The 2030 SMB Project Series: Talking Digital Currency with Barbara Weltman
Update: 2024-06-26
Description
In this special episode of the Small Business Edge Podcast, Brian kicks off the 2030 SMB Project podcast series by discussing the state of digital currency with Barbara Weltman, an expert in small business taxes and the president of Big Ideas for Small Business.
Key Takeaways from Barbara Weltman:
- Cash, plastic, checks, and electronic transfers like PayPal and Venmo are still prevalent. Now, we’re seeing the rise of cryptocurrency.
- Approximately 2,300 companies in the U.S. are using cryptocurrency regularly.
- In the IRS’s view, crypto is property, not currency, similar to gold.
- Crypto transactions must be tracked meticulously for tax purposes.
- Realized gains are taxable, while unrealized gains are not until another transaction occurs.
- Businesses must adopt technology like crypto wallet trackers to manage digital currency transactions efficiently.
- Software like Gilded integrates with QuickBooks to track crypto.
- The UCC amendment will treat digital currency like other payment methods, facilitating its use as collateral.
- Sales tax on digital products varies by state and depends on whether the product is being downloaded or accessed.
The post The 2030 SMB Project Series: Talking Digital Currency with Barbara Weltman appeared first on The Small Business Edge Podcasts.
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