(Our little podcast that started organically with a little luck and a nudge from Ric Payne, is starting to get some real traction. Accordingly, we have a brand-new logo (above) for our podcast!)
What you need to know about Crypto Currency Taxation.
Your clients are probably beginning to invest in cryptocurrency. The market for cryptocurrency is steadily growing and this week, we have some timely insight into how to stay relevant and helpful for your clients.
For those who are trading with high frequency, tracking tax basis, gains and losses can be a big challenge. Are you prepared to advise your clients on tracking and reporting?
On the most recent episode of The Accountant’s Flight Plan Podcast, we interviewed Shehan Chandrasekera, who is one of a handful of CPAs in the country recognized as a real-world operator and conceptual subject matter expert on cryptocurrency taxation. He is the Head of Tax Strategy at CoinTracker, partner at JAGArgueta CPAs a Forbes Tax Contributor and a CPE instructor who has won various awards.
We were able to speak with Shehan about what CPAs need to know about serving clients who trade cryptocurrencies and discuss some taxation comparisons between traditional stocks and the virtual currency space.
To learn more about Shehan’s insight, take a listen to the full podcast below, or click here if you prefer to watch this podcast.
2:56- About Shehan
5:00 -Report for taxation
7:13- How crypto currencies are taxed
9:15- What you need to know to serve your clients that trade crypto
10:50- How to help you client reconcile gains and losses in crypto
11:48- Trade frequency
13:26- Shehan’s personal thoughts about investing in crypto
15:43- Tax planning strategies for crypto
18:49- Retirement planning with crypto
21:58- The cycles of crypto
24:45- Shehan’s book recommendation
25:14- Shehan’s advice
26:00- How to follow Shehan