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New for 2025 – 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
Update
Content Type
Group Internet Based
Description
With over 40% of Americans owning digital assets and a single bitcoin now valued at over $100K, cryptocurrency is no longer a niche subject. But a few tax professionals understand how to help individuals and businesses dealing with digital assets. 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, upcoming Form 1099-DAs, a series of chief counsel memorandums related to digital assets, Rev. Proc. 2024-28, and tax planning opportunities.
Objectives
• Learn what cryptocurrencies are and their use cases
• Understand how to safely interact with cryptocurrency & NFTs (buying, selling & storing)
• Understand 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
• Understand the implications of IRS’s latest guidance on digital assets
• Apply tax planning opportunities
• Serve 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.
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