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The Clinton Donnelly Show

The Clinton Donnelly Show

By Clinton Donnelly

Welcome to The Clinton Donnelly Show, where Clinton shares real world strategies, time tested tactics, and expert discussions with influencers about cryptos, taxes, audits, and the regulatory framework that’s evolving around cryptos.
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Time to Increase the Capital Loss Limitation

The Clinton Donnelly ShowMar 28, 2023

00:00
09:28
Time to Increase the Capital Loss Limitation

Time to Increase the Capital Loss Limitation

Clinton explores the topic of whether the current tax break limit for capital losses should be changed. He proposes that Congress increase the capital loss limitation in code section 1211 to $15,000 starting this year (versus the current $3,000 limit), retroactively and inflation adjusted thereafter. He explains how capital gains and losses are taxed, and the annual limit on the amount of capital loss that can be deducted. The distinction between short-term and long-term investments and the reasons behind the limit on losses are also discussed. ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬ 00:00 Introduction 03:31 A hard year for crypto investors 03:55 Proposing an increase in the capital loss limitation 04:57 Unrealized crypto gains and losses 05:29 Long term vs short terms capital gain rates 06:25 Crypto day traders 06:50 A $3,000 deduction is worth about $800 07:10 Make love, not profit 07:24 A $15,000 deduction would be worth $4,500 08:23 How soon can you benefit from an excess loss? 08:46 Be the change; contact Congress 09:20 Taxes are sexy Sponsor This episode is sponsored by CryptoTaxAudit, the crypto tax and IRS audit experts. Founded in 2015, CryptoTaxAudit is the only company with audit defense and tax services for every crypto trader. They have an experienced team of crypto tax experts including CPAs, enrolled agents, forensic accountants, and crypto analysts. The company has prepared thousands of tax returns for crypto traders and investors. They offer full-service crypto gain calculation, tax return preparation, and IRS audit defense services. No return is too complex. The company has clients in 71 countries and has prepared over 1,200 tax amnesty returns bringing taxpayers into compliance. In this growing climate of IRS audits against crypto traders, and no matter who prepared (or didn’t prepare) your tax returns in the past, there’s never been a better time to protect yourself with audit defense. Contact Clinton is the CryptoTaxFixer on Twitter at https://twitter.com/CryptoTaxFixer Visit CryptoTaxAudit at https://www.cryptotaxaudit.com Youtube: https://www.youtube.com/channel/UCVqhPlUu5Qql-JY24RZZ8Ng Rumble: https://rumble.com/c/c-2132000
Mar 28, 202309:28
How to Reduce Your Taxes by Reporting Crypto Thefts

How to Reduce Your Taxes by Reporting Crypto Thefts

Clinton discusses how cryptocurrency theft losses (thefts, rug pulls, and scams) can be claimed to reduce tax bills. By claiming theft losses, investors can itemize deductions and save money on their taxes, even if they lost money due to closures of exchanges. However, claiming theft losses can be difficult as investors must prove the asset was taken with criminal intent, which can be challenging to prove. In the case of the FTX exchange collapse, its CEO Sam Bankman-Fried was indeed criminally charged, opening the door to claiming this provision, sometimes known as the Madoff provision. ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬ 00:00 Introduction 03:01 Thefts, rug pulls, and scams 03:26 Proving a theft loss 03:59 What’s a safe harbor? 04:25 Itemizing up to 95% of your crypto losses 05:11 How do you claim a theft loss? 05:47 Recent theft loss cases including FTX 06:09 Sam Bankman-Fried (SBF) indicted for criminal fraud 06:29 Did you lose money at Celsius? 07:16 Terra Luna and UST collapse 07:30 Do Kwon indicted for criminal fraud 08:11 BlockFi filed for bankruptcy 08:24 Alameda Research fraudulent funding 08:42 You can claim 75% in some cases 10:02 Taxes are sexy Sponsor This episode is sponsored by CryptoTaxAudit, the crypto tax and IRS audit experts. Founded in 2015, CryptoTaxAudit is the only company with audit defense and tax services for every crypto trader. They have an experienced team of crypto tax experts including CPAs, enrolled agents, forensic accountants, and crypto analysts. The company has prepared thousands of tax returns for crypto traders and investors. They offer full-service crypto gain calculation, tax return preparation, and IRS audit defense services. No return is too complex. The company has clients in 71 countries and has prepared over 1,200 tax amnesty returns bringing taxpayers into compliance. In this growing climate of IRS audits against crypto traders, and no matter who prepared (or didn’t prepare) your tax returns in the past, there’s never been a better time to protect yourself with audit defense. Contact Clinton is the CryptoTaxFixer on Twitter at https://twitter.com/CryptoTaxFixer Visit CryptoTaxAudit at https://www.cryptotaxaudit.com Youtube: https://www.youtube.com/channel/UCVqhPlUu5Qql-JY24RZZ8Ng Rumble: https://rumble.com/c/c-2132000
Mar 21, 202310:30
 Tax Amnesty Needed

