About this episode
In this episode of the Onchain Media podcast, our host Rachel Onchain welcomes Nick Bjorn Slettengren, the founder of Count on Sheep, a crypto tax service. They discuss Nick's journey into the crypto world, the importance of accurate tax reporting, and the new IRS 1099 DA form. The conversation highlights the significance of digital asset reconciliation and tax loss harvesting as strategies to optimize tax liabilities. Nick shares insights on how Count on Sheep can help individuals and businesses navigate the complexities of crypto taxes, emphasizing the need for early preparation and professional assistance.
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? Key Takeaways
Count on Sheep was born out of a personal need for crypto tax solutions.
Nick's journey into crypto began with a significant investment and a need for better tax management.
The 1099 DA is a new IRS form that requires accurate reporting of crypto transactions.
Digital asset reconciliation is crucial for accurate tax reporting and avoiding double taxation.
Count on Sheep offers a unique service that combines software with professional oversight for crypto taxes.
Tax loss harvesting can be a strategy to offset gains and reduce tax liability.
The importance of understanding cost basis in crypto transactions to avoid overpaying taxes.
Count on Sheep is expanding its services internationally, reflecting the global nature of crypto.
The upcoming tax season is critical, and early preparation can save money.
Working with crypto tax specialists can alleviate the stress of tax season.
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?? Chapters
00:00 Introduction and Special Guest Introduction
02:51 Nick's Journey into Crypto and Count on Sheep
08:51 Understanding Count on Sheep's Services
14:56 The Importance of 1099 DA and Tax Compliance
19:13 Why transfers between exchanges get misread as sales
23:16 What's new and coming next for Count on Sheep
27:21 Upcoming Tax Season and Important Deadlines
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Want to learn more about Count on Sheep and the solutions they bring to the table? Here’s everything you need ?
? Get started: https://share.countonsheep.com/6FHMnr
? Follow Count on Sheep on X: x.com/countonsheep/
? Follow Count on Sheep on Linkedin: linkedin.com/compa
