In today’s interview, I am joined by Lorenzo from Lorenzo Tax and also from Origins Group. In this video, you’re going to get some tips on how you can really make it in crypto.
https://www.lorenzotax.com/
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Honestly a statement needs to be made on This because it's sad I mean people Really got hurt and the SEC is meant to Protect people now the protections Weren't there the rules were unclear People got hurt and now you're giving Him even more hurt by not being able to Write this stuff off So my name is Ben I'm getting ready to Go to La you guys are getting ready to Watch an interview with my guy Lorenzo Shadow Lorenzo and his company for uh Sponsoring this video but in this video You're gonna get some tips on how you Can really make it encrypt Let's get it all right guys I'm joined By Lorenzo here Um from lorento tax and also from Um Origins group uh we want to tell Everybody a little bit about yourself And uh what you do yeah for sure so I'm A CPA uh I'm really focused in the on The crypto space for some time now and That's where our firm is based on we're Helping people in this crypto World Navigate this really complicated space I Mean it's an ever-changing I mean I feel Like every other week especially now I Mean you know we're this is dated you Know 315 23 right now so I mean by next Week we'll probably have something new To talk about and that's where we help People out with is getting their crypto Taxes figured out actual tax compliance
And preparation and then the area that's Most exciting is really tax planning It's okay we've made this money what do We do about it how do we structure this To be you know compliant but tax Efficient at the same time and then Honestly it's just we're not we don't Have some crazy large firm and we have 15 people working for the firm as of now And you know so it's not a huge huge Firm but we do really quality work and It's really meeting a lot of interesting People this space leads you in a lot of Directions and you know we're working With celebrities Sports athletes I mean Just regular everyday folk but just just Interesting people you know it's more Than just a client you know you could Have a CPA for your whole entire life so It's really very emotional relationship Based business which is a lot of fun Yeah I definitely think you know Networking made good contacts is uh Something could do but you've been in This space for a while now and you know I go back you know quite a while myself And I remember like back in 2012 2013 2014 like you know the whole point of Crypto was not to pay taxes you know so Like nobody I think it was before 2014 Like everybody's just kind of Grandfathered in with what you did Um I know you've been doing taxes in Crypto since 2016. how have you seen the
Space change and how have you seen Things get more serious when it comes to Uh you know the tax world I think I went Through some runs right in 2016-17 you Had that little like Ico craze and we're Getting locked up for it so it was Actually kind of serious back then too Yeah people were getting and that's why I actually got started in spaces you Know I had a buddy that was working on a Project on the Ico project he had some Friends that got in trouble and he had Crypto offshore and offshore exchanges And he wanted to bring all this back and You know he contacted numerous Accounting firms big accounting firms And no one knew what to do this is one Of my friends calls me so Lorenzo I need You to learn this stuff I want to work With you you've been doing my taxes But English and honestly trust me if you Listen to me and actually do this you're Gonna make a lot of money in this space It's a big need and I'm happy to listen To it because it ultimately my Experience has led to here But it started there which then he Introduced me to a bunch of his friends Because he was running a crypto group in New York and Long Island And from there A bunch of his friends were in the same Situation so they became clients Emily So back then which what was interesting
In 2017 they came out with a rule Because it was hard to swap in between Coins back then if you swap between Ethereum Bitcoin or Litecoin It technically wasn't a taxable event 2017. it's really interesting Rule People don't realize that like back then It was just difficult to get in and out Of stuff so you had to swap in order to Get out of certain projects so they're Not treating those as capital events but It's now it's much different so back Then was pretty serious because the Rules weren't clear people were raising Money and they were getting in trouble For it I'll see more so than today I feel like Well the money was real big with the Icos and I think one of the big Differences between now and then was all The rules were kind of that they're very Unclear and so Americans were allowed to Invest in a lot of stuff that Americans Shouldn't have been allowed to invest in And I think when it comes to you know Like the SEC for instance a lot of People don't a lot of people don't get This you know is that the SEC they don't Actually do their job but their job is Actually to protect investors right it's To protect investors and hold the people That launch projects and exchanges Accountable well so if you were an American and you are allowed to invest
