#81: Digital Assets Tax Updates for 2025 with RSM US

Donald Trump’s presidency is stirring up buzz in the web3 communities. Builders and users alike are optimistic about how the new administration could shape the future of digital assets, with promises of clearer regulations and greater adoption of cryptocurrencies on the horizon. But while we wait for these changes to take effect, there are already some major tax updates you need to know. To help us navigate these complex but important updates, I spoke with RSM US, one of the largest accounting firms in the world and a leader in the digital assets space, with some of their web3 clients including Ondo, Stellar, Binance, Paradigm, Bitgo and Consensys. And joining us are Skip Carlson, Digital Assets Market Leader at RSM US, and John Cardone, Senior Tax Director. ✅ OUR RESOURCES 💌 Join our weekly free newsletter and become a confident web3 Accountant ⁠https://www.theaccountantquits.com/newsletter⁠ 🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto ⁠https://www.theaccountantquits.com/crypto-accounting-academy⁠  ✊ Follow The Accountant Quits on Socials 👉 LinkedIN: ⁠https://www.linkedin.com/school/the-accountant-quits⁠  👉 Twitter(X): ⁠https://x.com/accountantquits⁠  👉 YouTube: ⁠https://www.youtube.com/@theaccountantquits⁠  🎙️ Follow Episode Guests 1. Skip Carlson, Digital Assets Market Leader: https://www.linkedin.com/in/sterlingcarlson/ 2. John Cardone, Senior Tax Director: https://www.linkedin.com/in/john-cardone-436412b1/ 🎧 Website For show notes and past guests, please visit ⁠https://www.theaccountantquits.com/podcast Topics Covered: (0:00) Coming Up (0:44) Episode intro (2:59) Guests intro & roles at RSM (4:21) Safe harbor relief & wallet-level tracking (9:11) How IRS defines a wallet (11:02) What to look for in a subledger with wallet-level tracking (12:45)  TD 121 and new broker reporting requirements (18:49) Notice 25-7 for taxpayers holding crypto with brokers ( 22:34) Thanks to our sponsor Octav ( 24:16) Created Property Argument & staking rewards (30:09) Role of node operator’s geography for recognizing revenue (31:51) Thanks to our sponsor Request Finance (33:30) Frozen staking rewards on exchanges (35:45) Valuing airdrops (38:59) Token migrations and tax liabilities (43:13) New regulations under Trump’s administration (44:33) Stand out US states for crypto (46:26) RSM services for digital assets (51:15) Upskilling RSM employees with blockchain (53:20) Areas to pay attention to in 2025 (56:24) Favorite maxim (57:29) How to reach out to John & Skip