IRS Issues New Crypto Staking Guidance
Series: Cryptocurrency Taxation
Guest: Matt Metras
Released: August 11th, 2023
The IRS released Revenue Ruling 2023-14 which describes cryptocurrency staking as taxable at the fair market value on the date it was received. Matt Metras joins the show to break down what this ruling means for crypto traders and how it may affect their taxes moving forward.
Navigating Uncharted Waters: The Power of Opinion Letters in Crypto Taxation
Series: Cryptocurrency Taxation
Guest: Ephraim Olson
Released: June 15th, 2023
First time guest Ephraim Olson, a US tax lawyer who specializes in crypto tax law, joins the show to discuss opinion letters. The lack of guidance in the crypto tax space often puts taxpayers in a difficult position. Without official guidance from the IRS, there are a range of crypto activities that would benefit from further clarity. Opinion letters are written by lawyers to take a specific position on crypto tax activity – Ephraim explains how these letters can benefit taxpayers and why more people should be educated about these letters as a potential option to utilize.
How The New IRS Crypto Tax Memos Affect You
Series: Cryptocurrency Taxation
Guest: Matt Metras
Released: January 31st, 2023
New information about how the IRS views crypto taxes is released very sporadically. In the first month of 2023, new IRS memos were released regarding crypto tax losses and crypto tax donations. Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss what these memos mean for crypto users and the crypto tax they will report to the IRS. In addition, Matt discusses the 2019 IRS Crypto FAQ and the 2021 Infrastructure Bill and the effects they are having in 2023 on crypto taxes.
Canadian Crypto Taxes Explained
Series: Cryptocurrency Taxation
Guest: Kyle Mackenzie, CPA
Released: August 11th, 2022
Kyle Mackenzie, a CPA, and the CFO and partner of the crypto division at Metrics Chartered Professional Accounting, joins the show to discuss all things crypto taxation in Canada. Kyle goes over the basics of Canadian crypto taxes, and runs through some of the more frequently asked advanced questions he encounters as well, including the tax implications of staking, bridging crypto, and ETH to ETH2 – plus, the CRA’s distinction between business and capital gains, superficial losses, and how both of these affect your bottom line.
Tax Loss Harvesting In A Crypto Bear Market
Series: Cryptocurrency Taxation
Guest: Matt Metras
Released: June 28th, 2022
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss crypto tax loss harvesting in the current bear market, touching on how to handle specific coins like LUNA. Matt also outlines the main points of the recent bi-partisan crypto bill: a De Minimis exemption on crypto spending, removing the tax on staking and mining rewards, and transferring oversight of crypto from the SEC to the CFTC.
Big Crypto Tax Changes: How 1099s, Wash Sales, and Swaps Might Change Your Tax Reporting
Series: Cryptocurrency Taxation
Guest: Andrew Gordon
The end of 2021 has brought many potentially impactful changes to the world of crypto and crypto taxes. From wash sales and tax loss harvesting to blockchain swaps and donations, there are some potentially huge upheavals in the crypto tax world coming in 2022 and beyond! Tune in to hear one of the best crypto tax lawyers in the business, Andrew Gordon of Gordon Law Group, discuss these changes and offer his expert opinion on how to handle them moving forward.
Is Staking Still Taxed? How Do I Handle My 1099? Answering Crypto Questions
Series: Cryptocurrency Taxation
Guest: Matt Metras
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss and demystify the popular question: is crypto staking taxed? Matt outlines the recent Jarrett case that had plenty of crypto enthusiasts asking the question! Plus, Matt answers crypto tax questions from Reddit users: casualty losses, FBAR and FATCA, Roth IRAs, the Economic Substance Doctrine, how to handle 1099s, a potential (but unlikely) De Minimis, wash sales, fair market value versus zero cost basis for airdrops and NFTs, and more!
