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Main Street Business

#406 Scams, Loses, Theft and More - Must Know Tax Information

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 17 November 2022

⏱️ 37 minutes

🧾️ Download transcript

Summary

In this weeks Main Street Business episode, Mat and Mark break down a myriad of covering topics related how to maybe write-off crypto scams, hacks, or FTX losses Don't miss this weeks episode of the Main Street Business Podcast. To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event Fo...

Transcript

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0:00.0

This was your life savings. It was a huge part of your retirement plan. Here, there's this situation going on, the crypto markets, you know. Some of you have had some big losses this year. There's been some big news came out. Of course, FTCS most recently. Looks like there may be some fraud involved. We'll get into that. You're going to want to get some good tax advice this coming spring before you file your tax return for 2022.

0:21.3

What type of tax position are you going to have on that?

0:23.6

Maybe you've been a Voyager, BlockFi or Celsius.

0:26.4

Blockby's on the Virgin Bank.

0:27.6

See, apparently.

0:29.4

Welcome, everybody, to this week's episode of the Main Street Business Podcast.

0:34.2

Some of you may be first-time listeners looking at this topic of,

0:38.8

who, two tax lawyers? They're going to have a good answer for me on this experience you might be having with

0:44.3

FTX or Voyager or Celsius or Fahrenheit or blue sky this, green blue, my name is Mark

0:53.7

Kohler. I am a tax lawyer and i'm here with the

0:55.9

infamous matt sorenson we love to help our small business owners around the country and today

1:00.9

we're going to tackle this lost topic okay i'm going to shut up matt go ahead and tell us all the

1:06.4

answers i'm done yeah i feel like man you're listening if you're listening to this you got a tax

1:10.5

podcast you're talking about losing money i this, you've got a tax podcast.

1:11.1

You're talking about losing money.

1:12.7

I mean, usually we're doing a tax podcast about how to not pay taxes, make as much money

1:17.4

as you can, or how to pay as little taxes as possible.

1:20.1

And that's we've done two crypto tax summits, talking about all the tax strategies.

1:24.3

But here, there's this situation going on, the crypto markets, you know, and there's

1:28.7

been some big news came out. Of course, FTX most recently. Looks like there may be some fraud

1:34.7

involved. We'll get into that. What type of tax position are you going to have on that?

1:39.1

Maybe you've been a Voyager, Blockfire, Celsius. Blockfies on the verge of bankruptcy, apparently.

...

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