Latest / The Paul Barron Crypto Show / Crypto Tax Grab!?💰Congress Wants A Bigger Cut | CoinLedger CEO INTERVIEW

Transcript

Crypto Tax Grab!?💰Congress Wants A Bigger Cut | CoinLedger CEO INTERVIEW · The Paul Barron Crypto Show

• 0:00
  Speaker 1: All right, guys, we're going to jump into taxes today.
• 0:02
  Speaker 2: First of all, do not stop watching because there are
• 0:04
  Speaker 2: some big things happening that you don't want to miss.
• 0:08
  Speaker 2: We're going to jump right into it with two guests.
• 0:10
  Speaker 2: They're going to break this down for you because there's
• 0:12
  Speaker 2: some bad things that are happening or could be happening
• 0:16
  Speaker 2: around crypto taxes. But before we do that, I want
• 0:18
  Speaker 2: to thank our sponsor. That's iTrust Capital, where you guys
• 0:20
  Speaker 2: can get into your own crypto IRA, cryptocurrency stocks, gold
• 0:24
  Speaker 2: and silver, all available over on iTrust Capital. One account
• 0:28
  Speaker 2: unlimited possibilities. This is one of the platforms they've been
• 0:31
  Speaker 2: around for quite a while. You guys can go over
• 0:33
  Speaker 2: and use them. If you have a current IRA, you
• 0:36
  Speaker 2: can transfer that. If you want to start a brand
• 0:39
  Speaker 2: new IRA, you can also do that as well. So
• 0:42
  Speaker 2: just use our link down below. It's going to give
• 0:44
  Speaker 2: you a $ 100 funding reward to get started. And you're
• 0:47
  Speaker 2: going to have to start tax planning soon. And IRAs
• 0:49
  Speaker 2: are one of the diversification things that you should be
• 0:51
  Speaker 2: doing to set yourself up for success. And joining me
• 0:55
  Speaker 2: today is Shane Kennedy, and also David Kremer coming in
• 0:58
  Speaker 2: from CoinLedger. All right, so I want to jump over
• 1:00
  Speaker 2: to kind of give you guys a look at this.
• 1:03
  Speaker 2: And the first thing I want to show is this
• 1:05
  Speaker 2: was June of this year. It was basically Congress's plan
• 1:08
  Speaker 2: to get into designing this tax bill. And most of
• 1:12
  Speaker 2: it was centered around the wash rule, even though there
• 1:14
  Speaker 2: are many other things. And I want to get into
• 1:17
  Speaker 2: that because this is talking about 25.8 billion in tax
• 1:21
  Speaker 2: revenue over a decade. This would make it the single
• 1:25
  Speaker 2: largest item in digital asset tax reform ever. So first
• 1:30
  Speaker 2: of all, tell me what is bad. What's the worst
• 1:33
  Speaker 2: thing that's in this bill right now that as a
• 1:35
  Speaker 2: crypto investor, I have to worry about?
• 1:38
  Speaker 1: Is it the wash sale rule or are there other things?
• 1:41
  Speaker 3: Yeah, and this has been a tale as old as
• 1:44
  Speaker 3: time in the crypto industry. They've been trying to pass
• 1:46
  Speaker 3: legislation to close the wash sale loophole for a very,
• 1:50
  Speaker 3: very long time. This is no different, but it would
• 1:53
  Speaker 3: be negative for crypto investors if it were to become law.
• 1:57
  Speaker 3: The big keyword there is if. And of course, that just...
• 2:01
  Speaker 3: brings crypto in line with how securities and stocks are treated, right?
• 2:05
  Speaker 3: If you harvest a loss in a crypto that you
• 2:09
  Speaker 3: have a loss position in and then re-enter the position
• 2:13
  Speaker 3: within a set time frame, you can't actually realize that
• 2:17
  Speaker 3: loss on your taxes. And so it just makes it
• 2:19
  Speaker 3: harder for crypto investors to strategically reduce their taxable income
• 2:24
  Speaker 3: every year. And so that is probably the strongest negative
• 2:27
  Speaker 3: component of this proposed legislation. There's other good things, but
• 2:32
  Speaker 3: that's definitely the biggest one.
