Ep 73: Navigating Crypto Taxes with Attorney Claudia Moncarz: Demystifying Digital Assets
01/19/23 • 30 min
Claudia Moncarz is the founder of Moncarz's law firm, which focuses on helping people get out of trouble with the IRS. She has negotiated with the IRS to reduce over $3 million in taxes and penalties on behalf of her clients and is an AV preeminent rated Martindale hubble.
Claudia Moncarz learned about tax laws for cryptocurrency from her cousin and through the news. She realized that the IRS sees cryptocurrency as a digital asset, similar to a stock, and that any transactions involving cryptocurrency are taxable events. Claudia explains how the IRS is investing in technology and algorithms to catch people evading taxes, and that they are getting better at it. She also explains how sales tax is a local issue and that NFTs may be subject to state taxes depending on the state's nexus laws. Lastly, Claudia emphasizes the importance of having good records to reduce the chance of audit.
"Knowledge is power - with knowledge, we have power to plan and do all the great things we want to do, even with just a little bit of planning."
In this episode, you will learn the following:
1. How the IRS views and treats cryptocurrency differently than cash or other stocks, and the implications of this for the average person.
2. How the IRS is using massive funding to bring people into compliance with digital asset taxes.
3. The importance of having good records and understanding your rights as a taxpayer to prevent and navigate audits.
Connect with Claudia:
FREE TAX GUIDE: https://www.freeauditguide.com/optin1667658657840
Website: https://www.moncarzlaw.com/
Free Download:
The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3
Connect with me:
Instagram: https://www.instagram.com/drbrooksheehan
YouTube: https://www.youtube.com/c/DrBrookSheehan
Claudia Moncarz is the founder of Moncarz's law firm, which focuses on helping people get out of trouble with the IRS. She has negotiated with the IRS to reduce over $3 million in taxes and penalties on behalf of her clients and is an AV preeminent rated Martindale hubble.
Claudia Moncarz learned about tax laws for cryptocurrency from her cousin and through the news. She realized that the IRS sees cryptocurrency as a digital asset, similar to a stock, and that any transactions involving cryptocurrency are taxable events. Claudia explains how the IRS is investing in technology and algorithms to catch people evading taxes, and that they are getting better at it. She also explains how sales tax is a local issue and that NFTs may be subject to state taxes depending on the state's nexus laws. Lastly, Claudia emphasizes the importance of having good records to reduce the chance of audit.
"Knowledge is power - with knowledge, we have power to plan and do all the great things we want to do, even with just a little bit of planning."
In this episode, you will learn the following:
1. How the IRS views and treats cryptocurrency differently than cash or other stocks, and the implications of this for the average person.
2. How the IRS is using massive funding to bring people into compliance with digital asset taxes.
3. The importance of having good records and understanding your rights as a taxpayer to prevent and navigate audits.
Connect with Claudia:
FREE TAX GUIDE: https://www.freeauditguide.com/optin1667658657840
Website: https://www.moncarzlaw.com/
Free Download:
The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3
Connect with me:
Instagram: https://www.instagram.com/drbrooksheehan
YouTube: https://www.youtube.com/c/DrBrookSheehan
Previous Episode
Ep 72: Crypto for All: Madison Parks on Self Custody and NFTs
Madison Parks, a ceramicist and Web3 enthusiast, embarks on an unexpected journey to take self-custody of her crypto assets, discovering an exhilarating yet chaotic world that challenges her to take bold risks and become a better version of herself.
"When I was in high school and college, crypto careers weren't necessarily something to aspire to. So I just stuck with my passions, and my passions are people to people communication and art. So I got my degree in communications, and I actually have my minor in ceramic arts. I don't think a lot of people know that about me, but I am a ceramicist."
Madison Parks is a San Diego-based Web3 innovator and ceramic artist, working with wallets, NFTs, MC’ing live events, and Zcash.
Madison Parks was a college student working full time to put herself through school. She was not sure what career path to take, but she did know that she was passionate about people-to-people communication and art. After college, she moved to San Diego and stumbled into Web3. She learned about crypto and ended up working at Edge, a self-custody exchange platform. She found that she was passionate about making crypto simple and secure for beginners. Madison started an art project, Unique Earth, on OpenSea featuring her own art based on animals in the Earth. She created four collections with 52 pieces in total. Her journey into Web3 has been an incredible and unexpected journey, but a journey that has taught her to say yes to new opportunities.
In this episode, you will learn the following:
1. What opportunities has Madison Parks taken on her journey to Web3?
2. What makes Edge Wallet unique from other self-custody platforms?
3. What advice does Madison have for those new to the Web3 space who are looking to invest in crypto?
Connect with Madison:
LinkedIn: https://www.linkedin.com/in/madison-parks-440192180/
Twitter: https://twitter.com/mad_parks
Free Download:
The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3
Connect with me:
Instagram: https://www.instagram.com/drbrooksheehan
YouTube: https://www.youtube.com/c/DrBrookSheehan
Next Episode
Ep 74: The Bitcoin Cinderella: Jacqui Cooper's Blockchain Education Adventures
When Jacqui Cooper, a lawyer and teacher, meets her mentor and starts her journey into the blockchain and crypto space, she embarks on a Cinderella-like adventure to unravel the secrets of digital assets and prepare her family for the future.
"With my major in science, technology and society, I felt like I had come home because of the fact that it dealt with policy, it dealt with the alternative reasons why people look at the financial world and having control over their own finances. And that's why Bitcoin was created, in order to have people be able to not deal with the traditional banks."
Jacqui Cooper is an attorney, crypto consultant, and author of 'The Best Five Minute Crypto Wallet and Wealth Organizer' and 'Bitcoin Cinderella: A Diary of Her Blockchain Adventures'. She is passionate about educating people in the blockchain space and helping them prepare for the future.
Jacqui Cooper was always curious about blockchain and cryptocurrency and was looking for someone to explain it. She eventually found a mentor in Scotland who opened her eyes to the world of crypto. She started a talk show to document her journey and help others learn about the blockchain. Over time, she became more involved and is now a bitcoin miner, teacher, and lawyer. With her newfound knowledge, she wrote books to help others understand the blockchain, including a fairy tale called The Bitcoin Cinderella. Through her story, she hopes to inspire others to explore the world of blockchain and cryptocurrency and be prepared for the future.
In this episode, you will learn the following:
1. How to use blockchain to control your own finances and protect your family's inheritance.
2. The transformation of digital assets, such as Bitcoin and NFTs, into traditional forms of value and how to use them.
3. How to leverage cryptocurrency for fundraising in the nonprofit sector.
Connect with Jacqui:
Website: https://cryptomom2.com/
The Bitcoin Cinderella Book: https://www.amazon.com/Bitcoin-Cinderella-Blockchain-Adventures-Fairytale/dp/B09WW5S1K2
Free Download:
The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3
Connect with me:
Instagram: https://www.instagram.com/drbrooksheehan
YouTube: https://www.youtube.com/c/DrBrookSheehan
Dr. Brook on the Blockchain - Ep 73: Navigating Crypto Taxes with Attorney Claudia Moncarz: Demystifying Digital Assets
Transcript
[Dr. Brook Sheehan]
Hey, Dr. Brook here with another epic adventure through the wild, wild west of Web3. I am joined by my copilot Claudia Moncarz, who is the founder of Moncarz's law firm that focuses the practice on helping people get out of trouble with the IRS. This is a topic we have not spoken about on the show, so I'm very excited she's here. Her team and her have negotiated with the IRS to reduce over $3 million in taxes and penalties on behalf of their clients. She is also a fre
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