Tech Intersect #197: Navigating the Crypto Tax Maze: Expert Insights with Charles “CJ, The Smart Guy” Kelly

Tech Intersect™ with Prof Tonya M. Evans

With the ever-evolving regulations around cryptocurrency, it can be a challenge to keep up. As the IRS ramps up regulations on documenting and taxing your cryptographically secured assets, you want someone like Charles J. Kelly on your side to make sure you’re staying compliant and maximizing your wealth. This week, episode 197 of the Tech Intersect™ Podcast is about keeping compliant with cryptocurrency taxes!

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Charles J. Kelly “The Smart Guy” is an entrepreneurial-focused accountant with a passion to uplift his community through financial education and financial services. He left Corporate America to become a full-time entrepreneur, founding Smart Guy Consulting that focuses on on cryptocurrency taxes, bookkeeping, and consulting.

Topics Charles and I explore in this episode include:

• Platform changes and lack of tools created challenges for record keeping in the early days of investing in cryptocurrency.
• It is more important than ever to stay on top of crypto tax regulations and business reporting requirements.
• There is so much opportunity for equitable wealth building through crypto, but the education to maximize on this potential is critical.
• Addressing the racial disparities in the tax system.

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1. Navigating the Crypto Tax Maze: Expert Insights with Charles “CJ, The Smart Guy” Kelly (00:00:00)

2. CJ Kelly, aka "The Smart Guy," shares his journey from corporate America to crypto tax expert. (00:01:50)

3. Navigating the intersection of taxation and crypto, despite initial resistance. (00:07:09)

4. [Ad] How to Start a Podcast Guide: The Complete Guide (00:09:34)

5. (Cont.) Navigating the intersection of taxation and crypto, despite initial resistance. (00:10:16)

6. The importance of understanding the potential of blockchain technology, particularly in regards to intellectual property and systemic inequality. (00:14:05)

7. [Ad] Podcasting For Brands // bring your guest we do the rest (00:19:45)

8. (Cont.) The importance of understanding the potential of blockchain technology, particularly in regards to intellectual property and systemic inequality. (00:20:33)

9. The struggle to keep track of cryptocurrency transactions due to the lack of record-keeping tools and the sudden shutdown of exchanges in early days. (00:24:01)

10. Racial disparities in tax audits, with black people being audited at a higher rate despite having fewer assets. (00:28:54)

11. Having a good CPA ensures you pay only the taxes you need to pay and not a penny more. (00:33:41)

12. How the “wash rule” in stocks it can be used to legally avoid paying taxes. (00:38:20)