• 2:33
  Speaker 1: All right. So Shane, let's break down the bill itself.
• 2:38
  Speaker 4: One thing that I guess is a little bit of
• 2:40
  Speaker 4: a piece of good news here I wanted to clarify
• 2:42
  Speaker 4: is the safe harbor rule regarding stable coins. So generally speaking,
• 2:45
  Speaker 4: if stable coins are trading within 3% of the US dollar,
• 2:48
  Speaker 4: there's not going to be gain or loss recognitions. And
• 2:51
  Speaker 4: to that point, you might be wondering, well, OK, what's
• 2:54
  Speaker 4: the safe harbor component going to be? When's the IRS
• 2:56
  Speaker 4: going to actually guarantee some stability with that? And so
• 3:01
  Speaker 4: the secretary is going to make a list of covered
• 3:04
  Speaker 4: stable coins available publicly on the IRS website. It's my
• 3:08
  Speaker 4: understanding that that's going to be similar to their annual
• 3:11
  Speaker 4: approved published foreign exchange rates for people that have foreign
• 3:14
  Speaker 4: transactions they report on the return. So that's one thing
• 3:18
  Speaker 4: in line with trying to raise more revenue. They are
• 3:20
  Speaker 4: trying to make the mark-to-market election, if you've ever heard
• 3:24
  Speaker 4: of 475F. Basically, it allows you to pay taxes on
• 3:29
  Speaker 4: unrealized gains as you are accruing them instead of just
• 3:33
  Speaker 4: at the time that it's sold. And there's a bunch
• 3:36
  Speaker 4: more to this, too, but to just highlight some other
• 3:39
  Speaker 4: big things here, there's some key definitions that I think
• 3:44
  Speaker 4: are going to alleviate a lot of the ambiguity, but
• 3:46
  Speaker 4: also in alleviating that ambiguity is, It's going to give
• 3:49
  Speaker 4: some investors some pause here in terms of, okay, what exactly,
• 3:53
  Speaker 4: how are my crypto transactions going on here? So it's
• 3:57
  Speaker 4: clarifying things like digital asset validation activities. It's clarifying, yes,
• 4:02
  Speaker 4: like we said, the wash sale loss rules, created digital
• 4:05
  Speaker 4: assets are being treated substantially similar to security and tokenized
• 4:12
  Speaker 4: digital assets too are basically being treated the same way.
• 4:15
  Speaker 4: There's other things too. Um, For example, constructive sales rules
• 4:20
  Speaker 4: are now applying to digital assets. They're considered financial property.
• 4:24
  Speaker 4: I guess a piece of good news is for charitable
• 4:26
  Speaker 4: contributions for people that do want to donate crypto, they're
• 4:30
  Speaker 4: exempt from the same valuation requirements in the same way
• 4:34
  Speaker 4: that publicly traded securities are due to how publicly available
• 4:37
  Speaker 4: the going rates, the different exchange rates are available for crypto.
