Crypto-Asset Reporting: Tax Accounting For Digital Assets – DC Blockchain Summit 2023
Erin Fennimore, Global Head of Tax Solutions, TaxBit
Julie A. Foerster, Project Director, Digital Assets, IRS
Rob Massey, Partner, Global Tax Leader, Blockchain and Digital Assets, Deloitte Tax LLP
Lisa Zarlenga, Partner, Chair of Tax Policy Group, Steptoe & Johnson LLP
Moderator: Cody Carbone, VP Policy, Chamber of Digital Commerce
Digital assets represent the next evolution in increasing efficiency of financial and non-financial transactions. Due to their pervasive impact and exponential increase in adoption, unclear or unfit tax and accounting guidance of digital assets is the leading roadblock to institutional adoption. This panel gets down to the brass tacks of what type of tax and accounting framework is needed moving forward.
0:00 – Intro
0:30 – What is the current tax treatment of digital assets?
1:00 – 7-Year Evolution
1:48 – Types of Assets from a Tax Perspective
3:13 – Why do we care about the rights and obligations of tokens?
4:06 – Key Consider for Tax Payers When Reporting
5:25 – Reporting obligations for businesses
6:33 – Record Keeping is Essentials
7:57 – Facilitating Accurate Reporting
9:20 – How has the regulatory landscape shifted?
11:40 – Treatment of NFTs as collectibles
13:18 – Seeking Comments before Proposing Regulations
14:29 – Regulatory development in the space
14:56 – Implications for Investors and Businesses
18:10 – Taxable Transparency
18:50 – Regulations on the enterprise side
19:55 – Taxation in staking
20:57 – Actions and Rewards Related to Protocols
22:18 – How this relates to mining
23:10 – How does DEFI impact transactions
24:50 – No standard data model
25:45 – Is our current framework sustainable? What’s coming next?
29:30 – Closing Remarks
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