Roughly 5% of Americans own crypto assets, but only 0.04% of those people reported crypto gains or losses on their taxes. Clearly, something doesn’t add up, and the government tax collecting agencies are starting to notice the delta as well. Although regulations are still playing catch up in many countries, the tax law is often clear: you need to pay taxes on the gains. When it comes to traditional assets, governments rely on financial institutions such as banks and brokerage firms as a check and balance against consumers hiding their gains. However, no such audit record exists in the crypto world. Now governments are starting to build their own audit tools in order to examine the transactions of traders and … Read More The post Making Crypto Taxes Less Cryptic appeared first on 500 Startups.