The whole system is a joke. We have a decent accountant that’s learned some of it and seems okay but we are going to see what’s going to happen this coming tax season and how he fares. Thankfully mine isn’t really a whole lot complicated but ya it’s insane the laws. I’m glad that I’m not into the disaster that is DeFi lmao that’s way too many transactions for me! I don’t envy your brother, seems like he’s dabbled into it a lot!
The best thing in the world is to have a flat tax, no avoidance and nothing back. But then criminals in government and special interests wouldn’t be able to game the system the way they have.
It's a dog's breakfast for sure, and complicated as hell. The thing is that it will change so much as time goes so what happens this year may be different the next. It'll be a nightmare for accountants and many will simply not deal with it. That's not me saying that, it's accountants. (I made some calls this afternoon.)
It'll be a nightmare for people like us too.
I'm not sure how deeply involved my brother is with defi, certainly deep enough I'd say. Also, those in the Splinterlands space will have some interesting times ahead I'd say, depending on what country they're in.
A lot of the third world countries probably won't have these issues, but they don't have running water, power infrastructure, roads, healthcare and so on either.