Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin, and the IRS asking about it on your tax forms. But without proper guidance from the IRS, there are still plenty of questions surrounding crypto taxes and the specifics of cryptocurrency compliance.
Crypto taxes are once again a hot-button topic this tax season.
On this episode of the Taxgirl podcast, Kelly is joined by Wendy Walker. As the solution principal at Sovos Compliance, Wendy has helped lead the go-to-market strategy focused on growing the tax and regulatory line of business. Kelly and Wendy discuss the latest information on crypto taxes, including the IRS’ recent cryptocurrency FAQ, the Common Reporting Standard, and cryptocurrency compliance.
Listen to Kelly and Wendy talk about crypto taxes:
- Where to find the cryptocurrency taxes question on your tax form
- Cryptocurrency and the IRS FAQ
- How many users does a cryptocurrency market like Coinbase have?
- Coinbase John Doe summons
- Concerns over what gets reported to the IRS
- 1099-K and 1099-B
- The lack of guidance on crypto taxes by the IRS
- What should taxpayers think about if they have cryptocurrency
- What records do you need to keep for your cryptocurrency taxes
- What is the Common Reporting Standard
- Expanding the Common Reporting Standard for crypto taxes
- What taxpayers should do about past reporting discrepancies
- Where to find up-to-date advice on crypto taxes and cryptocurrency compliance
More about Kelly:
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
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Kelly’s Website: Taxgirl
Wendy Walker: LinkedIn
Wendy Walker: Email