In something that really technically Only for an entity should have been able To invest in like you were fine you Could have made that money it's okay but A lot of the people that started this Stuff and the exchanges like they were Held liable and those were the people uh That were going to uh you know jail Prison or over some of the stuff so does That sound right to you one of the Things that bothers with the SEC that They've done and I know you've had your Quarrels with them yeah You know but really though if you really Think now the problems we're having is People lost a lot of money when it came To Celsius FTX even just rug pulls the Little Instagram scams or everyone's Asking you to give you money I mean People fall for that stuff I've had Horror stories and it's worse when you See older people like older people that Got hoax into these kinds of things not A woman a family that they you know 70 Plus sold three plus million in Investments real estate Investments Cashed out through a lot of it in crypto And got it all stolen wow so it's like Your life savings is gone and this these Protections aren't there but now with How the irs's codes work a lot of times You're not even able to write this stuff Off And is honestly a statement needs to be
Made on this because it's sad I mean People really got hurt and the SEC is Meant to protect people right Now the protections weren't there The rules were unclear People got hurt and now you're giving Him even more hurt by not being able to Write this stuff off even if you take The proper precautions of you know a Police report and and filing it the Right way like It's it is sad it's really sad and That's something I would love for them To come up and clarify a little bit more Yeah I mean I think definitely when it Comes to you know things like retail Clawbacks bankruptcy laws like it's all It's also backwards the way it works Like it's all geared to protect the Corporations and and the people that Actually put all the money on the site Which are the retail investors they're Screwed like it we'll be lucky to get You know from what I'm hearing now would Be like you get 20 you know because I Want you to take a haircut on top of a Haircut on top of a less of a lesser Amount that they're valuing uh your Assets at right now Um and it's just it's just a mess to be Honest with you and I think that you Know we're going to see I think a lot of These terms of services have to get Changed completely because you may not
Know about this but there's actually a Law in the books right now or a a bill I Think it was HR I'm gonna butcher it I Think it's HR 1453 it has something to Do a small business Um but it is actually Um they're looking at changing the cloud Back rules so what may happen with Celsius users is you may get found that You have clawback exposure you got to Send money back to Celsius which I would Never send anyways but we may have to do That and then before you actually have To send it the laws are changed and they Go back and they wipe out all the Clawbacks so do you think it's better to Have a lot of these things regulated With laws or do you think having like Terms of services that are very clear in Letting people choose where they put Their their money which one would you Say is probably better I think having Some regulation with loss make it clear Just think of the fun make it black and White just you're on the left here on The right Right or wrong And that's it right it's and there needs To be some differentiation from Historical laws and what applies to Crypto yeah and digital laws like there It just it is what it is I know we can go and try and and use all The pre we've done that for now we've
Done that we've used what we've done in The past and tried to apply it to the Today's world And it clearly hasn't been working Because people are still confused Granted it keeps me in work it keeps me At a premium so I'm not complaining in a Sense but I am complaining because on It's it's for everyone and I get these I Get it all the time people are just Confused and they have so much anxiety Over this whole thing like almost more Of a money therapist than I am a CPA Yeah I sit there with people and Honestly they're like thank you thank You for helping me with this because It's been on my mind you know for so Long and I just wanted to figure this Out so one thing I want to point and This is something that we do I don't Know any other accounting firms doing This so I mean giving out some like Inside knowledge here for for what People should do and handling a lot of These Celsius issues like this is a good You know Alpha for just anyone listening If you have either a project an exchange That went down you got rug pulled you Got money stolen Etc you're unsure Create a flow chart of all your wallets You know you have your main centralized On off ramp let's say it's a coinbase or Kraken whatever then you get off to your
Meta mask or you get off to a block fi And you lost all your money there create A flowchart of it if you have let's just Say a quarter million dollars in Block Five that you had there And now it's gone that was your basis in You bought in that was your money money Sent in have that in the flow chart Listed as money in Money came out this Is what's net this is what was left over In there and block fight just came out With someone they're going to give some Money back to people I mean it's not a Lot they're getting prices of 16 000 on Bitcoin they literally give me the Bottom but they're giving something back Then it's easy to calculate your loss Because you know what you're getting Back right and that's what's the best Thing is getting that documentation yeah It's it's wild the amount of taxes that Some people are gonna have to pay on Money that they don't even have right Now you know it's just so funny like Alex machinsky you know he's like Reassuring like no your money's still There like it's not gone your money's Not gone like it's there it's like yeah It's even worse though because it's in Purgatory so it's like technically oh You're right it's like Purgatory yeah Like like technically you haven't lost It yet because it's technically still There but it's not there you can't take