Crypto Infrastructure Bill
Series: Cryptocurrency Taxation
Guest: Matt Metras
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to outline what’s going on with the recent infrastructure bill and how cryptocurrency will be affected. We discuss the potential effects of the bill on decentralized finance, cryptocurrency miners, and centralized exchanges.
An IRS Insider's Look At Crypto Tax
Series: Cryptocurrency Taxation
Guests: Christopher Wajda & Alex Kugelman
The IRS is enforcing the laws of cryptocurrency taxation more fervently than ever. Civil and criminal enforcement of cryptocurrency tax evasion is increasingly common due to the wide-scale participation of crypto exchanges, as well as increasingly powerful blockchain analysis tools.
Christopher Wajda, a former IRS ASAC (Assistant Special Agent in Charge) of the Criminal Investigation Division, and Alex Kugelman, a cryptocurrency tax controversy lawyer, join the show to discuss how the IRS is going about this enforcement and what can be done to avoid having a special agent show up at your door.
DeFi and Crypto Taxes: Liquidity, Staking, and NFTs
Series: Cryptocurrency Taxation
Guest: Andrew Gordon
Andrew Gordon, an attorney and CPA who concentrates on crypto and taxes joins the show to discuss the taxable implications of DeFi events. In this episode, we discuss how liquidity swaps, liquidity pools, crypto collateral, staking (including ETH2), and NFTs are likely viewed by the IRS and what that means for the taxes that investors could owe on these events.
IRS FAQ Question 5
Series: Cryptocurrency Taxation
Guest: Matt Metras
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to talk about the recently added IRS FAQ Question 5.
Cryptocurrency Audit Defense
Series: Cryptocurrency Taxation
Guest: Alex Kugelman
Alex Kugelman joins the show and outlines what a cryptocurrency audit looks like, and the best practices for handling one properly. Alex walks us through the various factors that could trigger a crypto audit and answers some common questions crypto traders should know the answer to.
Saving Money By Donating Crypto
Series: Cryptocurrency Taxation
Guests: Connie Gallippi and Matt Metras
Connie Gallippi, CEO of the first Bitcoin non-profit BitGive, and Matt Metras, a cryptocurrency tax pro, join the podcast to discuss the many benefits of donating cryptocurrencies. They walk us through the potentially massive tax deductions that can result from donating crypto, which organizations accept crypto donations, and how donating is a major way to advance crypto adoption.
Tax Planning & New Policies In A Crypto Bull Market
Series: Cryptocurrency Taxation
Guests: Zach Ziliak and Andrew Gordon
Attorney Zach Ziliak and Tax Attorney Andrew Gordon join the show to discuss the current Bitcoin Bull Market and why it’s different than the notorious 2017 Bitcoin price spike. We discuss the incoming Biden/Harris administration, and what it could potentially mean for cryptocurrency policies. Plus – Andrew Gordon shares some cryptocurrency tax planning strategies that crypto enthusiasts can utilize before the end of the year.
The IRS Ramps Up Crypto Tax Scrutiny - A Roundtable Discussion
Series: Cryptocurrency Taxation
Guests: Alex Kugelman and Matt Metras
Alex Kugelman and Matt Metras join the show to give us an update on the recent issues in cryptocurrency taxation, including the 2020 round of IRS educational letters, DeFi and IRS compliance, the important crypto update to the Draft Form 1040, taxing crypto staking, and challenges to IRS cryptocurrency taxation law.
Bitcoin and Crypto Loans
Series: Cryptocurrency Taxation
Guest: Adam Reeds, Co-Founder and CEO of Ledn
Adam Reeds, CEO and Co-Founder of the Canadian-based cryptocurrency loan and savings platform Ledn joins the show to discuss bitcoin-backed loans and savings accounts. Adam shares the tax-related benefits of taking out a bitcoin-backed loan and discusses other use-cases for crypto and bitcoin loans and savings accounts.
