The Bad Crypto Podcast
EP 756 - Urgent Crypto Tax Updates with Clinton Donnelly
Dec 18, 2024
Clinton Donnelly, a Cryptocurrency CPA and tax regulations expert, joins the discussion to shed light on urgent tax updates impacting crypto holders. He emphasizes the need for proactive measures before the end of the year to avoid unexpected taxes. The conversation delves into the complexities of new IRS regulations, including the introduction of the 1099 DA form and strategies for managing crypto losses. Donnelly also discusses potential future trends in the Bitcoin market, predicting an exciting bullish trajectory.
52:00
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Quick takeaways
- New crypto tax regulations require U.S. citizens to act before 2025 to avoid unexpected taxes and potential audits.
- Accurate record-keeping and professional consultation are crucial for cryptocurrency traders to comply with new IRS reporting obligations.
Deep dives
Urgent Crypto Tax Regulations
New crypto tax regulations set to take effect in 2025 require U.S. citizens involved in cryptocurrency to act swiftly to avoid potential surprise taxes. The new laws mandate that exchanges, such as Coinbase and Kraken, begin reporting users' transactions to the IRS through a new form, the 1099 DA. This means that anyone trading crypto needs to be aware of their tax obligations to accurately report their income from these activities. Failure to comply with these new regulations could lead to severe penalties, and individuals might find themselves subject to audits based on retrospective calculations.
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