Cryptocurrency Tax Reporting Is About To Get Tighter – Here’s How To Help Customers And Businesses


Chandrasekera to present Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates

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The Accounting Transformation Center guides professionals through the adoption and changes needed to enter the future of the accounting profession.

Meet one of America’s few cryptocurrency tax experts and find out how he can help your business and investments.

I think crypto has become a common topic that every accountant should know … Publicly traded companies and big banks are actively investing their cash reserves in cryptocurrency … “

– Shehan Chandrasekera, CPA

HONOLULU, HAWAII, UNITED STATES, September 22, 2021 / – Although cryptocurrency has been around for decades, it’s still a relative mystery to most … unless you’re Shehan Chandrasekera, CPA.

He is one of the few in the United States to be recognized as an expert in cryptocurrency taxation and has been recognized by CPA Practice Advisor, Accounting Today, AICPA, and the Texas Society of CPAs. He is a regular contributor to Forbes and was recently featured on CNBC.

Chandrasekera’s expertise, however, is still relatively new. “I got into cryptocurrency in 2017 when a colleague of mine showed me his investment portfolio,” he explained. “I found the asset class fascinating and started to research the tax implications.” A quick learner, Chandrasekera published her first article on the subject the following year. “Since then my career has focused on cryptocurrency related topics such as writing for Forbes as a cryptocurrency tax analyst, helping clients with cryptocurrency, [teaching continuing education courses], and construction tools, like CoinTracker, which calculate your crypto taxes, ”he said.

Growing up in Sri Lanka, Chandrasekera’s curious mind helped him to follow his current path. “I was curious to find out more about why things were working the way they were.” Like most, his models changed according to his age. “My current model,” said Chandrasekera, “is Chamath [Palihapitiya], a well-known tech personality and a venture capitalist in Silicon Valley. “

Years later, when he enrolled at William Patterson University in New Jersey, he immediately knew accounting was for him. “I thought it was a pretty safe career path to pursue and wanted to be a partner in a firm someday,” Chandrasekera said.

These days, Chandrasekera is the Head of Tax Strategy at CoinTracker, where he focuses on taxing cryptocurrencies, including bitcoin.

“Bitcoin is considered digital gold because of its limited supply,” he said. “Therefore, bitcoin works as a great hedge against inflation. Bitcoin transaction speed is too slow for it to be a payment method. He added: “The Bitcoin Lightning Network is trying to solve this problem.”

Additionally, Chandrasekera is keeping an eye out for pending proposals to increase tax reporting requirements to finance infrastructure.

“The legislation tries to make anyone who trades in cryptocurrency a broker,” Chandrasekera said. “This broad definition includes software developers and miners in addition to the usual suspects like cryptocurrency exchanges. The US Treasury is trying to reduce the reach of the language we speak. ”

“Currently there are 46 million Americans with Bitcoin,” he continued, adding, “I think crypto has become a common topic that every accountant should be aware of. The IRS has included the famous crypto question. on the front of Form 1040. Public companies and large banks actively invest their cash reserves in cryptocurrency and include cryptocurrency related services.

Luckily for Chandrasekera, her idol is on her side, constantly touting the virtues of embracing transformation. “Betting against entrepreneurs who change the world has never been a profitable business,” said Palihapitiya. “We need to move away from venture capital as a profession and focus on using capital as a way to take really big bets on things that look totally daring.”

Find out what you need to know. Join Accounting transformation center and Sheehan Chandrasekera for Cryptocurrency Taxation: Nuts, Bolts, and Tax Law Updates:
• October 5, 2021, 12 p.m. to 2 p.m. EST
• November 8, 2021, 1 p.m. to 3 p.m. EST
• December 22, 2021, 1 p.m. to 3 p.m. (EST)

Consult the schedule of upcoming classes.

Amy welch
Accounting transformation center
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