Simply Tax Episode 82: Cryptocurrency Update
On October 9, 2019, the IRS released the first guidance in five years for taxpayers who engage in transactions involving virtual currency. Cut through the static of this rapidly changing area with guests Nik Fahrer, Sean Stein Smith and Tyrone Ross and host Damien Martin as they share observations from the recent guidance and provide insights on working with and investing in cryptocurrency. Here’s a look at what’s inside our latest episode:
Tax Update with Nik Fahrer:
- Impressions and takeaways from the first cryptocurrency guidance in five years @01:14
- Affirming any acquired financial interest in virtual currency on your 2019 tax return @07:58
- What to do if you haven’t reported your cryptocurrency transactions @09:42
- What’s the effective date of the latest guidance? @11:45
- Did you get a letter from the IRS? @13:25
- This stuff isn’t going away @16:20
Common Questions & Misconceptions with Sean Stein Smith:
- Why you should care about cryptocurrency in the first place @20:51
- How Sean covers this topic when teaching and writing @23:49
- What’s a “hard fork” and what’s an “air drop”? @25:31
- Top issues and outlook for 2020 @31:43
- Living lessons from the American Institute of CPAs (AICPA) Leadership Academy @37:54
Investment Considerations with Tyrone Ross:
- The importance of an abundance of crypto-specific education @40:56
- Greatest points of misinformation and confusion @45:55
- Considerations for owning cryptocurrency @53:04
- Estate planning considerations with cryptocurrency @59:37
- It’s not going away! @1:04:01
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.
Sean Stein Smith is an assistant professor at Lehman College of the City University of New York, a member of the AICPA Leadership Academy Class of 2017 and a columnist at Inc.com. His work and analysis of accounting, blockchain and the evolution of the accounting profession have been featured in numerous practitioner and academic publications.
Tyrone Ross is a financial consultant, early-stage startup advisor and entrepreneur. He was honored in InvestmentNews’ 2019 40 Under 40 program and recognized by www.WealthManagement.com as a top ten advisor set to change the industry in 2019.
- Resources mentioned in the episode:
- Taking a Look at Crypto...I'm Not Too Old For This, Right? by Travis Webb (October 14, 2018)
- A Year Later - My Reflections on Crypto & Bitcoin by Travis Webb (October 15, 2019)
- "Standard Deviations" podcast: The Lessons of Failure featuring Tyrone Ross
- “Simply Tax” episodes mentioned:
- Episode 75: Blocking & Tackling Blockchain & Cryptocurrency with Nik Fahrer, Caleb Shough and Katie Harrison
- Episode 18: Raise Your Hand if You're Confused – A Tax Reform Q&A starting at 16:32
- IRS guidance:
- More from BKD on related topics:
- From the AICPA: "Blockchain Technology and the Future of Audit"
GET MORE SIMPLY TAX
We’re excited to also provide video content to strengthen your tax mind! Check it out on our new YouTube channel.