage of digital assets are essential aspects of managing your portfolio. Ask your CPA if they can help you with this aspect of your finances and whether they have experience with the different methods of transfer and storage. This will give you a good idea of their level of expertise in this area and whether they can help you manage your digital assets effectively.

  1. Can you help me with the valuation of my digital assets?

Valuing digital assets can be complex, and it’s essential to have a CPA who can help you with this aspect of your finances. Ask your CPA if they can help you with the valuation of your digital assets and whether they have experience with different methods of valuation. This will give you a good idea of their level of expertise in this area and whether they can help you make informed decisions about your portfolio.

  1. Can you help me with the accounting and reporting of my digital assets?

Finally, ask your CPA about their ability to help with the accounting and reporting of your digital assets. This is a crucial aspect of managing your finances, as it helps you keep track of the value of your portfolio and ensure that you are in compliance with all relevant accounting and reporting requirements. Your CPA should have a good understanding of the accounting and reporting requirements for digital assets and be able to provide you with expert guidance and advice in this area.

In conclusion, these 7 questions can help you vet your CPA’s knowledge of digital assets and determine whether they have the expertise to help you manage your finances effectively in the digital age. It’s important to have a CPA who is up-to-date with the latest developments in this area and can provide you with expert guidance and advice as you navigate the complex world of digital assets. With the right CPA, you can rest assured that your finances are in good hands and that you are making informed decisions about your digital assets.

Jacques Potts - Sr. Marketing Manager at Ledgible and experienced financial author, marketer, and crypto expert. His work has been featured on The Street, Project Serum, FirstTrade, and Invstr.
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