2025 Taxation of Digital Assets and Cryptocurrency with Joshua Smeltzer

The Essential Tax Podcast with Mishkin Santa, Episode 27In this episode of The Essential Tax Podcast, Mishkin Santa welcomes back “frequent flyer” guest, Joshua Smeltzer. Joshua is a Tax and Corporate Lawyer at Gray Reed, a full-service Texas law firm with a comprehensive range of litigation and transactional practice groups. With 150 attorneys, they are equipped to support companies, and high-net-worth individuals and families, based in Texas or operating within its borders.Tune in for these key takeaways: * The challenging environment of cryptocurrency as it relates to tax compliance. * The current regulatory environment — digital asset regulations in 2025, cryptocurrency compliance, and how these fit into the regulatory landscape * The potential messiness of duplicated reporting and outdated IRS systems—topics that every tax professional should be aware of. * Executive orders that complicate the regulatory framework, such as the one from January 31st, mandating the removal of ten regulations for every new one introduced * The controversial role of lobbying in determining which regulations should be preserved or repealed—a reality highlighting the intricate layers involved in tax policy formation * High-profile criminal cases involving cryptocurrency, including the case of "Bitcoin Jesus" and the implications for tax advisors * The critical role of thorough tax advice and warnings of the potential pitfalls of non-compliance, even in cases of simple errors like failing to check a box indicating cryptocurrency activity * Joshua’s optimistic vision for the future of blockchain and digital assets contingent on the establishment of stable coin regulations * The importance of staying informed and proactive in navigating tax obligations, especially amidst an unpredictable regulatory environmentLearn more about Joshua Smeltzer: * Connect with Joshua on LinkedIn: https://www.linkedin.com/in/joshua-smeltzer-bb07714 * Follow Gray Reed on LinkedIn: https://www.linkedin.com/company/grayreed * Read Joshua’s bio on GrayReed.com: https://www.grayreed.com/Our-People/Joshua-D-Smeltzer * Follow Joshua on X: https://x.com/JDSmeltzer * Email: [email protected] resources: * Previous Podcast with Joshua Smeltzer: https://podcasts.apple.com/us/podcast/irs-regulations-loper-bright-and-private-letter/id1754660944?i=1000677344463 * Joshua Smeltzer Forbes Articles:** https://www.forbes.com/sites/joshuasmeltzer** https://www.forbes.com/sites/joshuasmeltzer/2024/12/27/irs-targets-front-end-services-in-defi-reporting-final-regulations** https://www.forbes.com/sites/joshuasmeltzer/2024/12/30/blockchain-advocates-file-suit-challenging-irs-defi-regulations** https://www.forbes.com/sites/joshuasmeltzer/2025/01/27/bitcoin-jesus--maryland-lawyer-high-profile-cryptocurrency-tax-cases * IRS Form 1099-DA: https://www.irs.gov/pub/irs-dft/f1099da--dft.pdf * Executive Order on Regulations: https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-prosperity-through-deregulation * Executive Order on Government Staffing: https://www.whitehouse.gov/presidential-actions/2025/02/implementing-the-presidents-department-of-government-efficiency-cost-efficiency-initiative * February 26th, 2025 Markup by House Ways and Means Committee: https://waysandmeans.house.gov/wp-content/uploads/2025/02/H.J.Res_.-25-Text.pdf***********************************Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOfConnect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa