CoinDesk Podcast Network - UNCHAINED: Why the Crypto Industry Is So Upset About the IRS’ Proposed New Tax Reporting Rules
A pair of crypto industry tax experts describe the problems with the tax agency’s new reporting proposals and suggest alternatives.
The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable.
Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights |
- What the newly proposed IRS regulations around crypto are and when they are likely to go into effect
- What entities qualify as a broker and why this may pose a problem
- What the implications for the industry are if these regulations were passed
- The number of additional reports the IRS is expecting to receive if these regulations are adopted
- How the regulations would apply to stablecoins and NFTs
- What the five types of brokers are under the proposed regulations and the three types that they exclude, according to Shehan
- The unprecedented amount of comments submitted
- What suggestions Coinbase and CoinTracker have in mind for better tax regulation
- Why Lawrence thinks that DeFi exchanges should be treated the same as centralized ones
- Whether people should have privacy concerns about the new proposals
- What some blockchain-based solutions for tax reporting, such as attestation tokens
- What are the next steps for the IRS's proposed regulation are
- How long it will take to actually implement these regulations
Thank you to our sponsors! LayerZero | Popcorn Network
Guests |
Shehan Chandrasekera, Head of Tax Strategy at CoinTracker
Lawrence Zlatkin, VP of Tax at Coinbase
Links |
Previous coverage of Unchained on crypto taxes, with appearances from Shehan and Lawrence:
Everything You Need to Know About Filing Your 2022 Crypto Taxes
Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More
Everything You Need to Know About Your 2020 Crypto Taxes
Why You Shouldn’t Trust Crypto Exchange Reports for Your Taxes
The IRS Is Cracking Down on Crypto Taxes: What You Need to Know
Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So
Infrastructure Investment and Jobs Act (117th Congress)
Proposed rule:
IRS proposed rule text: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions
CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule
Twitter thread from Ji Kim of the Crypto Council for Innovation
IRS issues guidance, seeks comments on nonfungible tokens
Coinbase second comment letter
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Time To Say Goodbye - “Everything is collapsing around the world,” with Andy Liu
Hello from Philly!
This week, Andy joins us for one of Tammy’s last eps as a host of TTSG. 🥲 After catching up on dog COVID, [6:10] we discuss how China’s historical self-identification as a vanguard of the Third World has given way, through decades of technological and economic growth, to a more general anti-West position. [29:00] We also reflect on the various pockets of U.S. public opinion on Gaza and Zionism, from Andy’s college students to our elected officials (and their press secretaries). [53:30] Finally, we debate whether the term “barbaric” has been selectively applied since October 7, along with larger questions of media bias.
In this episode, we ask:
Where does China’s relatively strong support of Palestine come from, and is it actually as strong as it seems?
How does the movement for a free Palestine fit into the idea of what it means to be a good leftist?
Should media outlets rethink when to publish gruesome images of victims of violence?
For more, see:
* Times coverage of the Biden-Xi Summit (and Blinken’s reaction to a Biden gaffe)
* More on the three young Palestinian American students who were shot in Vermont, the NYU doctor who was fired over his racist social media posts, and the friendship between a Palestinian and a pro-Israel chef in Philly that has soured
* Words from Lydia Polgreen and from Jay on the question of publishing graphic photos of children killed in Gaza
Reminder: Tammy is hosting a virtual TTSG book club meeting for subscribers tonight at 5pm PST // 8pm EST (9am in Shanghai) with cartoonist, illustrator, and Discord OG Jillian Tamaki! We’ll get some BTS insight from Jillian on the graphic novel she just published with her cousin and co-author, Mariko Tamaki, Roaming. You can find the Zoom info on Discord or in this post!
Subscribe on Patreon or Substack to join our Discord community. You can also follow us on Instagram, TikTok, and X (Twitter), and email us at timetosaygoodbyepod@gmail.com.
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit goodbye.substack.com/subscribe
NPR's Book of the Day - Patricia Park’s new YA novel captures the complexities of race and adolescence
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Honestly with Bari Weiss - Where Have All the Democrats Gone?
In the past few decades, the Democratic Party has undergone a seismic shift. Kitchen table issues like the economy and public safety have been overshadowed by more elitist topics like identity politics, gender ideology, defunding the police, climate change, and the vaguely defined yet rigidly enforced ideology of anti-racism, which sees white supremacy as the force behind every institution in America.
