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As with any disruptive technology, the guidance and compliance around cryptocurrency is evolving. The IRS treats cryptocurrency as property and taxpayers will owe tax when crypto is sold or exchanged resulting in a profit. Tax guidance for businesses is already complex and now we factor in the challenges that come with accepting cryptocurrency from customers or using cryptocurrency to pay for business expenses.
We talked through the current landscape, tax implications around crypto, and recent legislation impacting traders. If you missed the live event, a recording of the event and the presentation slides may be found below.
Chuck Sockett, Managing Director | UHY Advisors, Inc.
Chuck has over 30 years of professional experience and consults on a wide range of entity related tax issues for public and closely held businesses across a variety of industries. Additionally, Chuck helps clients meet their complex tax planning and compliance needs, including issues related to domestic and international transactions. Chuck has experience advising clients on blockchain and cryptocurrency tax planning and compliance.