Crypto accountant ireland

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Cryptocurrency Accounting Software. Cryptocurrency Accounting. Few things are as important as taxes to crypto practitioners. This assertion holds as governments continue to enact crypto tax laws and prosecute individuals found wanting. In light of this, one must go all out to ensure that crypto activities and transactions are correctly logged to reconcile profits and losses, as directed by the crypto tax laws governing your location.

As straightforward as this seems, it entails rigorous scrutiny and error-free calculations that could come as daunting tasks, especially if you actively engage with the crypto market and require a day trading cryptocurrency accounting software. Hence, the need for specially designed software that pools transaction data from various crypto platforms and prepare tax returns based on the logged data and the framework accepted in your jurisdiction.

These tools are cryptocurrency accounting software. And since they are must-haves for crypto participants, we have decided to explore their workings, review some of the platforms rendering these services, and introduce you to the top-performing ones. What Is Crypto Accounting Software? That said, these software products have become essential tools for every crypto participant, even as authorities begin to see the financial benefits of expanding their existing tax regulatory frameworks to the crypto space or formulating new ones tailored to the digital asset market.

Although it is possible to prepare tax returns with commonly used software, however, more often than not, generic blockchain accounting software for traders cannot import data directly from crypto exchanges and wallets. Herein lies the real value that crypto accounting software products bring to the table. Therefore, it is advisable to enlist the help of specialized cryptocurrency accounting software that can circumvent this limitation and provide the appropriate cryptocurrency bookkeeping.

There are two basic classes of crypto tax software. The first is traditional tax calculation software products that have gone ahead to add crypto tax return preparation as one of their core services. In essence, these platforms have made some tweaks to their operations by implementing data importation technologies compatible with one or more crypto wallets or exchanges.

On the other hand, we have crypto tax software that majorly avails services to crypto practitioners. Thus, a majority of products that fall under this category boast superior compatibility capabilities, and they go beyond crypto exchanges to even support gambling sites, crypto wallets, and crypto eCommerce platforms.

Utilizing a crypto accounting program is not a free endeavor, as these platforms often provide different tiers of services with their respective prices. In most cases, the volume of transactions reviewed has a significant bearing on the service plan you will fall under and the fees you will pay the platform to help you prepare your tax returns. Crypto tax software usually provides Application Programming Interfaces APIs, which facilitates seamless, instant, and accurate data synchronization and importation functions.

This integration application entails that users download the history of their transactions on exchanges in the CSV format and manually upload them into the cryptocurrency tax calculation software. The API integration system is the best way to upload data on crypto software products. Although it may look technical at first, adopting the API import is, however, easy. All you need do is copy the API key available on your crypto wallet or exchange and paste it on the appropriate section in the crypto tax software website.

Once you paste the keys, the software automatically retrieves transaction data and reconciles the profits and losses. Whereas, for the CSV import, you have to ensure that the data is in the right format and that there are no errors. As such, the CSV integration method may require that you sort and edit transaction data before uploading them to your crypto tax software.

Needless to say, adopting the API import is a more accurate and simpler integration process than the error-prone and long CSV import. The answer to this frequently asked question is not straightforward. Note that cryptocurrency accounting software providers do not reveal the maximum number of data they can process at once.

Nonetheless, the infrastructures, protocols, and bandwidths of these platforms certainly have their maximum performance threshold. And whenever the platform processes the volume of transactions that stretches its capabilities, it is bound to experience glitches and low loading speed. In other words, crypto tax software products unofficially have the maximum number of transactions they can process.

Although crypto tax software platforms are great tools for crypto practitioners, it is, nonetheless, important to understand that there are reasons why you should still get your cryptocurrency accountant and cryptocurrency tax advisor involved in the process.

Involving experts will validate your operations on the crypto tax software product. By so doing, you can determine whether the crypto tax report format aligns with the tax regulations governing your jurisdiction. Also, it is good to have your cryptocurrency accountant analyze the output of your crypto tax software to ensure that you are not overpaying or underpaying tax. Having answered some of the frequently asked questions relating to cryptocurrency accounting software, the next section will introduce you to integral factors that could help you pick the crypto tax software platform that best suits you.

I am truly considering moving to Portugal in the next few months but would need to figure out all the details about crypto taxation. Happy to share my experience afterward, if everything works out. Anyone to comment on this? Millenium have accepted euros from exchanges in pretty substantial amounts.

You need to make sure that you alert the bank manager and ideally have a relationship built up before you make any transfers. This applies to any bank at the moment, not only in Portugal. Any advice on how I should proceed or what other banks I should reach out to? Just to update: after talking to Millenium extensively, they went and asked their Compliance department and got back with 1 they support fiat withdrawals from cyrypto exchanges and 2 for larger amounts you need to prove that the money came originally from your source of income.

They will consider you as a professional trader if it is your only income or if it is substantial income. Am I right? If this is the approach, if the bank will report any income to the tax office or over a certain amount or the interests only. If the Tax office will request to look any trading records from you of the platform you use, then decide with the above criteria. I was very surprised to read about the Crypto-Friendly Banks in Portugal.

Also, what do you think about the regulation concerns over cryptocurrencies across the world? Hi Jean, I read your article about Portugal being the most crypto friendly nation in Europe and Santander as the most friendly crypto bank in the country. Do you know which branch should I open the account at? Any information is gladly appreciated! Hi, Do you need to report crypto income on your Portuguese annual return at all even if non-taxable or can you withdraw the money on an account and never bother telling the Portuguese Tax Authorities?

Just reaching out for a bit of help. Myself lives in Australia with my partner I have a British and Australian passport, my partner has Australian and Portuguese. My question is, we wish to send our crypto to Portugal to binance and then withdraw to her Portuguese bank account. Do you have any idea if this is possible, Will there be tax implications or is it as easy as it sounds? We wish to leave this there to pay for future trips and our wedding in the future?