• 4:43
  Speaker 4: Another thing that I wanted to talk about briefly is
• 4:46
  Speaker 4: the treatment of the minimus digital asset network fees. So
• 4:50
  Speaker 4: this one is a little tricky because it claims that
• 4:52
  Speaker 4: no gain or loss is recognized, essentially, if fees are
• 4:56
  Speaker 4: $ 10 or less. And this gets into digital asset transaction
• 4:59
  Speaker 4: costs as well as network fees. I think a lot
• 5:02
  Speaker 4: of this too, the very last section of it, you
• 5:05
  Speaker 4: can go ahead and deep dive onto this for those
• 5:07
  Speaker 4: of you who are interested, is taking a look at
• 5:09
  Speaker 4: the definition section. There's about 15 or so different things
• 5:12
  Speaker 4: that are being defined by this. And I think that
• 5:14
  Speaker 4: might be one of the more consequential aspects of this
• 5:17
  Speaker 4: law is the fact that it's eliminating a lot of
• 5:19
  Speaker 4: ambiguity around things like mind and staking, all these different
• 5:22
  Speaker 4: digital asset validation activities. And so with that That alone
• 5:25
  Speaker 4: might actually be the thing aside from the wash sale
• 5:29
  Speaker 4: loss rules now being extended to crypto digital assets. That
• 5:33
  Speaker 4: alone might be probably the biggest thing to keep track
• 5:36
  Speaker 4: of going forward if this legislation does happen to pass.
• 5:40
  Speaker 1: All right.
• 5:41
  Speaker 2: So let me ask you one thing, because this is
• 5:43
  Speaker 2: probably a question I think that they are going to
• 5:45
  Speaker 2: have to answer. How are they able to go in
• 5:49
  Speaker 2: and apply essentially what is a security framework to a commodity?
• 5:55
  Speaker 1: Framework.
• 5:56
  Speaker 2: How does that translate if essentially what crypto is mostly
• 6:00
  Speaker 2: set in as a commodity right now, because we don't
• 6:03
  Speaker 2: have any regulatory framework around that as a security, how
• 6:07
  Speaker 2: does that apply?
• 6:08
  Speaker 4: Yeah, with that, I mean, like currently you're going to
• 6:10
  Speaker 4: have to look at, it highlights books and records a
• 6:13
  Speaker 4: bunch too. So the extent that you have kind of
• 6:15
  Speaker 4: a crypto tracking software, crypto reconciliation platform, One of the
• 6:19
  Speaker 4: big things is making sure that if this thing does
• 6:22
  Speaker 4: go live, that instead of having the commodity rules apply
• 6:25
  Speaker 4: from a tax perspective, whatever your tax rules engine is,
• 6:29
  Speaker 4: that being the tax laws that the system applies once
• 6:32
  Speaker 4: it has the financial data, you're going to want to
• 6:34
  Speaker 4: make sure that it would be updated to reflect the
• 6:37
  Speaker 4: securities rules, similar to what you see with stocks and
• 6:40
  Speaker 4: other transactions. So that's going to be, I think a
• 6:43
  Speaker 4: lot of it's going to come down to your system
• 6:44
  Speaker 4: for books and records and making sure that the rules
• 6:47
  Speaker 4: engine applies. isn't just applying that stuff to the stocks
• 6:50
  Speaker 4: and securities, but extending those rules to crypto.
• 6:53
  Speaker 3: Okay. All right.
• 6:54
  Speaker 2: Hey, David, are these separate bills or just a package
• 6:59
  Speaker 2: of bills or components that are going to make one bill?
• 7:02
  Speaker 3: Yeah, it's, to my understanding, a package of components. And
• 7:06
  Speaker 3: certainly back to what's bad for crypto investors in this,
• 7:10
  Speaker 3: I think one other big one is Kind of the
• 7:13
  Speaker 3: lack of clarity on staking income and when that is
• 7:17
  Speaker 3: defined as income. As people who watch the show might know,
• 7:20
  Speaker 3: there's been efforts to make staking crypto more akin to
• 7:24
  Speaker 3: capital gains, where as you're receiving staking rewards, you're not
• 7:28
  Speaker 3: accruing income at the time that it hits your wallet,
• 7:31
  Speaker 3: but rather, only once you dispose of it, you incur
• 7:35
  Speaker 3: capital gains on the ascension of wealth there. This bill
• 7:40
  Speaker 3: does not define that. You're still going to incur staking
• 7:44
  Speaker 3: income as rewards hit your wallet, which is not great
• 7:48
  Speaker 3: for crypto investors as you could be incurring a tax
• 7:51
  Speaker 3: bill without any sort of cash to pay that bill.