It off so you don't have it and it's Just a circular problem that you would Think the government would be able to Step up and like see that oh wow these Old laws don't really seem to apply and Work when it comes to digital assets and Today's modern technological world like Maybe instead of having a security law From 1933 maybe we should change this Millennium I don't know call me crazy Well what let me ask you this what what Have you seen as some of the biggest Problems that you know because I'm sure The channel gets questions I'm sure People come and ask you these questions What have you seen as being like the Biggest hurdle uh the biggest hurdle is Just people not knowing what what is Taxable and what's not taxable and I Think that the rules have changed a Little bit over the years you know in General they're the same Um but it scares people away from Trading scares people away from uh you Know I know some people have never even Moved an asset because they're scared of Tax implications and I think just Clearing up that fear and having people Understand what they can and cannot do And what is known is not taxable you Know and I don't know you're a tax guy So I'm sure you see a lot of this I Don't know what what your feelings are On this but for me like I hate seeing
People make decisions based on fear like I hate that and that drives me crazy Like look if you have to pay taxes That's a good thing that means you made Money like sure you shouldn't you Shouldn't not want to make profits Because the government will have to take Some it doesn't make sense like you're Still making profit so to me for people To understand what is taxable what's not Taxable and then you know the extension Of that like when they understand those Rules now they know how to operate and Not operate out of fear I think those Are the biggest biggest hurdles I've Seen there's two things that I see with Clients right now and why they're very Happy paying me to help them out one They lost a lot of money they don't know What to put down to be confident on that So if the IRS ever asks Hey I lost X but I don't know how to get To this because when I put it into the Software it's telling me a number that I Know is wrong and I sign off on that I Do the calculations if they were audited We have I can directly represent the Client so that they're happy like okay I Got this loss it's on my books I know What I got to do going forward to make Money so now that's cash free that's Like tax-free money now profit or two You made money and we're providing a Good value to you because we saved you
Through good planning and they're happy To pay us because they've made the money And then they ask me what's the what's It going to be next year and that's on You know there's difference there's Compliance it's just everyday just let's File a return for you and then there's Tax planning where it's you made two Million dollars will we save you a Million bucks so what is it worth for me It's not I'm not a you know a thousand Dollar return If I save you a million bucks yeah so It's just if they're gonna pay me money It's because they're happy that they Saved it and that's big to save people That kind of money I mean if you went From supposedly owing 40 down to 20 it's All about zeros right percentages are Percentages so if you have if you tack Up more zeros 20 is a big number yeah I Think anything people can save is Definitely uh you know advantageous and I know a lot of times you know you get With the wrong tax people and before you Know it it's into more problems than Than anything absolutely you know I mean You're looking to save money and then When you end up like wait I actually owe More now than I would have if I would Use HR Block like you know that's that's A problem Ben let me tell you something Go through an order right now I mean I Was telling you before this this thing's
Two three million trades right here IRS Age is pretty cool working together as You watch Once have done done right but I've also spoken to some that are tough Yeah man they're like this is the rules I want to hear it like no negotiation Kind of a thing just straight So it's kind of Lucky to draw a little Bit but I mean you got to be ready for It and you're you're doing stuff with Regulation what are you trying to Propose here right now for for like what Can we expect like what's something that You know we could brace ourselves for at Least trying to go for it yeah well I Mean right now what we've been told is That the stable coin bill has to be Before anything else but what we're Working on is a digital asset commission So it's uh you know our original plan Was for it to go up under the cftc Um and it's gonna be two cftc Commissioners to uh legal experts and Then three high-level crypto people Crypto Representatives so we would have A hand in choosing make sure the right People are not the wrong people yeah so The whole thing what we're proposing is We're going to continue to propose uh Probably in a different way next year Um but it's that we actually there's People in crypto that we get to see at The table like crypto needs to be Regulated by people that understand
