Episode 11: Tax Effects of Cryptocurrency

CPAs & Advisors

Podcast Host: Jacob Sopczynski, CPA

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Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter professionals, where we go beyond the beans.

On episode 11 of Everyday Business, host Jacob Sopczynski, principal in the Flint office, is joined by Randy Howard, CPA, from the Saginaw office, and Zaher Basha, CPA, CM&AA, from the Auburn Hills office.

Listen in as Jacob, Randy, and Zaher discuss the tax effects of cryptocurrency in the second of our two-part series on blockchain.

  • When do cryptocurrencies become taxable (1:11)
  • Transferring cryptocurrency and its effects (3:00)
  • Being compensated through cryptocurrency (4:42)
  • Nontaxable cryptocurrency transactions (5:50)
  • Is buying and trading in cryptocurrency taxable? (7:04)
  • Reporting (8:27)
  • Cost to cost tracking (10:10)
  • Penalties for not reporting cryptocurrency (14:40)
  • Foreign reporting (15:14) 
  • How TCJA changed the taxation of cryptocurrency (16:20)
  • Tax considerations with forking (17:00)
  • Credit cards that give cash back via bitcoin (17:48)
  • Reporting and what records should be maintained when paying employees? (18:23)

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The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice, or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

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