But while activists, lobbyists, and pundits were busy reshaping the Democratic Party, ordinary voters—including the working class, middle-class families, and ethnic minorities—were simply leaving. All of which has stranded a large group of Americans on an island, voters in the center of nowhere.
Two people who have spent years thinking about how the Democratic Party lost its vision are our guests today, political analysts Ruy Teixeira and John Judis. Their new book, Where Have All the Democrats Gone?, offers up a map to help us understand how liberals lost their way. On today’s episode, guest-hosted by Michael Moynihan, Teixeira and Judis trace the influence of big money forces behind what they call the Democrats’ “shadow party,” and offer a path forward away from the radical cultural issues embraced by party elites and back to core economic issues that matter to the working class, a group that Democrats need to win back if they want to win in 2024.
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60 Songs That Explain the '90s - ‘60 Songs’ x ‘Bandsplain’ Live at the Teragram
Listen as Rob and Yasi Salek are joined by Chris Ryan to hold the ultimate '60 Songs' draft! But before we get to that fantastic main event, Yasi roasts Robs for some of his worst mispronunciations across the history of the '60 Songs That Explain the 90s' pod, and there’s even a very special guest to kick off this special episode. This episode was taken from our live super show at the Teragram Ballroom in Los Angeles on November 17.
Hosts: Rob Harvilla and Yasi Salek
Guests: Chris Ryan and Rob’s Mom
Producers: Jonathan Kermah, Jesse Miller-Gordon, and Justin Sayles
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The Intelligence from The Economist - The Intelligence: Swede demons
Drug-related shootings and bombings are on the rise. Policies are changing and law-enforcement budgets rising, but stemming the violence is proving politically tricky. Our columnist considers how China is using the war in Gaza to burnish its diplomatic credentials (9:36). And the teams vying to smash a long-standing sailing-speed record (18:27).
Sign up for a free trial of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.
The Daily Detail - The Daily Detail for 11.29.23
Alabama
- Donald Trump fully endorses AL congressman Robert Aderholt for re-election
- The AL Democratic Party now suggesting Sen. Tuberville is a Nazi
- Senate leader Schumer to offer rule change this week re: Tuberville's hold
- Over 500 churches in AL have left the UMC by way of their disaffiliation rule
- Birmingham city council approves 2.5M dollar loan to Birmingham Southern
- AL congressman calls out Sec. of Ed for blatant misquote of Ronald Reagen
National
- 4 thousand auto dealers call on Biden admin to halt push for EV sales
- Hunter Biden agrees to public hearing in House this December
- Deutsche bank executive testimony bolsters Trump in NY civil fraud case
- Lawsuit against Meta claims the social media company pursued underage users
- Pope Francis kicks his largest critic, Cardinal Burke out of Vatican, no salary
Everything Everywhere Daily - Uranus
Located approximately 1.8 billion miles or 2.9 billion kilometers from the sun is the seventh planet in the solar system, Uranus……or Uranus.
Uranus is unlike any other planet in the solar system in several important ways, and its discovery was unlike the discovery of any planet up until that point.
Since its discovery, our understanding of the planet has increased by leaps and bounds, and we are still learning more about it today.
Learn more about Uranus, what it is, and how it was discovered in this episode of Everything Everywhere Daily.
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Getting Hammered - It’s a Small World
Today, we are providing you with an update on the ongoing hostage situation in Israel, discussing the issue of biased media coverage, and informing you about some tax changes! Tune in!
Time Stamps:
11:54 Israel Hamas Update
28:49 Bias News
37:22 Newsom vs. Desantis
48:57 Bidenomics
56:00 Tax Returns
1:03:31
Want more Getting Hammered? Follow us on Instagram @gettinghammeredpodcast Questions? Comments? Email us at [Hammered@Nebulouspodcasts.com]
It's not easy keeping up with the news—especially when you're a parent. Mary Katharine Ham and Vic Matus know that well. And while they can't get your kids to school on time (and without ketchup in their hair—ask Mary Katharine about that one), they can break down the news you need to know. Put the kids to bed, pour yourself a drink, and join us twice a week for Getting Hammered.