Shows
Tax Section OdysseyDigital asset playbook: Part 1 — Questions and misconceptionsMisconceptions about digital asset tax compliance are common. With business tax returns now requiring taxpayers to affirm their taxable digital asset transactions, it is even more important to ask the right questions. Educating yourself and your clients in this area is important to fulfill your due diligence requirements as a tax practitioner. AICPA resources Digital assets and virtual currency tax guidance and resources —This hub is your go-to library for AICPA guidance and resources as well as current legislation, IRS initiatives and tax advocacy projects. Questionnaire for Individual Clients — Before accepting clients that are engaged in digital...2024-02-0820 minTax Section OdysseyDigital asset playbook: Part 1 — Questions and misconceptionsMisconceptions about digital asset tax compliance are common. With business tax returns now requiring taxpayers to affirm their taxable digital asset transactions, it is even more important to ask the right questions. Educating yourself and your clients in this area is important to fulfill your due diligence requirements as a tax practitioner. AICPA resources Digital assets and virtual currency tax guidance and resources —This hub is your go-to library for AICPA guidance and resources as well as current legislation, IRS initiatives and tax advocacy projects. Questionnaire for Individual Clients — Before accepting clients that are engaged in digital...2024-02-0820 min
From Niche to Necessity: Tax & Accounting for Web3 and Digital AssetsS1E15 - Nik Fahrer | FORVISIn this dynamic episode of "From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets," host Taylor Zork, CPA, takes listeners on an enlightening journey into the complex realm of crypto accounting and digital asset management. Joining Taylor is Nik ‘Crypto Nik’ Fahrer, a leading authority in digital assets at Forvis.Nik unravels the intricate challenges that accountants face in this fast-paced sector, from the haze of regulatory uncertainties to the distinctive hurdles of DeFi and NFTs. His extensive experience offers a wealth of insights, making this episode a must-listen for anyone navigating the...2024-01-1954 minTax Section OdysseyQuestions to ask clients about digital asset activities In this episode two members of the AICPA Virtual Currency and Digital Assets Tax Task Force (VCDATTF), Nik Fahrer, CPA, Senior Manager, National Tax Professional Standards Group — FORVIS, and Robert Tobey, CPA, Partner — REID CPAs, LLP, share their expertise with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, on how to vet potential clients with digital asset activities, including questions to ask, as well as how to gain more expertise in this evolving field. What you’ll learn in this episode Expertise tax practitioners need to be proficient in the digital asset field (0:55) Best pla...2023-08-1126 minTax Section OdysseyQuestions to ask clients about digital asset activities In this episode two members of the AICPA Virtual Currency and Digital Assets Tax Task Force (VCDATTF), Nik Fahrer, CPA, Senior Manager, National Tax Professional Standards Group — FORVIS, and Robert Tobey, CPA, Partner — REID CPAs, LLP, share their expertise with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, on how to vet potential clients with digital asset activities, including questions to ask, as well as how to gain more expertise in this evolving field. What you’ll learn in this episode Expertise tax practitioners need to be proficient in the digital asset field (0:55) Best pla...2023-08-1126 min
Simply TaxWhat's An NFT?Guests Nik Fahrer and Tom Haldiman return to the podcast to follow up on and take a deeper dive into nonfungible tokens (NFTs) with host Damien Martin. Here’s what they discuss: Who are Nik and Tom? @01:15 What’s the significance of digital assets and where are we going with all of this? @04:48 Core NFT concepts and a real-world example from Beepol @14:32 Use cases for NFTs @29:09 Tax considerations of holding NFTs for appreciation @42:27 Estate and planning considerations @47:32 Buyer beware @49:22 Closing thoughts from Nik and Tom @53:02 An update on the digital asset space @54:16 Learn more about Nik and Tom...2022-11-171h 07
Simply TaxDigital Asset DiscussionDigital 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? [01:53] What problem are digital assets solving and why are they important? [07:27] Nonfungible tokens (NFT), Web 3.0, and use cases [16:49] What’s a smart...2022-03-291h 42
Simply TaxCryptocurrency UpdateOn 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 y...2019-12-191h 10
Simply TaxBlocking & Tackling Blockchain & CryptocurrencyA 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. HERE'S WHAT'S COVERED: Background on Bitcoin @03:12 Goal of cryptocurrency’s creators @04:12 What is cryptocurrency? @05:41 Evolution of cryptocurrency since its inception @09:14 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...2019-09-1252 min