The BitcoinTaxes Podcast
Crypto Taxes and The Coronavirus
Guest: Matt Metras, EA at MDM Financial Services
Matt Metras is an Enrolled Agent at MDM Financial Services, a boutique tax firm located in Rochester NY, which specializes in cryptocurrency taxation and accounting. Since his first appearance on our show back in January a lot has changed, including the world of crypto.
On this episode we review the IRS tax deadline extension, that was issued as a result of COVID-19. We discuss how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Episode Highlights & Discussion
Tax Deadline Extension (03:50):
The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23
The IRS Crypto Summit (25:35):
Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.
The Impact of The Coronavirus on Crypto Tax Rules (35:11):
Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.
Avoiding Scams (41:20):
The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some of the cryptocurrency scams he has encountered in his line of work.
The BCH Halving (51:25):
The BCH Halving occured this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
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