Episode 11: Tax Effects of Cryptocurrency

Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter experts, where we go beyond the beans.

On episode 11 of Everyday Business, host Jacob Sopczynski, principal is joined by Randy Howard, CPA, and Zaher Basha, CPA, CMAA.

Listen in as Jacob, Randy, and Zaher discuss the tax effects of cryptocurrency in the second of our two-part series on blockchain.

• When do cryptocurrencies become taxable (1:11)
• Transferring cryptocurrency and its effects (3:00)
• Being compensated through cryptocurrency (4:42)
• Nontaxable cryptocurrency transactions (5:50)
• Is buying and trading in cryptocurrency taxable? (7:04)
• Reporting (8:27)
• Cost to cost tracking (10:10)
• Penalties for not reporting cryptocurrency (14:40)
• Foreign reporting (15:14) 
• How TCJA changed the taxation of cryptocurrency (16:20)
• Tax considerations with forking (17:00)
• Credit cards that give cash back via bitcoin (17:48)
• Reporting and what records should be maintained when paying employees? (18:23)

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