The BitcoinTaxes Podcast: Recent Episodes
The BitcoinTaxes Podcast
A podcast that interviews experts in the world of bitcoin, cryptocurrency, taxation, and blockchain technology.
Ephraim Olson, a US tax lawyer who specializes in crypto tax law, joins the show to discuss recent IRS guidance on crypto tax staking. The IRS releases sparse guidance on common crypto activities, like staking – oftentimes, this guidance fails to address nuance, and paints with broad strokes. Ephraim joins the show to present an […]
Scams have always been prevalent in the cryptocurrency space, but they are becoming increasingly sophisticated. Alex Johnson, a lawyer with Kugelman Law, joins us to discuss a common sophisticated cryptocurrency scam known as “pig butchering”. Alex explains pig butchering scams in detail, and discusses potential taxable implications of falling victim to a scam. More @ […]
In November 2023, the cryptocurrency trading platform Kraken has started sending specific crypto user data to the IRS. Alex Kugelman, a crypto tax controversy lawyer, joins the podcast to explain who is being targeted, why, and what to do if you are someone who’s data Kraken is sharing with the IRS. Episode Link: https://talk.bitcoin.tax/kraken-sending-user-data-to-irs/ More […]
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.
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 […]
Welcome to the fourth episode of our multi-part series on crypto taxation. If you missed, or haven’t yet listened to our first three episodes, we covered the basics of crypto taxation, what is, and what isn’t taxable. Then, we explored like-kind, 1099s, and how to handle margin trading, staking, loans, and NFTs on your taxes. Our third episode reviewed […]
Welcome to the third episode of our multi-part series on crypto taxation. If you missed, or haven’t yet listened to our first two episodes, we covered the basics of crypto taxation, what is, and what isn’t taxable. Then, we explored like-kind, 1099s, and how to handle margin trading, staking, loans, and NFTs on your taxes. Today’s episode covers all […]
Welcome to the second of our multi-part series on crypto taxation. If you missed, or haven’t yet listened to, our first episode, we covered the basics of crypto taxation, what is, and what isn’t taxable In this next episode, we will be exploring more advanced aspects of cryptocurrency taxes, including: Review of basic crypto taxation and exactly where […]
Welcome to our new multi-part series on crypto taxation! Every week we’ll be exploring a different facet of cryptocurrency taxation. In the first part of this series, we are diving into the very basics of cryptocurrency taxation. We’ll be discussing what’s taxable, what’s not taxable, and where exactly everything gets reported on your tax forms. […]
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 […]
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 […]
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 […]
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! Talk.Bitcoin.Tax
(01:55): The Jarrett Case’s Effect on Staking Taxes
(07:30): A New De Minimis Bill?
(10:05): The Current Status of Crypto Wash Sales
(14:53): Constructive Receipt – When Do You Own Airdrops?
(22:32): Are NFT Airdrops Reportable Income?
(24:42): Crypto Casualty Losses – Lost, Stolen, Hacked Crypto
(29:24): Dealing With 1099s From Crypto Exchanges
(38:05): FBAR and FATCA – How To Report
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!
Don’t be left facing the consequences of these huge changes by being uniformed. 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. You can’t afford to miss this episode!
Episode Highlights
(00:55): The Infrastructure Bill and Build Back Better BIG Crypto Changes (06:45): Are Wash Sales Going To Apply To Crypto Now? (19:07): Blockchain Swaps Could Definitely Be Taxable
Episode Quote:
On Blockchain Swaps: “I can tell you that the more conservative position is to treat it like a taxable event, like an actual conversion – a disposition of one asset and purchase of another.”
Full-Service Crypto Tax Prep Service:
Bitcoin.Tax Full Service
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. More @ Talk.Bitcoin.Tax
Timestamps:
(01:23): A Summary Of The Infrastructure Bill
(03:09): Cryptocurrency Tax
(04:44): The Cryptocurrency Provision
(07:19): DeFi and KYC Reporting
(09:48): The Current Status Of The Infrastructure Bill
(Talk.Bitcoin.Tax) 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. Full episode @ https://talk.bitcoin.tax/an-irs-insiders-look-at-crypto-tax/
Episode Highlights 03:28: Complying with the June 2021 Like-Kind Memo 11:31: IRS Tactics to Enforce Compliance (Summons, Blockchain Analysis, etc.) 14:20: The Increased Ease of Tracking Crypto Transactions 17:50: IRS Enforcement of DeFi
DeFi, or Decentralized Finance, has taken the crypto world by storm. DeFi isn’t necessarily new, but it’s popularity amongst investors has certainly skyrocketed.
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.
More @ Talk.Bitcoin.Tax
Episode Page: DeFi and Crypto Taxes: Liquidity, Staking, and NFTs
Episode Highlights (01:45): Taxes on Liquidity Pools and Liquidity Swaps (12:07): Taxes on Staking Crypto (ETH2) (17:15): Crypto as Collateral – A Tax Saving Strategy? (22:00): Taxes on NFTs
Full-Service Crypto Tax Prep Service: Bitcoin.Tax Full Service
Ethereum 2.0 Tax Guide: Ethereum 2.0 Staking
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. More @ Talk.Bitcoin.Tax
More Information:
IRS Crypto Tax FAQ
Receiving an official IRS notification of an audit can lead many to panic and stress about the unknown that lies ahead. However, an audit defense can be successfully handled with a level-headed and cerebral approach.