Blockchain Security
Series: Blockchain Technology
Guest: Michael Shaulov, Co-Founder and CEO of Fireblocks
Michael Shaulov, CEO & Co-Founder of Fireblocks, joins the BitcoinTaxes Podcast to discuss security as it relates to blockchain technology and cryptocurrency, and the unique challenges that exist in the space. Michael shares his unique journey in the tech space, which begins with his time in an elite Israeli military technological unit. Michael’s company Fireblocks is an end-to-end security platform for transferring digital assets. The overall goal of Fireblocks is to provide financial institutions with a safe way to move blockchain-based digital assets.
Blockchain Powered COVID-19 Relief Campaign
Series: Blockchain Technology
Guest: Connie Gallippi, Founder and Executive Director at BitGive
Connie joins our show to discuss how BitGive is harnessing the benefits of blockchain technology and cryptocurrency in order to help those in need during the COVID-19 crisis. She shares information about BitGive’s most recent campaign, and the beneficiaries of the cryptocurrency donations. We discuss how beneficial it is to leverage blockchain technology in the non-profit sector, how BitGive has accomplished it, the hurdles they’ve encountered, and the benefits of being the first in this space.
Full Service Crypto Tax Preparation
Series: Cryptocurrency Taxation
Guest: Andrew Gordon, Managing Attorney of Gordon Law Group and Bitcoin.Tax Full Service Tax Partner
Cryptocurrency tax lawyer Andrew Gordon joins the show to share what is involved with the Bitcoin.Tax full tax preparation service, the type of client that benefits from working with a professional and the overall advantages of utilizing a professional who really understands crypto.
Blockchain and a Decentralized Internet
Series: Blockchain Technology
Guest: Bradley Kam, Co-Founder of Unstoppable Domains
Bradley Kam, the co-founder of Unstoppable Domains, joins the show to highlights how blockchain-based domains work, while pointing out how these new domains will address existing flaws in the traditional domain system. He shares how the Ethereum Blockchain is helping to shape the future of the decentralized internet.
Economic Stimulus and Cryptocurrency
Series: Cryptocurrency Taxation
Guest: Andrew Gordon, Managing Attorney of Gordon Law Group
Andrew Gordon joins our show to discuss the economic relief measures enacted as a response to COVID-19, and how cryptocurrency traders and businesses can benefit from them. We also discuss what role cryptocurrency has played in this relief response. In addition, Andrew updates us on any changes to FBAR and FATCA filing since his last time on the show.
A Deep Dive Into IRS Crypto Tax Audits
Series: Cryptocurrency Taxation
Guest: Alex Kugelman, Tax Controversy Lawyer
Alex Kugelman is a frequent guest on this podcast – back in July 2019 he came on the show to discuss the IRS Educational Letters that were being sent out. Before that, in May, he shared some excellent information about IRS cryptocurrency audits. Today, he elaborates on these topics and goes in-depth about what could happen in a potential crypto audit.
Tokenization and Crypto Taxation
Series: Cryptocurrency Taxation
Guest: Drew Hinkes, Attorney at Carlton Fields
Andrew (Drew) Hinkes, is an Attorney at Carlton Fields and Adjunct Professor at the NYU Stern Business School and the NYU School of Law. Drew shares how the coronavirus impacted his life as a professor, lawyer, and cryptocurrency advocate. In addition, Drew gives us a crash course on tokenization – providing our listeners with an analysis of the current landscape, and future of, tokenized assets.
Crypto Taxes and The Coronavirus
Series: Cryptocurrency Taxation
Guest: Matt Metras, EA at MDM Financial Services
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, re-joins the show and reviews 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.
High Risk Banking Industries and Cryptocurrency
Series: Cryptocurrency Taxation
Guest: Matt Aaron, Co-Founder of Crazy Calm CBD Coffee
Matt joins the podcast to discuss the benefits of accepting cryptocurrency payments with a business that is considered high-risk. Matt, no stranger to podcasts himself (as the previous host of the Bitcoin.com Podcast), succinctly describes the advantages of accepting crypto payments, as well as the hurdles that new business owners may need to overcome.
