Learning

Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates (On Demand)

Transformation Area

On Demand

Tax Transformation

Offered By:

Inspiration Operative:
Shehan Chandrasekera , CPA

Transformation Area:

Field of Study:

Taxes - T

CPE Credits

2 Hours

Prerequisite(s)

None

Content Type

Video

Level

Beginner

Assessment

No

Course Overview

This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients dealing in digital assets. We will also cover current developments surrounding this topic, such as the updated version of the digital assets question on Form 1040, funds locked in insolvent exchanges, the tax treatment for digital assets which have substantially impaired in value (Luna), tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A), and tax planning opportunities.

Learning Objectives

* Learn what cryptocurrencies are and their use cases
* Recognize how to safely interact with cryptocurrency & NFTs (buying, selling & storing)
* Recognize the tax implications of investing in cryptocurrency, running a mining operation, using NFTs, and using cryptocurrency as a payment method
* Recognize challenges in dealing with cryptocurrency-related clients
* Apply tax planning opportunities
* Set up clients with cryptocurrency transactions using a tool like CoinTracker.com

Intended Audience

Managers, business owners, investors, and anyone else interested in learning more about virtual currencies.

Advanced Preparation

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