Blockchain people to understand crypto Not somebody that got voted in you're a Doctor like you're a doctor and now You're a senator you shouldn't be able To determine what's going on with Technology like that's not your Wheelhouse you know Um maybe Medical Technology if you're a Doctor but certainly not blockchain you Don't understand it none of your Staffers understand it so let's let the People who understand it make the rules And the vi people that don't understand It that want to argue with those people Like sure send them in to argue but at The end of the day we're going to come Up with some common sense stuff on how To regulate crypto that's done in a Non-threatening way to the entire space Where we still get the Innovation you Know we don't want us to have Innovation We don't want to stop people from trying I mean it's kind of saying they were Taxes right like like you don't want to Kill people's motivation to make money You know you want to kill people's Motivation to build crypto companies and So that's what we're working on and um You know obviously the crypto tax laws Would fall up under that commission uh All the power from the SEC would be gone In crypto I mean I think that's what Everybody wants so that's what we're Trying to do so like I said we've been
Told our stable coin bill or the stable Coin bill will come first so we'll have To get passed first Um so it gives us a little longer of a Time frame to start working on this Stuff uh now we're looking at maybe Being able to skip over the cftc maybe Create an independent organization uh That regulates crypto that's separate From the SEC and the cftc that would Really be ideal well I mean that's also What's part of the problem you got two People here yeah who's who's taking the Lead it's like a a tiptoeing between Each other and it's like make a decision Who who's going gonna be the voice of Reason who's going to be the person the Go-to person so it's confusing it really Is confusing but you know I gotta say I Find it to be almost pretty easy at this Point because there are rules there are Guidelines now there is a little bit of Gray and clear what I mean by gray it's Like gray is like okay we know the rules But is this right like you know for Example an nft project that lost all its Money But received you know let's say I've Received a couple million bucks on a Drop and now their ethereum dropped all The way to nothing because they started At the peak I mean what do they do yeah Right when you have because income is You earned it and then capital gains
Lost is like two different things right So if you talk to a black and white Accountant that's going to say like this Is the rules this is that you can't Offset a capital gain or loss with Income right it just doesn't offset There's two different types of gain so That's a question that I would love to Get very good Clarity on because so many People ask it because an nft project Wants to be compliant they want to be Helpful but if they pay the taxes They're going to wipe out their whole Treasury that's it end of business close The doors yeah what's the point okay so Why should we even be in business so It's either we're going to close the Doors and call it a day or give us a Shot like let us try this so I guess one You know that's not kind of what you Were saying before it's like try to keep The businesses here that are working but These are the types of questions that we Need answers for and a lot of CPS don't Understand that what I found is like Hiring someone because you know we're Growing we want to hire people I almost rather find someone who knows Blockchain knows crypto and then teach Them accounting versus an account that Knows that knows accounting and then I Gotta teach them crypto yeah I think You're probably dead on there well Lorenzo we got to wrap it up for this uh
For this interview um can you just tell Everybody where they can find you at Yeah Lorenzo tax.com uh we have then we Have Origins group.com which is our Private accounting firms for more deer Towards High net worth individuals and Whatnot but uh we're actually offering You know we did this with you guys so First a little bit consultation for People's work talk to someone on the Team if you have any questions so if you Go on the website you can actually Schedule a call and have a free 15-minute conversation with someone from The team we also have a crypto tax Course so if you're like a DIY type of a Person maybe you know you aren't trying To keep your budget in a certain place And we have a crypto tax course on how To do it on your own which is pretty Cool because you get the value of the Firm in you know of course and we're Constantly updating that as well with You know things that are changing and You know new ways to calculate your new Ways to do types of transactions and how To deal with them you know so that's It's a pretty cool opportunity to want To get involved with that awesome we Will make sure we get uh link down below For people to check that out and uh Lorenzo we will catch you down the road I'm on boots on the ground baby we gotta Want to get on this regulation growth
Side so yeah in any way that I can feel Awesome man we'll let you know thanks so Much all right thanks bye Thank you
