Crypto Currency

[rcooley25]

I had wuestions yesterday regarding Crypto Currency and for the most part my  questions were answered. But what I have heard about crypto since then I think the best advice we can give our customers is to stay away from it.

Next week is Thanksgiving. The thing I am most thankful for right now is that my 2 1/5 days of training is over.

[ljr]

Do you really think they will listen to that advice? It's the college aged kids of the clients that are now the problem. You go to do the kids return and now it is not just a w-2. They all have robinhood and coinbase. Price of the kids return is now more expensive because of the crypto sales. It is bad when the dependent child's return is more complicated than the parents. A w-2 from summer job in home state, a w-2 from the job in the state where they are in school, and 2 or 3 1099-b or crypto statements. (oh, and the door dash or uber driving they decided to try out)

[BobKamman]

The clients may be more willing to listen to you now that the major scandal of FTX bankruptcy is in the news. Unfortunately, at last report the price of bitcoin has risen because of it. A major selling point of crypto has always been that the government can't trace it or control it. Do you really want clients who find that appealing? On the other hand, many of my clients have some political beliefs that I find appalling, but sometimes close to the majority. I just fill out the forms, and hope they come to their senses.

I've been around long enough to have had many clients whose returns became more complicated than those I prepared for their parents, and then the grandkids turn out to be even more so. I give them a break on the price, for the first year or two, and generally it leads to a lasting, profitable relationship. If a 25-year-old still relies on Mom to bring me all her tax information, and I wouldn't recognize her if she walked in the door, I suggest finding a new preparer.