Hey All!
My name is Isa and I’m the newest member of the BitcoinTaxes team. I’ve been working with Sal (u/Sal-BitcoinTax) in the production and distribution of new episodes of the Bitcoin Taxes Podcast. We typically share our episodes on a few different cryptocurrency subreddits.
Our newest episode of the podcast is out today. This week’s guest is Matt Metras ( /u/BitcoinTaxesMe ) who was on the podcast back in January - a lot has changed in the world since then. Matt is an EA who is super knowledgeable about crypto and crypto taxation.
In this episode, we discuss the IRS tax deadline extension that was issued as a result of COVID-19. We talk about how the pandemic has affected the crypto space, and our roles in it. Matt also shares his experience with the 2020 closed-door crypto IRS Summit, and relays which topics were focused on and which were neglected.
Enjoy the episode, and feel free to let us know if you have any questions.
Episode Highlights
Tax Deadline Extension (03:50):
The IRS deadline for any returns or payments due April 15th has been extended to July 15th.
*Since recording this episode, the IRS has provided even more tax extensions to cover individuals, trusts, estates corporations and others.
Read More: IRS Notice 2020-23
The IRS Crypto Summit (25:35):
Matt attended this summit on March 3rd in Washington DC. It was an invite-only event and although it was not focused on the personal side of taxation, it was discussed. The main focus was the business side of taxation. Of note, an organized central repository of tax transaction information to develop a standardized form for cryptocurrency reporting was discussed. Matt shares his views on the use-case and practicality of something of this magnitude.
In addition, Matt shares with us which topics were glossed over or not even brought up during the summit.
The Impact of The Coronavirus on Crypto Tax Rules (35:11):
Prior to the coronavirus, it seemed as though we were finally making progress on receiving crypto tax guidance. Matt shares his thoughts on how the coronavirus could play both a positive and negative role in affecting that progress.
Avoiding Scams (41:20):
The coronavirus has shown the goodness of humanity, but it has also given bad actors more opportunities to scam victims. Matt shares some cryptocurrency scams he has encountered in his line of work.
The BCH Halving (51:25):
The BCH Halving occurred this month – Matt gives us a quick rundown about what a halving is, why it occurs, and what it means for crypto traders and enthusiasts.
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