Simply Tax® Episode 75: Blocking & Tackling Blockchain & Cryptocurrency
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A lot has been said and written about blockchain and cryptocurrency, but what do you really need to know—and why does it matter? Guests Nik Fahrer, Caleb Shough and Katie Harrison join host Damien Martin for a discussion on the tax, financial reporting and regulatory aspects of this evolving area.
TIME STAMPS
- Background on Bitcoin @3:12
- Goal of cryptocurrency’s creators @4:12
- What is cryptocurrency? @5:41
- Evolution of cryptocurrency since its inception @9:14
- Tax treatment and implications @11:26
- Financial reporting treatment and implications @13:39
- Misconceptions and misunderstandings @15:40
- Compliance and regulatory considerations @21:05
- It’s more than having a great cryptocurrency-related idea @24:48
- Mining @26:57
- Hardforks @32:13
- Wash sales @35:41
- Other blockchain applications @37:31
- Partnering with FinTech companies @39:39
- Best practices for partnering @44:21
- Cryptocurrency and the gig economy @46:00
- Anonymity and cryptocurrency @47:10
- Advice for keeping up with the developments @49:05
- A few ways to learn more @50:11
BIO FOR GUESTS
Nik Fahrer is a member of BKD’s Tax Practice. He provides tax compliance and advisory services to individuals and businesses in a variety of industries with a primary focus on restaurants, health care and technology.
Katie Harrison is a member of BKD National Financial Services Group with more than nine years of banking experience and four years of practicing law in the business sector. Her experience includes banking regulatory compliance, procedural analyses, FinTech compliance, risk management, banking operations, foreclosures and real estate law. Katie focuses on serving clients in the area of regulatory compliance by assisting financial institutions with challenges associated with the current regulatory environment as well as nonbanks that offer financial services, such as FinTech companies.
Connect with Katie on LinkedIn
Caleb Shough is a member of BKD National Energy & Natural Resources Practice with a focus on providing audit and assurance services to energy and natural resources and related industries. His expertise also encompasses systems programming and technical accounting matters.
Connect with Caleb on LinkedIn
ADDITIONAL RESOURCES
- Mentioned in the episode:
- Episode 18: Raise Your Hand if You're Confused – A Tax Reform Q&A starting at 16:32
- Episode 42: Cutting Through the Tax Static with Ed Karl starting at 16:54
- Episode 66: What's New in Tax Legislation? starting at 18:47
- Learn more from BKD about some of the topics discussed in the episode:
- Bitcoin – What It Is & Why It Matters (April 12, 2018) by Nik Fahrer
- Blockchain for Smart Contracts (April 26, 2017) presented by Tom Haldiman
- AICPA resources: Blockchain Technology and the Future of Audit
GET MORE SIMPLY TAX®
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A complete archive of our episodes is available on our website and YouTube playlist.
We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com.
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