Tax Amnesty Needed

Clinton discusses the issue of tax non-compliance among US crypto investors. Despite the IRS Commissioner's announcement that the IRS could bring in another $1 trillion if given additional funding, there are many crypto investors who haven't paid taxes on their crypto income, leading to a $46 billion increase in funding for digital asset enforcement. This problem is most prevalent among taxpayers aged 18 to 44. The cause of this epidemic of non-compliance is mainly ignorance and confusion. Non-compliance can lead to severe fines or criminal prosecution, so it's essential to address the issue now as the IRS is collecting data on taxpayers from 2016 onward. Clinton proposes a tax amnesty to heal this rift and increase tax compliance. ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬ 00:00 Introduction 03:27 Crypto investors are afraid of US taxes 04:00 Why is Congress demanding more money? 04:55 The epidemic of non-compliance 05:40 What are the non-compliant demographics? 06:35 Cryptos are not taxed like IRAs 07:23 Non-compliance epidemic dangers 08:05 Not good for the democracy 09:01 The cure for non-compliance 09:58 A crypto disclosure proposal 11:24 About foreign crypto exchanges 11:56 DAOs and decentralized exchanges 13:16 Bringing hiders into compliance 14:32 From willful hiding to amnesty 14:59 Contact your congress representatives 15:50 Taxes are sexy Sponsor This episode is sponsored by CryptoTaxAudit, the crypto tax and IRS audit experts. Founded in 2015, CryptoTaxAudit is the only company with audit defense and tax services for every crypto trader. They have an experienced team of crypto tax experts including CPAs, enrolled agents, forensic accountants, and crypto analysts.  The company has prepared thousands of tax returns for crypto traders and investors. They offer full-service crypto gain calculation, tax return preparation, and IRS audit defense services. No return is too complex. The company has clients in 71 countries and has prepared over 1,200 tax amnesty returns bringing taxpayers into compliance. In this growing climate of IRS audits against crypto traders, and no matter who prepared (or didn’t prepare) your tax returns in the past, there’s never been a better time to protect yourself with audit defense. Contact Clinton is the CryptoTaxFixer on Twitter at https://twitter.com/CryptoTaxFixer Visit CryptoTaxAudit at https://www.cryptotaxaudit.com Youtube: https://www.youtube.com/channel/UCVqhPlUu5Qql-JY24RZZ8Ng Rumble: https://rumble.com/c/c-2132000
Mar 14, 202316:04
Which Crypto Tax Calculation Service is Most Accurate?

Which Crypto Tax Calculation Service is Most Accurate?

Clinton compares the accuracy of various crypto tax calculation services, including Accointing, Bitcoin.tax, CoinTracking, CoinTracker, CoinLedger, CoinPanda, CryptoTaxCalculator, Node40, Ledgible, TaxBit, TokenTax, and ZenLedger. His team benchmarked these services using centralized and decentralized exchange data and discovered significant differences in their calculations. He also presents his team's results which offer insights into the differences between the services and the methodologies they use to interpret transaction data. Clinton cautions that none of these services promise accuracy or defend their clients in IRS audits. ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬ 00:00 Introduction 03:32 Crypto tax calculation services 04:55 Benchmarking the services 06:13 Services do not promise accuracy 07:30 Service comparison matrix 08:47 Each service uses different methods 10:00 Was the IRS data more accurate? 10:35 Forensic team found 3,000 errors 13:45 The IRS will disagree with you 15:28 Decentralized gain calculation 18:28 What about tracking NFTs? 19:10 What about tracking DeFi? 21:32 Using aggregation 21:52 Estimating your gains 23:05 Using 5 different tools 24:54 What if you get audited? 25:52 Taxes are sexy Sponsor This episode is sponsored by CryptoTaxAudit, the crypto tax and IRS audit experts. Founded in 2015, CryptoTaxAudit is the only company with audit defense and tax services for every crypto trader. They have an experienced team of crypto tax experts including CPAs, enrolled agents, forensic accountants, and crypto analysts.  The company has prepared thousands of tax returns for crypto traders and investors. They offer full-service crypto gain calculation, tax return preparation, and IRS audit defense services. No return is too complex. The company has clients in 71 countries and has prepared over 1,200 tax amnesty returns bringing taxpayers into compliance. In this growing climate of IRS audits against crypto traders, and no matter who prepared (or didn’t prepare) your tax returns in the past, there’s never been a better time to protect yourself with audit defense. Contact Clinton is the CryptoTaxFixer on Twitter at https://twitter.com/CryptoTaxFixer Visit CryptoTaxAudit at https://www.cryptotaxaudit.com
Mar 01, 202326:11
Crypto Tax AMA

