Simply Tax® Episode 143: Digital Asset Discussion
Digital assets have the potential to start (or perhaps already are) significantly altering the global financial landscape. Yet the rapid evolution of the industry and a sea of unfamiliar technical terms has many feeling a bit lost and overwhelmed. Tune in as guests Nik Fahrer, Brian Condron, Jeremy Goss, Tom Haldiman, Neal Maddy, and Geron Morgan discuss the why, the what, the risks, and the opportunities associated with digital assets. Here’s what’s covered:
- Who are our guests? @1:53
- What problem are digital assets solving and why are they important? @ 7:27
- Nonfungible tokens (NFTs), Web 3.0, and use cases @ 16:49
- What’s a smart contract? @ 21:10
- Decentralized finance (DeFi) @ 24:13
- Wallets @ 33:48
- Is it anonymous? @ 40:57
- Illegal activity @ 48:29
- Stable coins and central bank digital currency @ 50:59
- Decentralized autonomous organizations @ 56:51
- Regulation and tax challenges @ 1:05:29
- Reporting and accounting considerations @ 1:20:05
- How to get started in and learn more about crypto @ 1:27:12
- Executive order on digital assets @ 1:36:44
CONTACT INFORMATION FOR OUR GUESTS
Nik Fahrer serves as a national tax manager in BKD’s National Office. In that capacity, he assists with the implementation and support of the firm’s technology and growth initiatives. He also is a member of BKD National Commercial Services Group and provides sophisticated income tax compliance, consulting, and planning services to multistate businesses. Nik has experience with cryptocurrencies and is a member of BKD’s internal Blockchain Committee.
Brian Condron has more than 10 years of experience in finance and public accounting and joined BKD Private Client in the Austin office in 2020. He focuses on tax planning and preparation for high-net-worth individuals, entrepreneurs, and their closely held businesses. He assists with complicated individual taxation as well as early-stage companies. Brian also has extensive experience in the real estate industry and provides guidance to clients with investments in that field.
Jeremy Goss is a partner in BKD National Financial Services Group in BKD’s New York office. His career has focused exclusively on the financial services industry, and he has spent more than 15 years serving public and private banks, credit unions, financial technology, specialty finance, private equity, and investment companies. He is well versed in implementation for the CECL standard, SEC audits (including SOX 404 and FDICIA), mergers and acquisitions, credit risk evaluations, and other accounting and regulatory compliance requirements within the financial services industry.
Tom Haldiman is a member of the BKD Analytics practice, focusing on process automation and product development. His passion lies in the development of innovative solutions by leveraging technology. His experience includes managing large data analytics projects, creating new solutions to automate processes, and developing new industry-specific products. His public accounting background also includes forensic investigations, litigation support, business valuation, and financial statement audits.
Neal Maddy is a member of BKD’s State & Local Tax (SALT) Services division in Kansas City. Neal serves clients in a variety of industries, consulting on state tax nexus studies, voluntary disclosure initiatives, and other state tax issues.
Geron Morgan is a partner in BKD National Financial Services Group in BKD’s Oklahoma City office. Geron has approximately 16 years of experience providing audit, internal audit, compliance, and consulting services to financial institutions, including public and private banks, investment broker-dealers, and common trust funds. She also has provided audit services to employee benefit plans of various sizes and complexity, including 11-K filers. In addition to audit and assurance services, her experience includes FDICIA internal control structure design and reviews, allowance for loan and lease losses methodology reviews, accounting standard implementation consultations, internal audit program and system development, and accounting and strategic issue conferences.
- Previous episodes of Simply Tax podcast mentioned in the episode
- Episode 75: Blocking & Tackling Blockchain & Cryptocurrency with Nik Fahrer, and Katie Harrison (September 12, 2019)
- Episode 82: Cryptocurrency Update with Nik Fahrer, Sean Stein Smith, and Tyrone Ross (December 19, 2019)
- Mentioned in the episode
- Additional BKD resources on digital assets
- Cryptocurrency & Blockchain FAQs
- Webinars: Cryptocurrency: What Every Private School Needs to Know presented by Joseph Blatt, Nik Fahrer and Jeremy Goss (April 7, 2022)
- Article: Infrastructure Bill Imposes New Cryptocurrency Reporting Requirements by Nik Fahrer (November 18, 2021)
- Article: Stablecoins – Why Should Community Bankers Care? (December 3, 2021)
- Digital Asset Discussion with Geron Morgan (YouTube)
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