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Today, start-up consultancy Apereum, Inc. and accounting firm JAG CPAs & Co. announced their partnership to help blockchain and cryptocurrency startups navigate the complex regulatory environments they’ll encounter. The partnership will also give startups the tools to gauge potential profitability, along with helping these businesses focus their ideas to maximum potential within this new landscape.
“Most of these businesses are not keeping sufficient records to understand how profitable, if at all, their business is,” says Patrick J. Devereaux, Partner at Apereum. “Likewise, they don’t understand how crypto is taxed and what things they could be doing to mitigate large capital gains. Businesses in the crypto space are not taking advantage of tax planning tools, which ultimately hurts them. These businesses aren’t keeping the sorts of records required by both the IRS and US SEC — and this translates into poor tax planning”
Both firms realized that there was very little compliance guidance for ICOs, blockchain and cryptocurrency companies — not just from legal and accounting firms, but also from regulatory bodies themselves.
With over 6 years of experience in the crypto space, Apereum, Inc. and JAG CPAs & Co. are uniquely suited to educate startups on what regulatory hurdles are ahead of them, how to engage those hurdles and how to properly track and report company financials. Additionally, the partnership will help startups refine their ideas, helping them avoid common planning pitfalls.
Shehan Chandrasekera, CPA at JAG CPAs, notes that crypto startups often have blind spots that are obvious to an experienced advisor:
“Entrepreneurs are personally invested in their product or service — and that prevents them from seeing it from neutral ground. As outside advisors, sometimes, we see major weaknesses in their ideas. We can play devil’s advocate, asking tough questions early on that can get an entrepreneur to rethink their approach. After all, it’s better to fix those problems early — you don’t want to hear those same questions at a pitching event and not know how to respond.”
For more information on the Apereum, Inc. (https://www.apereum.com) and JAG CPAs & Co. (https://www.jagcpastx.com) partnership, please email brian@contentfac.com.
