After reading an article about the safe-harbor deadline for US tax payers, https://www.cryptobullseye.zone/blog/don-t-get-tax-rekt-sail-your-crypto-ship-into-irs-safe-harbor, we knew we needed more information.

Recently Andreas interviewed the author, Kirk David Phillips, CPA, CBP (Certified Bitcoin Professional through cryptoconsortium.org) about the upcoming deadline and what US tax payers need to do before December 31, 2024.

Their discussion starts with the history of reporting, tax gaps, applying traditional finance rules (trad-fi) to crypto, and the new reporting requirements as of 2025.

The most important takeaways are that you have an opportunity, now, to reset cost basis, which may seriously impact your future tax bills, and to protect your previous years reporting, but you HAVE TO take action now.

There are five steps most people should take. You'll need to listen to the whole interview, do a bit more research, and talk to your tax advisor, but here are the basic steps to get you started.