Which Crypto Tax Calculation Service is Most Accurate?

Clinton compares the accuracy of various crypto tax calculation services, including Accointing, Bitcoin.tax, CoinTracking, CoinTracker, CoinLedger, CoinPanda, CryptoTaxCalculator, Node40, Ledgible, TaxBit, TokenTax, and ZenLedger. His team benchmarked these services using centralized and decentralized exchange data and discovered significant differences in their calculations. He also presents his team's results which offer insights into the differences between the services and the methodologies they use to interpret transaction data. Clinton cautions that none of these services promise accuracy or defend their clients in IRS audits.

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬
00:00 Introduction
03:32 Crypto tax calculation services
04:55 Benchmarking the services
06:13 Services do not promise accuracy
07:30 Service comparison matrix
08:47 Each service uses different methods
10:00 Was the IRS data more accurate?
10:35 Forensic team found 3,000 errors
13:45 The IRS will disagree with you
15:28 Decentralized gain calculation
18:28 What about tracking NFTs?
19:10 What about tracking DeFi?
21:32 Using aggregation
21:52 Estimating your gains
23:05 Using 5 different tools
24:54 What if you get audited?
25:52 Taxes are sexy

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

▬▬▬▬▬ SPONSOR ▬▬▬▬▬

🐋 Sponsor: CryptoTaxAudit

CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.

Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.

Visit 👉 https://CryptoTaxAudit.com

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All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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