Utilizing The Blockchain For Social Good
Series: Blockchain Technology
Guest: Connie Gallippi, Founder and Executive Director of BitGive
Connie Gallippi, Founder and Executive Director of BitGive, joins the show to discuss how blockchain technology can be used for helping others and to illustrate the benefits of donating to charity using cryptocurrencies.
Crypto Tax IRS Guidance
Series: Cryptocurrency Taxation
Guest: Matt Metras, EA at MDM Financial Services
Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to share his perspective on the IRS Rev. Rul. 2019-24 and updated FAQ that were released in October 2019. Matt tells us what he learned from speaking with the author of this guidance, and what all of it means from crypto traders and enthusiasts.
Cryptocurrency Predictions & Tax Minimization Strategies
Series: Cryptocurrency Taxation
Guest: Mike Stoddard, CPA PFS CFP
Mike joins the show and illustrates how his experience with taxes, investments, and cryptocurrency lend to his ability to predict what’s to come in the crypto and blockchain spaces. Mike also discusses the philosophical nature of cryptocurrency and describes how enthusiasts can maintain their views while still obeying the law of the land.
Analyzing The 2019 Crypto Tax Guidelines
Series: Cryptocurrency Taxation
Guest: Tyson Cross
The IRS has recently released new tax guidance for cryptocurrency trading – the first official guidance released in over 5 years, since March 2014.
Tyson Cross, a tax attorney who specializes in cryptocurrency taxation, joins the show to analyze this new guidance. Tyson’s expertise provides clarity to some of the ambiguous components of the new guidance. The guidance provides new information about forks, airdrops, calculation methods, and establishing a coin’s fair market value – Tyson provides his expert analysis, as well as his opinion, on each of these topics.
IRS Educational Letters 6173, 6174, 6174-A
Series: Cryptocurrency Taxation
Guest: Alex Kugelman
The IRS has begun sending out educational letters to more than 10,000 cryptocurrency users reminding them that they need to be including their crypto capital gains and losses on their tax forms.
The IRS letters will be referenced as 6173, 6174 or 6174-A, and strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
Alex Kugelman, a tax controversy lawyer with expertise in cryptocurrency and IRS audits, joins us to talk about what this means for crypto users and traders.
Cryptocurrency Taxation Law
Series: Cryptocurrency Taxation
Guest: Drew Hinkes
Drew Hinkes has an expansive background in the crypto-space. He is an attorney with Carlton Fields, the co-founder and General Counsel of Athena Blockchain, and Adjunct Professor at the NYU Stern Business School and the NYU School of Law. Drew joins the show to discuss gaps in the current crypto tax guidance, how individual states handle cryptocurrency trading, the flawed concept of “valuation”, and what it’s like to teach a college course on cryptocurrency.
Tax Reduction Strategies During A Crypto Bull Run
Series: Cryptocurrency Taxation
Guest: Tyson Cross
Some analysts predict that Bitcoin will increase in value significantly. That prediction could become a reality. Most crypto investors certainly hope so – but large capital gains will inevitably follow a bull market. Becoming crypto-rich has some serious tax implications that every investor needs to be aware of.
Tyson Cross joins the show to discuss these implications and shares powerful tax reduction strategies that investors can utilize during the next big crypto bull run.
New Zealand Cryptocurrency Taxation
Series: Global Cryptocurrency Taxation
Guest: Tim Doyle
Tim Doyle, a Chartered Accountant, joins us to discuss how cryptocurrency taxation is handled in New Zealand. Tim’s been an accountant for over 10 years, and has honed his focus to cryptocurrency taxation for the past couple years. Tim shares some excellent information that will be useful to any New Zealand crypto enthusiast, and sheds some light on the global differences of crypto taxation.
