Article by: A.M. Turner Photgraphy by: Joey Acosta
Blockchain Crypto Tax Prep is Revolutionizing the Crypto Tax Landscape When it comes to cryptocurrencies and digital assets, staying ahead of the curve is not just a choice but a necessity. Financial Advisor Brian Ernest and Accountant Michael Ring, two childhood friends turned business partners, are disrupting “the way it’s always been done” when it comes to crypto tax compliance - for the better.
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From Childhood Friends to Business Partners
rian and Michael have known each other long before their foray into the world of finance and cryptocurrencies. They grew up together in Edgewater, Maryland, were college roommates, and embarked on distinct educational paths—Brian diving into finance while Michael pursued accounting. Fast forward 13 years, and their combined expertise has led them to a venture that many people are in need of, but may not even realize it. Blockchain Crypto Tax Prep was created to serve digital asset holders where other services have not. Michael tells us, “Over the last handful of years as
gap in services, then build an innovative solution and create a seamless process for individuals to overcome that issue. That’s where our firm comes in.” Over the last decade, Michael has specialized in business consulting and high net worth individuals at his family’s CPA firm, Ring & Ring. During this time, Brian worked on the creation of his innovative business, Ready to Sell Renovations, which allows homeowners to renovate their homes prior to sale and pay for the renovations at the closing table with no Brian adds, “[When build- cash out of pocket upfront. ing a business] you need to The business, started eight find something that the pub- years ago, now boasts an imlic needs and doesn’t have. pressive $8 million in annual Discover where there is a sales. adoption of digital assets has risen exponentially I have seen a large increase in clients wanting assistance with calculations of their crypto gains and losses for tax reporting. Most CPA firms don’t have the experience or the time to assist clients with this new technology. Add in the fact that IRS regulations for digital assets are unclear and in many scenarios nonexistent and you get a situation of a minimum 75% noncompliance, most likely much higher, from US taxpayers.”
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