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.
Episode Highlights
00:52: The Basics – What Triggers An Audit 03:37: What To Do If You Receive A 1099-K 19:30: Benefits of Audit Defense Specialists 24:25: Crypto Audit FAQs
Sign Up Now For Crypto Audit Defense:
Bitcoin.Tax Audit Defense
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. More @ Talk.Bitcoin.Tax
Saving Money By Donating Crypto Blog Post
Episode Highlights:
(03:35): The First De-Phi Conference For Good (12:23): The Basics of Crypto Taxation (14:36): Organizations Accepting Crypto Donations (22:10): Benefits of Donating Cryptocurrency (25:50): Taxable Write-Offs (37:15): BitGive’s Current Campaigns
Relevant Links:
The De-Phi (Decentralized Philanthropy) Crypto for Good Conference 2020 (Full Conference)
Donate Crypto via GiveTrack
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. More @ Talk.Bitcoin.Tax
(04:23): The Skyrocketing Price of Bitcoin (10:40): Post 2017 Bitcoin Infrastructure (26:00): Biden Administration & Crypto Policies (35:53): Cryptocurrency Tax Planning Strategies (49:11): Final Thoughts & Crypto Wishlist
Relevant Links:
Bitcoin.Tax Full Service
Bitgive Foundation
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. More @ Talk.Bitcoin.Tax
Highlights:
(01:52): The 2020 IRS Educational Letters (07:32): DeFi and IRS Compliance (10:46): Future of Cryptocurrency Taxation (12:50): A Crypto De Minimus Exemption (15:11): Draft Form 1040 Crypto Question (22:00): Taxing Crypto Staking (29:37): Challenging the IRS (34:41): Crypto Tax Predictions
Adam Reeds, CEO of the crypto loan and savings platform Ledn, discusses Bitcoin loans and cryptocurrency savings accounts.
Episode Information: https://talk.bitcoin.tax/bitcoin-and-crypto-loans/
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. More Info @ Talk.Bitcoin.Tax
Connie Gallippi, founder of BitGive, joins us to discuss how she is harnessing the benefits of blockchain technology and cryptocurrency in order to help those in need during the COVID-19 crisis. More Information @ Talk.Bitcoin.Tax!
Cryptocurrency tax lawyer Andrew Gordon discusses the benefits of utilizing a crypto tax professional from the Bitcoin.Tax full tax preparation service. More Information @ Bitcoin.Tax/Full-Service
Brad Kam of Unstoppable Domains discusses decentralized blockchain web domains- how they combat censorship and create convenient crypto payment gateways. More info @ Talk.Bitcoin.Tax!
Our guest today is Andrew Gordon. Andrew is a cryptocurrency tax lawyer and the managing attorney of Gordon Law Group. Andrew concentrates on tax controversy and compliance, Internet law, FTC Defense, and corporate litigation.
Andrew is here today to discuss the economic relief measures that the government has enacted as a response to the coronavirus crisis. We discuss what role cryptocurrency plays in this relief response. In addition, Andrew updates us on any changes to FBAR and FATCA filing since his last time on the show.
Alex Kugelman, a tax controversy lawyer with expertise in cryptocurrency and IRS audits, goes in-depth about what could happen in a potential crypto audit, revisits compliance post-2019 IRS FAQ update, and gives us his take on the effect of COVID-19 on crypto taxes.
All Episodes on Talk.Bitcoin.Tax
Drew Hinkes, an Attorney at Carlton Fields and Adjunct Professor at the NYU Stern Business School and the NYU School of Law, shares how the coronavirus impacted his life as a professor, lawyer, and cryptocurrency advocate. Plus, a crash course on tokenization!
All Episodes on Talk.Bitcoin.Tax
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.
All Episodes on Talk.Bitcoin.Tax
Matt Metras, an EA at MDM Financial Services, spoke to the author of the 2019 IRS Crypto FAQ and shares with us what he learned, and what all of it means for crypto traders and enthusiasts, including forks, airdrops, viable calculation methods, and the concept of fair market value.
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.
Tyson shares his knowledge about how the IRS views token swaps, splits, ICOs, stablecoins, and airdrops. If you are unsure about what constitutes a taxable event, and what the implications of those events are, be sure to tune in!
Matt Aaron, co-founder of Crazy Calm CBD Coffee, 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.
Mike Stoddard is a CPA, PFS, and CFP with a storied history in taxes, investments, and cryptocurrency. Mike joins the show and illustrates how experience in these industries lends 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.
Connie Gallippi is the Founder and Executive Director at BitGive, the first Bitcoin non-profit organization recognized by the U.S. Government. Connie joins The BitcoinTaxes Podcast to discuss how blockchain technology is perfect for the non-profit sector. We discuss the benefits of utilizing the blockchain and cryptocurrency for social good, in addition to the added perk of being able to offset crypto capital gains to save you some money come tax time.
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.
Some analysts predict that Bitcoin prices will increase significantly. With the halvening approaching, 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 us to discuss these implications and shares powerful tax reduction strategies that investors can utilize during the next big crypto bull run.
The IRS has begun sending out educational letters referenced as 6173, 6174 or 6174-A, to more than 10,000 cryptocurrency users. Alex Kugelman joins the show to discuss these letters. All Episodes on Talk.Bitcoin.Tax.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
This week on the BitcoinTaxes podcast, we speak with Jacqueline Mitchell, a tax advisor at 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.