Blockchain
Blox Survey Indicates Few Crypto Investors Accurately Disclose Assets to Tax Authorities


Blox.io, an industry-leading platform for crypto accounting, management and tracking, has released new research on the challenges faced by crypto holders and CPAs when accurately reporting to regulators. The report, titled “The Crypto CPA Insights Report,” is one of the first in-depth looks at the nascent crypto accounting industry, compiling insights from CPAs on the current hurdles that both individuals and businesses face when tracking and managing digital assets. As the Internal Revenue Service (IRS) begins to crack down, the Blox report suggests that only 5% of CPAs believe their clients – both businesses and individuals – are able to accurately or completely disclose assets and transactions for tax reporting.
However, this lack of disclosure may or may not be wilful, as 98% of the CPAs surveyed stated that missing or inaccurate data was the number one crypto accounting mistake. In addition, almost all stated that a lack of understanding of crypto tax rules was a key challenge, and that more government regulation and guidance was needed to direct prudent clients trying to do the right thing.
Sharon Yip, Founder of Crypto Tax Advisors, said: “If a business created 1,000 transactions per day, to 100 different wallet addresses, for 30 different departments, organizing and searching for those transactions is a needle in a haystack scenario. Relying on exchanges is also a dangerous game. Some only track a few months of transactions, while some shut down completely, leaving investors with no historical records of their transactions. This makes calculating profit and loss almost impossible, and could even lead to legal repercussions.”
CPA respondents also pointed to the lack of access to automated crypto accounting software and limited knowledge about the available crypto software solutions as a key challenge when helping their clients (89%).
Alon Muroch, CEO of Blox, said: “This is an entirely new industry and most investors and CPAs are still learning the ropes. One of the biggest problems is the lack of infrastructure. The more mainstream crypto transactions become, the more smart tracking and management tools become imperative. Human error can have serious implications. It comes as no surprise that most CPAs identified technology as a key component for the future of crypto accounting.”
The report shows 93% of crypto CPAs believe there will be smarter solutions and software in the not-too-distant future, while 81% specifically pointed to the need for increased automation for accurate record keeping and to establish best practices.
Education and policy were also revealed as two key areas for future growth, with 96% of respondents believing that more official rules and guidelines are around the corner, and 72% identifying the need for further education on crypto accounting, best practices, and technological solutions.
SOURCE Blox.io
Blockchain
Africa Gift Card and Incentive Card Intelligence Report 2025-2029 Featuring Shoprite, Pick n Pay, Chipper Cash, Flutterwave, Yellow Card, Amazon and Apple

African Gift Card and Incentive Card Market
Blockchain
Currency Exchange Bureau Software Global Strategic Business Report 2024-2025 & 2030: Rising Focus on Compliance and Anti-Money Laundering Driving Software Utilization

Currency Exchange Bureau Software Market
Blockchain
Bybit Introduces Margin Staked SOL, Balancing Earning Potentials with the Power of Leverage

Bybit
-
Blockchain4 days ago
Blocks & Headlines: Today in Blockchain – March 13, 2025: Featuring XRPTurbo, Ripple, DFSA, 75th USARIC, Allianz
-
Blockchain Press Releases3 days ago
MEXC Lists AO (AO), Expanding Support for Decentralized Computing and AI Innovation with a 140,000 USDT Prize Pool
-
Blockchain Press Releases7 days ago
Movement Network Foundation Announces REX-Osprey™ Funds Files for First U.S. Movement ETF as Public Mainnet Beta Launches
-
Blockchain5 days ago
Blocks & Headlines: Today in Blockchain – March 12, 2025 | Blockchain Week Rome, Sony Integration, DC Blockchain Summit, Base, BingX
-
Blockchain Press Releases5 days ago
AB DAO Accelerates Global Expansion: Now AB Listed on BitMart & HTX AMA to Explore the Future of Web3
-
Blockchain7 days ago
Blocks & Headlines: Today in Blockchain – March 10, 2025 | Emirates NBD, BBVA, Pakistan Blockchain, Japan Crypto Reforms
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain – March 11, 2025: Utah Legislature, Pakistan, Women Leaders, JPMorgan, XRPTurbo, Ripple XRP
-
Blockchain3 days ago
Concerned Stockholders Prevail in Delaware Court; Obtain Stockholder List Necessary for Robust Proxy Solicitation