Accounting for cryptocurrency: A challenge and opportunity for CPA firms and professionals
Since its introduction in 2008, cryptocurrency has been gaining acceptance and use. That trend will continue as more people seek decentralized, private, and portable currency in a global economy.
This is good news for CPA professionals. The sheer number of cryptocurrency options is overwhelming, and there are aspects of fraud to consider, so people are likely to need advice from tax and accounting professionals.
CPAs who become cryptocurrency experts can take advantage of this opportunity. By offering cryptocurrency advice and auditing services to clients, firms can realize a new revenue source to offset the loss of other income from services such as traditional compliance work.