• 7:54
  Speaker 1: Right, exactly.
• 7:55
  Speaker 2: And which kind of forces you to sell the assets, obviously,
• 7:58
  Speaker 2: to be able to, in some cases, handle that. The
• 8:01
  Speaker 2: stablecoin safe harbor, is this a real win for payments?
• 8:04
  Speaker 2: Because it does treat regulated peg stablecoins like cash. And
• 8:09
  Speaker 2: it's in reference to only Genius Act compliant tokens. So
• 8:12
  Speaker 2: is this a win, I guess, for stablecoins?
• 8:16
  Speaker 3: Yeah, I think this is a win, especially just because
• 8:20
  Speaker 3: right now software like CoinLedger has to help investors report
• 8:24
  Speaker 3: thousands of stablecoin disposals. Whether those assets fluctuated in value
• 8:29
  Speaker 3: or not, most of the times they don't, still needs
• 8:31
  Speaker 3: to get reported on Form 8949. And so that's just
• 8:34
  Speaker 3: a huge, huge volume annoyance for your everyday crypto investors
• 8:39
  Speaker 3: who is actually using stablecoins as a payment mechanism. Yeah. Yeah.
• 8:45
  Speaker 2: I was looking at this right here. This was Coin
• 8:47
  Speaker 2: Center talking about the wash sale rule. I want to
• 8:50
  Speaker 2: revisit this in a second. And if you think about it,
• 8:54
  Speaker 2: doesn't it become unworkable unless you're able to track wallet
• 8:58
  Speaker 2: for wallet? Because if you're buying in this wallet and
• 9:00
  Speaker 2: selling in that wallet or buying in wallet A and
• 9:04
  Speaker 2: selling in wallet A, I mean, it just seems like
• 9:07
  Speaker 2: this would be completely different than like when I'm in
• 9:09
  Speaker 2: a brokerage account where I'm buying and selling in a
• 9:11
  Speaker 2: very defined area. Is that something that you think regulators
• 9:16
  Speaker 2: are taking into consideration?
• 9:19
  Speaker 3: Well, whether regulators are taking it into consideration or not,
• 9:22
  Speaker 3: it doesn't really matter. But you're right in that it
• 9:26
  Speaker 3: creates more complexity for the average investor. it's a reason
• 9:31
  Speaker 3: why you need accurate records of where all of your buys, sells,
• 9:36
  Speaker 3: transfers are happening so that you can effectively track not
• 9:40
  Speaker 3: only your cost basis as your assets move from one
• 9:42
  Speaker 3: wallet to another, but the holding period of those assets.
• 9:46
  Speaker 3: And so, of course, that's the exact type of system
• 9:50
  Speaker 3: that a platform like CoinLedger was built kind of from
• 9:52
  Speaker 3: the ground up to solve, is to make that tracking
• 9:55
  Speaker 3: extremely seamless for investors. You can do it with an
• 9:59
  Speaker 3: Excel's as well, but you're right that it does make
• 10:02
  Speaker 3: it a harder problem when you have to account for
• 10:05
  Speaker 3: wash sales and your holding period of assets.
• 10:08
  Speaker 1: I have one for you guys.
• 10:09
  Speaker 2: I don't know if you've heard this one before, but
• 10:12
  Speaker 2: we've seen AI and agentic payment architecture being built around
• 10:17
  Speaker 2: us right now. Agents going out there, finding the best yields,
• 10:21
  Speaker 2: doing activities in wallets. If we turn one loose on
• 10:24
  Speaker 2: a wallet, it goes out and creates another 10 wallets
• 10:27
  Speaker 2: to be able to transact on different chains, et cetera.
• 10:30
  Speaker 2: We don't even know those are being done in reality.
