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 and 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
Learn about our guests and get additional resources here.
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