Meet one of many few American specialists on cryptocurrency taxation and learn how he may also help your small business and your investments.
— Shehan Chandrasekera, CPA
HONOLULU, HAWAII, UNITED STATES, September 22, 2021 /EINPresswire.com/ — Although cryptocurrency has been round for many years , it’s nonetheless a relative thriller to most… except you’re Shehan Chandrasekera, CPA.
He’s one of many few in America acknowledged as an knowledgeable on cryptocurrency taxation, and has been acknowledged by CPA Apply Advisor, Accounting At present, the AICPA and the Texas Society of CPAs. He’s a daily contributor to Forbes and was not too long ago featured on CNBC.
Chandrasekera’s experience, although, continues to be comparatively new. “I first acquired into cryptocurrency in 2017 when considered one of my coworkers confirmed me his funding portfolio,” he defined. “I discovered the asset class to be fascinating and began doing analysis about tax implications.” A fast learner, Chandrasekera printed his first article on the subject the next yr. “Since then, my profession has centered round cryptocurrency-related topic areas resembling writing for Forbes as a crypto tax analyst, serving to shoppers with cryptocurrency, [teaching continuing education courses], and constructing instruments—like CoinTracker—that calculates your crypto taxes,” he stated.
Rising up in Sri Lanka, Chandrasekera’s inquiring thoughts helped lead him down his present path. “I used to be curious to study extra about why issues labored the way in which they did.” Like most, his position fashions modified relying upon his age. “My present position mannequin,” Chandrasekera stated, “is Chamath [Palihapitiya], a well known tech persona and enterprise capitalist in Silicon Valley.”
Years later, when he enrolled at William Patterson College in New Jersey, he instantly knew accounting was for him. “I believed it was a fairly secure profession path to pursue and I needed to be a accomplice at a agency sooner or later,” Chandrasekera stated.
Today, Chandrasekera is the top of tax technique at CoinTracker, the place he focuses on cryptocurrency taxation, together with bitcoin.
“Bitcoin is taken into account digital gold as a consequence of its restricted provide,” he stated. “Due to this fact, bitcoin works as an excellent hedge towards inflation. Bitcoin transaction velocity is just too sluggish for it to be a technique of fee.” He added, “Bitcoin lightning community is making an attempt to resolve this downside.”
Moreover, Chandrasekera is holding his eye on pending proposals to extend tax reporting necessities to fund infrastructure.
“Laws is making an attempt to make anyone who’s effectuating cryptocurrency transactions a dealer,” Chandrasekera stated. “This broad definition contains software program builders and miners along with common suspects like cryptocurrency exchanges. The U.S. Treasury is making an attempt to slender down the scope of the language as we converse.”
“At the moment, there are 46 million Individuals with bitcoin,” he continued, including, “I feel crypto has turn into a mainstream topic that each accountant must know. The IRS has included the well-known crypto query on the entrance of Kind 1040. Publicly traded firms and massive banks are actively investing their money reserves in cryptocurrency and together with cryptocurrency-related companies.”
Fortunately for Chandrasekera, his idol is on his facet, consistently touting the virtues of embracing transformation. “Betting towards entrepreneurs who’re altering the world has by no means been a worthwhile endeavor,” Palihapitiya stated. “We have to divorce ourselves from enterprise capital as an occupation and give attention to utilizing capital as a method to take actually huge bets on issues that simply appear completely audacious.”
Discover out what you should know. Be part of the Center for Accounting Transformation and Sheehan Chandrasekera for Cryptocurrency Taxation: Nuts, Bolts, and Tax Law Updates:
• October 5, 2021, 12 pm to 2 pm (EST)
• November 8, 2021, 1 pm to three pm (EST)
• December 22, 2021, 1 pm to three pm (EST)