• 10:34
  Speaker 2: The key is, is what is it bringing back to
• 10:36
  Speaker 2: this wallet? So is that something that you're concerned about
• 10:40
  Speaker 2: of how that would be tracked because of the potential
• 10:43
  Speaker 2: for agent activity and possibly within the next 12 months?
• 10:48
  Speaker 1: You want to take that one, Shane?
• 10:49
  Speaker 3: Yeah, I think we'll very much see this. exponentially increase
• 10:53
  Speaker 3: in especially commonality of how people are buy, sell, trade,
• 10:57
  Speaker 3: transferring crypto. And it does create more transactional tracking complexity.
• 11:03
  Speaker 3: For software, though, it doesn't really make it harder for us.
• 11:07
  Speaker 3: We're just doing more with the software, but it's still
• 11:10
  Speaker 3: us tracking public wallet addresses, tracking the underlying transactions on blockchains,
• 11:15
  Speaker 3: which we've been doing for a decade now at CoinLedger.
• 11:18
  Speaker 2: Listen, David, this sounds like it's really good for CoinLedger
• 11:21
  Speaker 2: here because you guys are going to win on being
• 11:24
  Speaker 2: able to track all this stuff down.
• 11:26
  Speaker 1: I don't like that. I mean, I would rather us
• 11:30
  Speaker 1: be able to have.
• 11:31
  Speaker 2: A nice solution that maybe somebody could go out and
• 11:35
  Speaker 2: kind of do their own tax. You're telling me right now,
• 11:38
  Speaker 2: if you don't have something like what you guys are offering,
• 11:40
  Speaker 2: you're basically screwed when it comes to that. If this
• 11:44
  Speaker 2: goes through right here, if this goes through, so.
• 11:47
  Speaker 3: Yeah, I don't do I don't love it either. It's
• 11:50
  Speaker 3: a reality. Unfortunately, I used to make the joke, you know,
• 11:53
  Speaker 3: it's like the IRS is our VP of marketing, right?
• 11:56
  Speaker 3: They exactly coin ledger because the more rules they pass,
• 12:00
  Speaker 3: the more complex they make this. Obviously, the higher the
• 12:04
  Speaker 3: demand for tools to track and do everything for you becomes.
• 12:07
  Speaker 3: So it's just an unfortunate reality. It happens to be
• 12:11
  Speaker 3: good for our business.
• 12:12
  Speaker 1: Hey, Shane, who's better off if this passes? Would it
• 12:15
  Speaker 1: be a trader?
• 12:17
  Speaker 2: A long-term holder, someone that maybe is a staker or
• 12:21
  Speaker 2: even a self-custody holder? Who's the one that is better off?
• 12:26
  Speaker 4: I would say people that are more actively trading, especially
• 12:29
  Speaker 4: with the stable points and using them for payments, they're
• 12:32
  Speaker 4: definitely going to be better off by the safe harbor.
• 12:35
  Speaker 4: To the extent that you have large crypto traders like
• 12:39
  Speaker 4: institutional ones that maybe don't want to completely defer their
• 12:43
  Speaker 4: tax liability, Being able to make the mark-to-market election and
• 12:46
  Speaker 4: pay that stuff as it's going maybe saves some of
• 12:49
  Speaker 4: the tax headache in the long run just because I've
• 12:52
  Speaker 4: seen very large funds before that make that just so
• 12:56
  Speaker 4: that they're able to time their cash flows out a
• 12:58
  Speaker 4: little bit better. So I would say the more active traders,
• 13:02
  Speaker 4: there's going to be some win from the stablecoin safe harbor,
• 13:06
  Speaker 4: especially if you're just using it for payments. But there's
• 13:08
  Speaker 4: going to be some headache, as pointed out, because of
• 13:10
  Speaker 4: the wash sale loss disallowance rules being extended further. to
• 13:15
  Speaker 4: those active trades. If they sell something at a loss,
• 13:18
  Speaker 4: then buy it back within 46 days.
