Spencer, a CPA who specializes in digital assets, spoke with Kitco News reporter Ernest Hoffman on March 31. He didn’t mince words when asked what he tells clients who think they can get away with not declaring their crypto.
Spencer said the key to any accountant’s ability to minimize their clients’ tax bill is knowing which questions to ask. “Making sure that we understood their trading pattern and we've understood where the losses and where the gains are coming from,” he said. “Gains can happen fast in the digital asset world, and you want to take your gains when they happen,” he said. “I've seen a lot of people who said ‘I was a millionaire two or three weeks ago.’ So take your gains when they come, and then at the end of the year, when it's time to do tax planning and thinking about how to minimize your tax obligation… more than happy to help.”