0
Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates
Transformation Area:
Accounting Transformation
Firm Transformation
Tax Transformation
Field of Study:
Taxes - T
CPE Credits
2 Hour(s) - CPE Credit(s)
Duration
2 Hour(s)
Prerequisite(s)
None
Level
Basic
Content Type
Group Internet Based
Description
46 million Americans now own bitcoin. Yet, few tax professionals understand how to help individuals and businesses dealing with digital assets like cryptocurrency & NFTs. 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.
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.
Click here for the Center for Accounting Transformation Administrative Policies