• 13:19
  Speaker 1: MAX WIETHE, MD, PhD Okay.
• 13:21
  Speaker 2: David, this is the Lummis bill, which is basically going
• 13:27
  Speaker 2: in around tax-exempt Bitcoin spending. It's set at like $ 300,
• 13:31
  Speaker 2: I think, on the threshold, but it has a limitation
• 13:35
  Speaker 2: within this. Should there be any cap at all, do
• 13:37
  Speaker 2: you think? Because this seems like it would cause a
• 13:40
  Speaker 2: problem down the road where it's going to basically be
• 13:43
  Speaker 2: taxing Bitcoin forever.
• 13:46
  Speaker 3: I think there's no way to not have some sort
• 13:49
  Speaker 3: of cap. Otherwise, it just becomes a very effective tool
• 13:52
  Speaker 3: to essentially dodge income tax, which just in the United States,
• 13:57
  Speaker 3: all income is taxed. And so if you could spend
• 14:02
  Speaker 3: Bitcoin that has ascended in value, essentially tax-free, very quickly,
• 14:07
  Speaker 3: that becomes a very, very effective loophole to get out
• 14:10
  Speaker 3: of just income taxes in general.
• 14:13
  Speaker 1: All right, so I think, well, I won't get into that.
• 14:16
  Speaker 2: But all right, so you've got another thing that's happening
• 14:19
  Speaker 2: that is really redesigning systems. So I think there's reports
• 14:24
  Speaker 2: out there saying that it's like 18 months or so
• 14:26
  Speaker 2: to rebuild some of these tax systems to be able
• 14:30
  Speaker 2: to deal with this. You guys I know are on
• 14:32
  Speaker 2: top of it, but there's a lot of other companies
• 14:33
  Speaker 2: out there that are trying to do this, including many
• 14:36
  Speaker 2: of the big accounting firms that are dealing with major
• 14:39
  Speaker 2: companies that are also dealing with this. What does that
• 14:42
  Speaker 2: mean for 26 and 27 tax years? Because if it
• 14:45
  Speaker 2: takes 18 months to rebuild, what the hell?
• 14:49
  Speaker 3: I think this is, again, a tale as old as time.
• 14:53
  Speaker 3: It's just going to be not the best experience for
• 14:57
  Speaker 3: your everyday taxpayer. And frankly, they're going to have to
• 15:00
  Speaker 3: rely on private companies. That's been the truth for forever.
• 15:05
  Speaker 3: But hopefully I'm wrong. But that's a big reason why
• 15:08
  Speaker 3: we're building out our own tax firm here at CoinLedger.
• 15:12
  Speaker 3: It's just we've seen the demand for people to get
• 15:16
  Speaker 3: help filing their taxes. And we're essentially going to be
• 15:20
  Speaker 3: serving that now moving into that market and really bringing
• 15:23
  Speaker 3: a software-first, AI-native-first approach to that problem.
• 15:27
  Speaker 1: Well, kudos to you guys.
• 15:29
  Speaker 2: Don't let a tax bill go to waste, for sure. Exactly.
• 15:35
  Speaker 2: Let's go to the last question, and that is what's
• 15:37
  Speaker 2: one move we can make today that might be applicable
• 15:43
  Speaker 2: under these new rules that would be good? You know,
• 15:45
  Speaker 2: if these new rules get through, what can we do.
• 15:47
  Speaker 1: Today to change it, you know, to change our outcome here?
• 15:50
  Speaker 3: Yeah, one thing that I would say is before this
• 15:53
  Speaker 3: becomes law is actually take a look at any assets
• 15:56
  Speaker 3: in your portfolio. Do you have underwater assets that you
• 16:00
  Speaker 3: could harvest the losses today? And if you still want
• 16:03
  Speaker 3: to be in that position in the long term, buy back.
