What you need to know about Crypto Currency Taxation (Podcast)

Accountants flight plan

(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.

Notable Moments:

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

How you can connect with Shehan:

CoinTracker is a web app that helps tax practitioners and taxpayers reconcile cryptocurrency gains and losses and generate the right tax forms.

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