January 13, 2025

Crypto for Tax Pros

1 hour 8 minutes

Crypto tax expert Amir Marmar of JFDI Accountants breaks down the complexities of cryptocurrency taxation and shares guidance on when tax professionals should handle crypto cases themselves versus partnering with specialists. He explains key concepts like wallet-level reporting requirements coming in 2025, the challenges of DeFi and staking transactions, and why traditional tax software may not be enough for complex crypto cases. This episode provides practical insights for tax professionals on evaluating crypto clients and understanding the latest IRS guidance, including Revenue Procedure 2024-28's move away from universal accounting methods.

Sponsors
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(00:00) - Welcome to Federal Tax Updates

(01:56) - Amir Marmar's Background and Expertise

(03:04) - Crypto Accounting Challenges and Success Stories

(07:49) - Crypto-Friendly Government Policies

(14:06) - Understanding Crypto Wallets

(23:36) - Blockchain Basics and Tax Implications

(29:38) - Complexities in Crypto Taxation

(37:19) - Understanding Lending Protocols and Tax Implications

(39:24) - Exploring Staking and Its Tax Considerations

(41:11) - Liquidity Pools and Market Making

(43:01) - Challenges in Crypto Accounting

(44:11) - IRS Guidance and Tax Positions

(46:02) - The Role of Tax Professionals in Crypto

(49:39) - Steps for Successful Crypto Tax Engagements

(52:50) - Upcoming Changes in Crypto Tax Reporting

(01:04:53) - Contacting JFDI for Crypto Tax Help

Connect with Amir
https://www.jfdiaccountants.com/
https://www.linkedin.com/in/amir-marmar-20b76726

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Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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