Great content, thank you for that! As I understood it would fall into category E. So is there a tax on that or not? Also, do you know if you still need to declare transactions that happened during the year, i.

Hi Jean, first of all congrats for the quality of your articles! Does it make sense for me to evaluate the NHR program in Portugal? Welcome Luca, and yes I would say it makes a lot of sense. Lots of crypto people are moving to Portugal. We are EU citizens who arrived in Portugal a few months ago and have already set up our NHR status, as we have an overseas company which will pay us dividends, so they are tax free. As we look to delve more into crypto, would we not be better setting up a crypto company outside of Portugal eg Malta or Ireland with very low or zero corporation tax and then pay dividends from that company to ourselves in Portugal?

Yes, that is definitely the way I would recommend doing things. Overall good deal imo. I have been told a little different from speaking to a tax lawyer. However to safeguard this if you were questioned on it, you would appoint a local director I believe that companies offer this as a secretarial service in the country of incorporation and have the AGM in that country with documented minutes. Just some ideas that could help protect and manage the setup — and what a bummer if you have to go to somewhere like Malta times per year!!

Both of you are correct, however, and I even spoke about this issue in my article about the best European tax structures. Ultimately, from my experience, the vast majority of companies opening up in tax-friendly jurisdictions have little reason to be doing so besides the tax advantages. There are exceptions of course, and sometimes the tax advantages are the initial hook only. Keep in mind that most people have almost zero knowledge about countries like Malta, Liechenstein, Cyprus, Luxembourg etc.

This ultimately makes it a big win for medium to big companies as they end up lowering their tax bill as well as also lowering their salary expenditure or improving their operations by such a move. For smaller players this rarely is the case, especially for solopreneurs who have no need or intention to hire people in the country where they intend to incorporate. This is what John, like many other freelancers and solopreneurs, had in mind.

The theory says that such a setup would not work as the company is actually managed and operated from another country. However, in order to counteract such an eventual argument, the solution is, as Nigel mentioned, to appoint local directors, rent offices, have the AGM in that country, and a host of other steps one can take to improve the looks of the setup.

This is an open secret, and as Nigel mentioned, many companies in Malta, Cyprus, etc. The tax authorities in most countries have a limited budget and the chances of them going after such setups are quite low, in my opinion. What would be an obvious case? If this comes to light, it is likely that the general population will be angered by the move and it becomes a tabloid soap opera, whereby the tax authorities have all the incentives to enter the fray and not only recoup the lost tax but also send the message to the general public that they are doing a great job at curbing tax evasion.

Even then, where one would think the outcome should be obvious, we see tough and protracted cases where the outcome is uncertain. Hi John I am not too sure at this stage, I have been recommended Malta, but have also been looking at Ireland and Estonia for low corporation tax — I just need to explore if they are crypto friendly too.

You also need to check they have a DTA with Portugal and not on the tax haven black list otherwise you will be taxed as if the income was earned in PT. Question I have are.. You now have a main activity, you are not a trader and all gains from crypto are not taxable. This could be a bit overkill for most people but yes, in general, this would be a good way to further insulate your argument against being a trader. It also applies to other countries not just Portugal. I would only mention that the exchanges that provide a debit card might charge hefty fees for usage and conversions, so just keep an eye on that.

Valente comments are wise, also among leading banks outside Portugal, an account with Revolut is fast to set up and effective, debit card provided if needed. So if I have already a NIF in portugal, to avoid crypto tax, I just need to ask portuguese tax lawyer or consultant to make an LLC for me to avoid paying crypto tax? Hi Mario, would this minimal amount be enough to not classify you as a trader even though your crypto income is potentially much larger?

Furthermore, are you also saying that if you had a part time job doing whatever, you feel that this would be sufficient to classify yourself as crypto not being your main activity or do you feel an LLC is required? Yes that amount is enought. Just like working as a doctor for whatever amount and owning milions in stock of Apple doesnt make you an Apple employee or a professional stock trader.

I wouldnt recomend a part time job as strategy. But if you have a work contract working for someone else or some other company that would be enough, no need for a sole ownership LLC. Hope you are well and thanks for the reply, much appreciated. Have you experience of doing this or know others that have? I am just wondering if , for example, you had a job paying minimum wage but traded quite a lot, would they not just see the trading as a second job and therefore subject to tax?

Thanks for choosing to leave a comment. Please keep in mind that all comments are moderated according to our comment policy , and your email address will NOT be published. Please Do NOT use keywords or links in the name field. Comment for robots Please empty this comment field to prove you're human. Yes, add me to your mailing list. Follow jeangalea Hi there, I'm Jean! Check our help guide for more info. Book a consultation with a Portuguese lawyer Alternatively, are you still undecided about where to live or want to speak to me directly about crypto or other topics that I write about?

Looking for real estate in Portugal? I can put you in touch with my real estate agent in Portugal at no cost, just fill in this form. Tax on crypto could be an increasingly hot topic for the coming months. Best way forward could be: Check the recent official font of information Check personal experiences Inquire with the Tax office directly I will try to get some more info as well.

Try Millenium bank instead and see what they say. Any help would be great. Great blog and information! Just another approach we have been considering? Do you have a good solution to share? Jean John I have been told a little different from speaking to a tax lawyer.

Hi Nigel! Which jurisdiction do you recommend for such a crypto company? Hi — this is a really interesting approach. I have a few questions if I may: 1. Hi Nigel, did you ever go through with this? Looking forward to hearing how you have progressed. Thanks for the suggestion Mr. Is it possible to give some more information on how to make this happen, please? Kind regards, Arthur. Just go to one of the Empresa Na Hora spots, it should take less than 1 hour.