Navigating Crypto Compliance Challenges

Two crypto tax experts, Shehan Chandrasekera, certified public accountant and head of strategy, Tax, at Cointracker, and John Cardone, senior director of Washington National Tax at RSM US LLP, explain everything crypto traders need to understand when filing taxes for 2021. Show topics:

-the five types of transactions that constitute a taxable crypto event -how NFT taxes should be reported -why the sale of collectibles (NFTs) is taxed differently than the sale of crypto property (tokens) -what type of forms you might receive from crypto exchanges and why this information is usually incomplete -why the crypto provision in the infrastructure bill most likely won’t affect retail traders -why John wants a digital asset-specific 1099 form -how staking income will be taxed this year (and why this might change soon) -how to report taxes for… airdrops like ENS and SOS income earned via a play-to-earn game like Axie Infinity the sale of virtual land wrapping Bitcoin onto Ethereum rewards received via a crypto credit card -how to save money on taxes going forward -how Shehan and John think crypto taxes will evolve  -why the IRS listed a job posting for someone who could exploit crypto wallets

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021      

Beefy Finance: https://beefy.finance  

Bosonic: https://bosonic.digital/

Alchemy Pay:  https://alchemypay.org

Become a Premium Bulletin Subscriber!

Become a premium subscriber to my Bulletin newsletter, and you’ll get access   to:

 a premium-only Discord group  premium-only interviews the opportunity to ask questions ️ the chance to weigh in on guests for Unchained and  whatever other future offerings we add to the mix

Join today for $4.99/mo or $49.99/year! 

Join now!

Get a Signed Book Plate!

Many of you have asked me how you can get a signed copy of the book. Here’s how:

Pre-order the book, which you can do at bit.ly/cryptopians. Make a social media post about the book that includes the pre-order link, bit.ly/cryptoptians, or to the book on any bookseller of your choice. Send a copy of your receipt to hello@unchainedpodcast.com with the subject line, “signed book plate.” In the email, include a pdf of your receipt + a screenshot of or a link to your social media post + the address to which you’d like me to send the book plate + the name of who you’d like me to dedicate the book plate to.

If you show a pre-order receipt that shows you bought more than one format of the book, such as an audiobook and a hardcover, you can get two signed book plates.

Finally, if you sign up for the Bulletin premium subscription plus do all the above to get a signed book plate, you’ll also receive a POAP.

Episode Links

John Cardone

​​https://www.linkedin.com/in/john-cardone-436412b1/  

Shehan Chandrasekera

https://twitter.com/TheCryptoCPA

Helpful Links

Shehan’s tax guide: https://www.forbes.com/sites/shehanchandrasekera/2022/01/24/quick-guide-to-filing-your-2021-cryptocurrency--nft-taxes/?sh=d5c00f765f9d Staking rewards case: https://twitter.com/TheCryptoCPA/status/1489268205877035016  US Gov. job posting: https://sam.gov/opp/799a1650bd5349b6af4f646842999187/view 

2022 Crypto Tax Guides

CoinTracker: https://www.cointracker.io/blog/crypto-tax-guide CryptoTrader.Tax: https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes Koinly: https://koinly.io/cryptocurrency-taxes/  ZenLedger: https://www.zenledger.io/guides/crypto-tax-us 

Learn more about your ad choices. Visit megaphone.fm/adchoices