Our Spotlight series shines a light on the careers and lives of tax professionals around the world. This week, the spotlight is on Shehan Chandrasekera.
Chandrasekera is the Head of Tax Strategy at CoinTracker, where he focuses on cryptocurrency taxation. A published author and sought-after speaker, he was named by Accounting Today as one of the accountants who will help shape and reshape the field of accounting.
What is your official title and what does it mean? My official title is Head of Tax Strategy at CoinTracker. My role is to keep abreast of tax developments related to virtual currency, be a thought leader in the space, and create software products that help accountants and taxpayers comply with crypto taxes. currencies.
Free time: book, audiobook or podcast? Educational videos and YouTube documentaries.
Taxation is a huge subject. What is your particular area of interest? Tax issues related to virtual currency and tech startups (ISO, NSO, R&D tax credits, QSBS, etc.)
What’s the last movie or show you watched and liked (DVD, Netflix or at the movies)? Black butterfly.
What college did you attend and what did you study? I attended William Paterson University, New Jersey. I studied accounting.
Go to pickup: Coffee or tea? Coffee.
What’s the best tax or financial advice someone has ever given you? Increasing your time in the market rather than timing the market is the best financial advice I have ever received. Synchronizing the market means buying crypto or any other asset at its lowest price and selling it at its highest price. This is an extremely difficult task to accomplish consistently. It is also a mental distraction that affects your daily work. In many cases, the profits made in a handful of successful trades could be lost in a bad trade.
Increasing your time in the market is a better alternative to timing the market. This involves buying assets at fixed intervals (weekly, bi-weekly or monthly), regardless of the price. This is also known as the average cost in dollars. In the long run, this leads to the greatest amount of profit with the least amount of distraction and headaches in the short run.
If you weren’t in the tax industry, what would your dream job be? I would like to be a professional cricketer.
If you had the option of making a change to the tax code — an additional credit, an unauthorized deduction, whatever — what would it be? Pay taxes in cryptocurrency not subject to capital gains tax.
Favorite food, snack or candy during tax season (or other busy time)? Bubble tea.
What new or tax measure has had the most impact on your firm or your clients over the past year? Inclusion of the question of virtual currency on the front and center of Form 1040.
If Uncle Sam gave you a big tax refund check right away, what would you do with it? Invest in bitcoin!
You can find Chandrasekera on Twitter and Linked to.
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