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 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 Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links mentioned:

Kelly’s Website – Taxgirl

Wendy Walker - LinkedIn

Wendy Walker - Email

Sovos - Website