Crypto Taxation with Laura Walter AKA Crypto Tax Girl
Series: Cryptocurrency Taxation
Guest: Laura Walter (Crypto Tax Girl)
Laura Walter, aka The Crypto Tax Girl, joins us to talk about her experience in the crypto taxation space. Laura has a rapidly growing following that she shares useful taxation information with via Twitter, YouTube, and through her courses. Laura talks about the benefits of having a knowledgeable CPA in conjunction with utilizing a crypto tax calculation service, like Bitcoin.Tax.
Bitcoin.Tax Q+A
Series: Cryptocurrency Taxation
Guest: Colin Mackie
The end of the tax season is quickly approaching, and this last episode in our current podcast series answers and explores some of the common questions with using Bitcoin.Tax for crypto taxation. Join us with Colin Mackie, CEO and Founder of Bitcoin.Tax, where we answer these questions and talk about some upcoming features of our software.
Crypto Tax Reduction Strategies
Series: Cryptocurrency Taxation
Guest: Drew Kernosky
Cryptocurrency capital gains can be an extra source of income, however, these gains are taxed and those taxes can become costly for many crypto traders. In this episode, we speak with Drew Kernosky of Archer Tax Group, to discuss ways to mitigate these tax burdens including crypto-backed loans and qualified opportunity zones, which can defer gains until 2026.
FBAR and FATCA Filing for Crypto Traders
Series: Cryptocurrency Taxation
Guest: Andrew Gordon
A lack of guidance has left crypto traders unsure of their reporting obligations for foreign accounts. We are joined with Andrew Gordon, a tax attorney, who understands the ins and outs of foreign account reporting in relation to cryptocurrency trading. Andrew discusses FBAR, FATCA, penalties associated with not reporting, and to answer the question – do cryptocurrencies have to be included in these reports?
What Crypto Investors need to know about ICOs and STOs
Series: Cryptocurrency Taxation
Guest: Marc Boiron
Most cryptocurrency investors have some experience with ICOs. Even still, there are a lot of complexities involved in investing in and trading with ICOs. Marc Boiron has a vast amount of experience with ICOs, from both the investor and issuer point of view and joins us today to share his unique perspective on ICOs, STOs, and where he sees the future of both going.
Crypto Margin Trading, Strategies and Taxation
Series: Cryptocurrency Taxation
Guest: Jon Stead
Margin trading with cryptocurrencies is common practice for many in the world of crypto. Jon Stead, a cryptocurrency CPA who specializes in margin trading accounting, joins us to give an in-depth overview of margin trading, the tax implications, and strategies for being a successful margin trader.
IRS Audits on your Cryptocurrency Taxes
Series: Cryptocurrency Taxation
Guest: Alex Kugelman
IRS audits are a real possibility for anyone who has traded cryptocurrencies. Alex Kugelman, a tax controversy lawyer with an abundance of knowledge concerning cryptocurrency audits, shares his expertise on IRS cryptocurrency audits, including risk reduction strategies as well as enforcement predictions and misconceptions.
R&D Tax Credits for Blockchain and Crypto Businesses
Series: Cryptocurrency Taxation
Guest: Tyler Kem
Tyler Kem, CEO of Visionary Tax, joins us to discuss an invaluable tax credit that businesses in the blockchain and crypto space should be looking into – the R&D Tax Credit. Tyler discusses how your company can qualify for this credit, when to take the credit, and how his services can assist any business interested in learning more about it.
Cryptocurrency Taxation Information and Filing with Visor
Series: Cryptocurrency Taxation
Guest: Jacqueline Mitchell (Visor)
Visor is an online professional tax service specializing in helping young professionals get their taxes done, and are especially knowledgeable in the field of cryptocurrency taxation. Jacqueline shares some of this valuable knowledge with us, from how to treat a crypto donation, to what to do if you receive a 1099-K from an exchange.
Crypto Taxation with Tax Attorney Tyson Cross
Series: Cryptocurrency Taxation
Guest: Tyson Cross
Tyson Cross, a tax attorney from Cross Law and BitcoinTaxSolutions, discusses some of the more complex issues in cryptocurrency taxation, as well as the effects that the 2018 tax law changes have had on crypto taxes.