Curt Mastio is a well-respected name in the accounting and cryptocurrency world. As a Certified Public Accountant (CPA) and the founder of Founder’s CPA, Curt has become a trusted advisor for startups and businesses, especially those involved in blockchain and cryptocurrency. In this article, we’ll explore Curt’s expertise in crypto, his contributions to the Illinois CPA Society, and how he helps businesses navigate the complex tax landscape in the crypto space.
Who Is Curt Mastio?
Curt Mastio is the founder of Founder’s CPA, a Chicago-based accounting firm. With years of experience in the financial world, Curt has worked with startups, small businesses, and cryptocurrency traders. He holds both a Bachelor’s and a Master’s degree in accounting from the University of Illinois Urbana-Champaign, and he is also a certified CPA since 2014.
Curt’s career began in Big Four public accounting, but it didn’t take long for him to realize that he was more interested in working directly with entrepreneurs and startups. This led him to create his own firm, where he now serves as the Managing Partner, focusing on tax, accounting, and outsourced CFO services.
Curt Mastio’s Journey into Cryptocurrency
Curt Mastio’s entrance into the cryptocurrency world came at a time when digital assets were still new to most accountants and tax professionals. He saw the growing demand for tax services related to crypto and quickly adapted. His firm now specializes in working with cryptocurrency miners, traders, and blockchain startups.
Curt realized that most traditional accountants weren’t familiar with the unique challenges that come with cryptocurrency tax compliance. Many crypto investors and traders often found themselves confused about how to handle gains and losses, particularly when the IRS started enforcing stricter guidelines.
Helping Crypto Traders with Taxes
One of Curt’s major focuses is helping crypto traders navigate the often complicated tax requirements. The IRS considers cryptocurrencies as property, which means that every trade, purchase, or sale needs to be reported. For many traders, this means managing hundreds or even thousands of transactions across multiple platforms. Without the right tools and guidance, it’s easy for traders to make mistakes on their tax returns.
Curt’s expertise lies in simplifying this process. He uses tools like CoinTracking to track and calculate crypto trades accurately. This ensures that traders are reporting their gains and losses correctly, avoiding the risk of audits or penalties.
Curt Mastio and the Illinois CPA Society
Curt Mastio is an active member of the Illinois CPA Society, where he contributes his knowledge and experience in the field of crypto taxation. His involvement in the Illinois CPA Society goes beyond just attending conferences; Curt has been recognized for his leadership and innovation in the accounting industry.
Leadership in the Illinois CPA Society
In 2020, Curt received the Outstanding Young Professional Leadership Award from the Illinois CPA Society, a testament to his influence in the profession. He has also served as a speaker at the society’s annual conferences, where he shares insights on starting and operating an accounting firm in the age of digital currencies.
Curt’s work with the Illinois CPA Society also involves mentoring young professionals and educating fellow accountants about the future of blockchain and cryptocurrency in finance. His efforts are aimed at ensuring that the next generation of CPAs is well-equipped to handle the evolving landscape of crypto taxation.
Navigating Cryptocurrency Tax Regulations
Cryptocurrency is still a relatively new space in terms of taxation and regulation, and many countries, including the U.S., are playing catch-up. The Internal Revenue Service (IRS) has been clear in its stance: cryptocurrencies are treated as property, and therefore subject to capital gains tax.
However, the rules are often misunderstood, and Curt Mastio has seen firsthand how traders and businesses can fall into traps when filing their taxes. Common mistakes include not properly reporting ICOs (Initial Coin Offerings), failing to track transactions accurately, and overlooking key tax deductions available to blockchain companies.
Common Mistakes Crypto Traders Make
One of the most frequent mistakes Curt sees is traders not reviewing their trade history before submitting their tax returns. Even when using crypto tax software like CoinTracking, it’s important to ensure that all trades are accounted for correctly.
Additionally, crypto traders often overlook specific tax credits that can save them money. For example, companies that are experimenting with new blockchain technology may qualify for research and development (R&D) tax credits, which can offer significant savings.
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Curt Mastio’s Contributions to the Startup Ecosystem
In addition to his work with cryptocurrency, Curt Mastio is deeply involved in the startup ecosystem. He has provided tax and accounting services to over 200 startups and small businesses, ranging from pre-revenue companies to businesses generating over $30 million in revenue annually.
Advising Startups on Cryptocurrency
Startups in the cryptocurrency and blockchain space face unique challenges. From managing ICOs to accepting cryptocurrency payments, these companies need expert advice to stay compliant with tax regulations. Curt’s role as an advisor and mentor has helped numerous startups navigate these challenges successfully.
Many blockchain companies, especially those involved in Initial Coin Offerings (ICOs), need to understand the tax implications of receiving funding in cryptocurrency. Curt has helped several startups ensure they are compliant with both state and federal tax laws.
Why Curt Mastio Is a Trusted CPA in the Crypto World
Curt’s hands-on experience in the cryptocurrency space has earned him a reputation as a trusted advisor. His firm’s clients, many of whom are involved in blockchain and crypto, value his ability to explain complex tax issues in a way that is easy to understand. He emphasizes the importance of transparency and accuracy when dealing with cryptocurrency taxes.
Partnering with Crypto Software Providers
Curt’s firm is also a partner of CoinTracking, one of the leading crypto tax software platforms. This partnership allows his clients to easily import their trades from over 100 exchanges, generating accurate tax reports that comply with IRS requirements. Curt’s recommendation of CoinTracking reflects his commitment to using the best tools available for crypto tax planning and compliance.
What Does the Future Hold for Cryptocurrency Taxes?
As cryptocurrency becomes more mainstream, tax regulations will continue to evolve. Curt Mastio believes that while the IRS has taken steps to clarify its stance on crypto, there is still much work to be done.
Will Federal Tax Rules on Crypto Change?
According to Curt, meaningful reform in crypto tax regulations is unlikely in the short term. The IRS currently lacks the resources needed to overhaul the system. However, as cryptocurrency achieves wider adoption, it will be necessary for tax authorities to update the regulatory framework.
Final Thoughts
Curt Mastio’s knowledge and expertise in cryptocurrency make him a key figure in the world of crypto accounting and taxation. As the founder of Founder’s CPA and an active member of the Illinois CPA Society, Curt continues to lead the way in providing reliable tax and accounting services to those involved in blockchain and cryptocurrency.
Whether you’re a startup, a crypto trader, or a blockchain company, Curt Mastio’s experience and guidance can help you stay compliant and maximize your tax savings in the ever-changing world of cryptocurrency.
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