Crypto Tax AMA

This live-streamed AMA video aired on March 14, 2023. Hosted by Meta Mona, Clinton Donnelly answers the top questions this tax season, including how to account for crypto theft losses (such as FTX, Celsius, and BlockFi), how to handle NFT and Play2Earn tax calculations, and US expatriation options to reduce or eliminate your crypto taxes. #TaxesAreSexy 💎 Guest: Meta Mona For daily insights into the future of media in web3, follow Meta Mona: 👉 https://twitter.com/MetaverseXpress ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ FOLLOW ▬▬▬▬▬ 🗞️ Sign up and follow for real-world strategies, time-tested tactics, and expert discussions with influencers about cryptos, taxes, audits, and the evolving crypto regulatory framework. The Clinton Donnelly Show 👉 http://TheClintonDonnellyShow.com 🎙 Podcasts Spotify 👉 https://open.spotify.com/show/22DBssztETdUXThh7OdG2g iHeart 👉 https://www.iheart.com/podcast/269-the-clinton-donnelly-show-110015880 Apple 👉 Coming soon Amazon 👉 https://music.amazon.com/podcasts/2ef82f69-4e04-4e41-a737-39bb736a1971/the-clinton-donnelly-show 🎥 Videos YouTube 👉 https://www.youtube.com/@TheClintonDonnellyShow Rumble 👉 https://rumble.com/c/c-2132000 📣 Host: Clinton Donnelly Twitter 👉 https://twitter.com/CryptoTaxFixer Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification. ▬▬▬▬▬ SPONSOR ▬▬▬▬▬ 🐋 Sponsor: CryptoTaxAudit CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode. Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS. CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors. Visit 👉 https://CryptoTaxAudit.com 📜 Disclaimer All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.
Mar 01, 202354:11
IRS Enforcement Methods on Crypto Investors

IRS Enforcement Methods on Crypto Investors

Clinton discusses the IRS enforcement methods used for crypto investors, who are seen as wealthier taxpayers. The IRS received $46 billion in funding from Congress to enforce tax compliance laws for digital asset owners, with a potential to harvest an additional $1 trillion in revenue. The 22 million non-compliant taxpayers are divided into three categories: puny investors, hiders, and deniers. Arm yourself with the information you need to know as a crypto trader or investor before the IRS comes knocking. ✍🏽 Join The Crypto Tax Amnesty Initiative 👉 https://www.cryptotaxamnesty.org 🔥 Do your crypto taxes right with CryptoTaxAudit 👉 https://www.cryptotaxaudit.com ▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬ 00:00 Introduction 03:16 About the IRS 03:50 Increased IRS funding 04:49 Crypto owners are out of compliance 06:00 The 3 risk categories 07:09 A voluntary tax system 07:40 The 4 enforcement methods 08:39 Criminal investigation 11:01 Whistleblower disclosures 13:00 Expect crypto trader indictments 13:50 Afraid to start reporting? 14:51 Taxes are sexy Sponsor This episode is sponsored by CryptoTaxAudit, the crypto tax and IRS audit experts. Founded in 2015, CryptoTaxAudit is the only company with audit defense and tax services for every crypto trader. They have an experienced team of crypto tax experts including CPAs, enrolled agents, forensic accountants, and crypto analysts. The company has prepared thousands of tax returns for crypto traders and investors. They offer full-service crypto gain calculation, tax return preparation, and IRS audit defense services. No return is too complex. The company has clients in 71 countries and has prepared over 1,200 tax amnesty returns bringing taxpayers into compliance. In this growing climate of IRS audits against crypto traders, and no matter who prepared (or didn’t prepare) your tax returns in the past, there’s never been a better time to protect yourself with audit defense. Contact Clinton is the CryptoTaxFixer on Twitter at https://twitter.com/CryptoTaxFixer Visit CryptoTaxAudit at https://www.cryptotaxaudit.com
Feb 28, 202315:08