Mark DiMichael, a director in the valuation and forensic services department of Citrin Cooperman, specializes in litigation support and valuation services. His specialties include economic damages analysis, divorce litigation, fraud investigation, white collar criminal defense, and business appraisals. Mark has taught various CPE/CLE classes on economic damages, divorce, and other litigation related topics, as well as cryptocurrency and blockchain and has also provided expert testimony related to economic damages, divorce, and white collar fraud. Recent Articles by Mark: Taxation of Cryptocurrencies Security Tokens
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Crypto Forces
Mark DiMichael
How Do Governments Tax Cryptocurrencies? Advice from a Crypto Tax Accountant | Mark DiMichael
Mark DiMichael, a director in the valuation and forensic services department of Citrin Cooperman, specializes in litigation support and valuation services. His specialties include economic damages analysis, divorce litigation, fraud investigation, white collar criminal defense, and business appraisals. Mark has taught various CPE/CLE classes on economic damages, divorce, and other litigation related topics, as well as cryptocurrency and blockchain and has also provided expert testimony related to economic damages, divorce, and white collar fraud. Recent Articles by Mark: Taxation of Cryptocurrencies Security Tokens
How do governments tax bitcoin? In this Crypto Forces segment of Hidden Forces, host Demetri Kofinas speaks with Mark DiMichael, a forensic accountant with Citrin Cooperman, who specializes in the Bitcoin tax implications for cryptocurrencies. In this conversation, we define what constitutes a taxable event in bitcoin, ethereum, and other altcoins and cryptocurrencies. We also provide information for those of you looking for help in filing your taxes for bitcoin or any other cryptocurrency in 2017.
Is it possible for someone holding bitcoin, ethereum, or some other cryptocurrency to qualify for a 1031 like-kind exchange? How does the recent House and Senate tax law restricting 1031 like-kind exchange to only real estate assets affect cryptocurrency holders going forward? What are the Bitcoin tax filing requirements for anyone who has profited from a cryptocurrency? Are there any loopholes that you should know about when filing your taxes for bitcoin? How does the IRS tax newly mined coins? Does the government require you to pay taxes for bitcoin transactions? Does the IRS tax on Bitcoin protocol tokens like BTC differ from that of utility tokens? What are the crypto tax implications for security or investment tokens like DAO? What are the regulatory and crypto tax requirements around ICO’s, and how does the SEC treat them? How will the gains made by anyone holding bitcoin cash as a result of the hard fork in August of 2017, be taxed by governments? Is this asset seen as a dividend, and taxed accordingly? Might the government tax bitcoin (and related) forks similarly to how it taxes farmers and livestock owners, whose newborn calves are seen as part of the original investment, allowing the owner to defer tax liability?
Lastly, how many individuals have profited from this new investment class? What is the IRS doing to verify compliance and how do they investigate those who attempt to evade taxes? Are there any exemptions or other legal ways to avoid paying taxes on gains made in bitcoin, ethereum, or any other cryptocurrency?
Mark DiMichael, a director in the valuation and forensic services department of Citrin Cooperman, specializes in litigation support and valuation services. His specialties include economic damages analysis, divorce litigation, fraud investigation, white collar criminal defense, and business appraisals.
Mark has taught various CPE/CLE classes on economic damages, divorce, and other litigation related topics, as well as cryptocurrency and blockchain and has also provided expert testimony related to economic damages, divorce, and white collar fraud.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