• 16:08
  Speaker 3: That's one thing you could be doing today. The other
• 16:11
  Speaker 3: thing is, You know, if you are someone who is funding,
• 16:16
  Speaker 3: paying for a lot of your life in stable coins
• 16:19
  Speaker 3: and using that infrastructure, this is a big thing. So
• 16:22
  Speaker 3: you can feel confident in continuing to do that without
• 16:26
  Speaker 3: the complexity of tax reporting those transactions if this were
• 16:31
  Speaker 3: to pass.
• 16:31
  Speaker 1: Yeah.
• 16:32
  Speaker 2: OK, well, let me ask you this, because some of
• 16:33
  Speaker 2: it and I don't know if this is true, but
• 16:35
  Speaker 2: is some of this possibly deemed retroactive? So would those
• 16:40
  Speaker 2: transactions fall into that safety net? if it is retroactive
• 16:44
  Speaker 2: when it passes. So maybe I do a wash sale
• 16:47
  Speaker 2: or maybe I do a tax harvest and then bam,
• 16:51
  Speaker 2: it's retroactive and I get slammed because of that move.
• 16:54
  Speaker 3: Yeah, that's, I know the prior bill did have retroactive
• 16:58
  Speaker 3: components to it. This one, Shane, did you see that
• 17:00
  Speaker 3: in the specifics of this one?
• 17:02
  Speaker 4: Going through, I didn't see language that suggested that. I
• 17:05
  Speaker 4: can double check on that, but I didn't see anything
• 17:07
  Speaker 4: that suggested retroactive because the big date I saw was
• 17:09
  Speaker 4: post-tax years, December 31st, 2026. So that means 2027 onward.
• 17:15
  Speaker 4: I can double check that, but that's my understanding is
• 17:17
  Speaker 4: that this is not this bill. The ADAPT Act specifically
• 17:20
  Speaker 4: is not necessarily going to be retroactive. It's going to
• 17:22
  Speaker 4: be proactive for tax years going forward, similar to how
• 17:25
  Speaker 4: the Tax Cut and Jobs Act was for tax years
• 17:28
  Speaker 4: going forward. And the One Big Beautiful Bill Act.
• 17:31
  Speaker 1: That's to my understanding.
• 17:32
  Speaker 2: OK, just as a because I want to say this
• 17:36
  Speaker 2: for our audience that's watching this right now, just for
• 17:38
  Speaker 2: security purposes, guys, this first is not tax advice.
• 17:42
  Speaker 1: Go check with your.
• 17:43
  Speaker 2: Your own CPA or your own group that you're working with,
• 17:46
  Speaker 2: because the IRS is great at rug pulling. And it's
• 17:49
  Speaker 2: very possible they could change the rules or we even
• 17:52
  Speaker 2: see Congress out there trying to pass this, change the.
• 17:55
  Speaker 1: Rules within it. Best thing is.
• 17:57
  Speaker 2: Put some pressure on Congress to try to get this
• 17:59
  Speaker 2: thing not passed. So I don't know if that's possible,
• 18:03
  Speaker 2: but you guys know how to vote with your Congress
• 18:06
  Speaker 2: people to get them going because this is a problem
• 18:10
  Speaker 2: that I think is going to become an issue over
• 18:12
  Speaker 2: the next few years for sure. Guys, we're going to
• 18:15
  Speaker 2: have you back on because I anticipate that we're probably
• 18:17
  Speaker 2: going to have more of these kind of issues coming
• 18:19
  Speaker 2: up before year end and definitely as we go into
• 18:21
  Speaker 2: tax season next year.
• 18:23
  Speaker 1: So thanks a lot for coming in today. We appreciate it. Yeah,
• 18:26
  Speaker 1: thanks for having us, Paul.
• 18:34
  Speaker 2: If you like this video, hit like and subscribe, drop
• 18:36
  Speaker 2: a comment down below and also join our free private
• 18:39
  Speaker 2: member group.
• 18:40
  Speaker 1: The link is in the description.