When starting a business, specifically one centered around the digital currency space, it is critically important to utilize the advice and value of professional advisors, specifically those within the areas of accounting and law. You need allies to keep the government off your back and to stay in compliance…spending some proactive money on employing a dream team of professionals is one of the best ways to keep Uncle Sam satisfied.
The IRS can ruin you. Plain and simple. As a business owner you do not want to be waging war with one of the most intrusive and powerful entities in the world. While you may fundamentally disagree with what the IRS does and as result not want to deal with them, the fact of the matter is that if you don’t play ball with the taxman you’re done for.
This is why having a trusted accountant is so important. Do a google search to find one that is familiar with digital currencies and pay them to keep your company in line and compliant. The value is there…their help will be a huge part of keeping your business running over the long term. Accountants will show you what you can do, what you can’t, and maintain a buttoned up image in front of the Internal Revenue Service.
Just as important as having an accountant is having a lawyer to navigate you through the letter of the law when it comes to your business. Build a relationship with a lawyer or firm who is in tune with the digital currency space and their services will prove invaluable if you ever get into hot water (which you shouldn’t if you have a lawyer). Again, pay the attorney because it’s worth it. Just as your accountant keeps you in line from a numbers, cents, and tax perspective, your lawyer will ensure you’re within the boundaries of the law of the land.
Don’t skimp on the aforementioned services. A little preventative medicine now will go a long way to avoiding headaches down the road. The world has, and needs professionals for a reason…even you decentralization enthusiasts need lawyers and accountants in what can be the harsh reality of business. Do some research, partner up with a lawyer and accountant you can trust, and sleep a little easier at night.