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Video: GAO's Virtual Currencies Report Implications

03.25.20

Dmitri Alexeev

BPM’s Tax Partner Dmitri Alexeev, who co-leads our Blockchain and Digital Assets group, joined the Accounting Blockchain Coalition to discuss the recently-released United States Government Accountability Office (GAO) report that provides recommendations to improve IRS virtual currency tax guidance. 

The GAO reviewed existing IRS guidance and the agency's efforts to help the growing number of cryptocurrency and digital asset consumers navigate how to claim crypto on taxes and ensure virtual currency tax compliance. The agency found: “Taxpayers are required to report and pay taxes on income from virtual currency use, but the Internal Revenue Service (IRS) has limited data on tax compliance for virtual currencies. 

Featured speakers in the video include: 

Dmitri Alexeev – Tax Partner, BPM LLP  

Dmitri is a Partner in BPM’s Corporate Tax Practice and co-leads the blockchain and digital assets group. He has over 21 years of public accounting experience with regional and national accounting firms.  

Shehan Chandrasekera – CPA, Head of Strategy - Tax, CoinTracker 

Shehan is the Head of Tax Strategy at CoinTracker. He is one of the handful of CPAs in the country who is recognized as a real-world operator and a conceptual subject matter expert on cryptocurrency taxation. 

Roger Brown – Head of Tax & Regulatory Affairs, Lukka 

Roger Brown is Head of Tax & Regulatory Affairs for Lukka, Inc, a tax & accounting software firm for digital assets. He spent a decade in the national office of the IRS addressing international tax, withholding, reporting, and financial product issues.  

Wendy Walker – Solutions Principal, Sovos  

Wendy Walker is the Solutions Principal of tax information reporting at Sovos and works with clients to implement tax withholding and information reporting solutions. Wendy focuses on trends and changes occurring in IRS and state 1099 withholding and reporting, nonresident and Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). 

Watch the crypto webinar and reach out to Dmitri Alexeev if you have additional questions about the new GAO recommendations. 

GAO’s Virtual Currencies Report Implications from Accounting Blockchain Coalition on Vimeo.

BPM for Blockchain/Digital Assets 

BPM is one of the largest West Coast-based CPA firms that specializes in serving the digital assets and blockchain industry. BPM provides individual and business tax and audit compliance, consulting and tax structuring services. Our professionals have extensive knowledge and experience in dealing with accounting and auditing matters, as well as regulatory and compliance issues, including revenue recognition, IT compliance, enterprise risk management and classification of digital assets.