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Cryptocurrency Traders Learning That Taxes Are a Thing

Posted on by Caleb Newquist
cryptocurrency trading taxes

Here’s an amusing MarketWatch story by Shawn Langlois on how cryptocurrency traders, presumably having no concept of income, are all bent out of shape about the taxes they owe on their trading gains.

The lead kvetcher, latex_man, posted a thread entitled “I just did my taxes and it turns out I lost almost everything” and let’s all have a good laugh together:

I bought 2 BTC in early 2017. I did a few trades between BTC and dollars but in the end effectively I sold it late in the year for about $40k and changed my mind and bought them back a few hours later. I got weak hands, what can I say.

Anyway, I still got that 2 BTC (and no cash). My accountant said because of my trades, I have to pay like 35% income taxes (short term gains) on it with state and federal, so like $15000. If I sell it now for $10k each I’m only gonna end up with $5k left over. He says I owe $15k by April no matter what happens this year to my bitcoins even though it crashed by 50%.

WTF?

Fuck taxes man. This is so fucked it’s like I didn’t earn anything.

Langlois combed through the comments which are filled with comically bad advice for this forlorn trader, and I have got to imagine there’s a lot of this going on right now. I hope you tax accountants with naive crypto traders as clients are letting them down gently.

[MW]

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BDO Culminates 100th Anniversary with a Two-Hour Disney Production on the History of the Firm

As you probably know, BDO has spent 2010 celebrating the firm’s 100th anniversary in the U.S. Throughout the year there has been various celebrations along with Jack Weisbaum’s successful run as Dos Equis dopplegänger.

The apex of the firm’s centennial is going on as we speak in Orlando, at the firm’s Centennial Partners Meeting where 700 some-odd partners, alums and their better halves are celebrating the big one hundo.


A brief word from the most interesting accounting CEO in the world:

“In 1910, there were a little more than 2000 certified public accountants (CPAs) in the United States, that’s approximately the same amount currently working at BDO. Today, there are hundreds of thousands CPAs, but just a handful of national firms that have been able to grow and prosper across the country and build networks with member firms around the world,” said Jack Weisbaum, CEO of BDO USA. “Our firm bears little physical resemblance to the firm Maximillian L. Seidman started a century ago, and it is sure to change drastically in the coming century. What will stay the same is our unwavering commitment to clients, our capacity to adapt to change and our ability to find opportunity in every challenge.”

In addition to the Weisbaum speech, last night attendees were treated the aforementioned two-hour Disney production about the history of the firm.

Entitled “Proud Past – Bold Future,” the firm’s story is told with an extensive cast and musical arrangements, interspersed with video interviews of BDO partners – from both past and present – as the firm’s progress is tracked over the past century.

A Disney production sounds nice but two hours? Beauty and the Beast was nominated for Best Picture and it only ran for 84 minutes. Not that you can fairly compare the 100 years of getting to know BDO to animated bestiality. There really is no comparison but we’re just hoping – for the sake of the audience – it was screened before the comfort food and booze.