WholesomeCrypto Podcast

WholesomeCrypto

Listen to the motivating stories of crypto experts, leaders, and entrepreneurs. wholesomecrypto.substack.com

  1. Ep 59 - Patrick Camuso | Founder of Camuso, CPA

    03/03/2025

    Ep 59 - Patrick Camuso | Founder of Camuso, CPA

    Summary In this episode of the Wholesome Crypto podcast, Rudy interviews Patrick Camuso, a CPA specializing in cryptocurrency taxation. Patrick shares his journey from discovering Bitcoin to founding his own CPA firm, Camuso CPA. He discusses the complexities of crypto taxes, the emotional challenges faced by clients, and the evolving landscape of IRS regulations. The conversation highlights the importance of staying informed in the rapidly changing crypto environment and the need for transparency and support in navigating tax implications. Patrick also reflects on the wholesome moments in his career and the significance of client trust. Takeaways * Patrick's journey into crypto began with reading the Bitcoin white paper. * He recognized the tax implications of crypto early on. * The emotional aspect of crypto taxation is significant for clients. * IRS compliance is becoming increasingly stringent. * The introduction of the 1099 DA will change how crypto taxes are reported. * Patrick emphasizes the importance of transparency with clients. * Institutional investment in crypto is a sign of maturity in the market. * The burden of proof for tax reporting lies with the taxpayer. * Many individuals are unaware of the complexities of crypto taxes. * Building a firm requires a different skill set than working in a big four accounting firm. Chapters 00:00 Introduction to Patrick Camuso and His Journey 02:59 Discovering Bitcoin: The Initial Encounter 05:55 The Road to Becoming a CPA and Entrepreneur 09:03 Navigating the Complexities of Crypto Taxation 11:45 Emotional Support in Crypto Tax Consulting 14:35 IRS Regulations and the Future of Crypto Taxation 17:22 Understanding the 1099 DA and Its Implications 20:19 The Evolution of Crypto Accounting Standards 22:47 Understanding Cryptocurrency Accounting Challenges 28:48 Navigating IRS Regulations and Compliance 33:54 The Impact of Institutional Investors on Crypto 39:43 Wholesome Moments in the Crypto Journey This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wholesomecrypto.substack.com

    42 min

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Listen to the motivating stories of crypto experts, leaders, and entrepreneurs. wholesomecrypto.substack.com