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Nuts & Bolts of Cryptocurrency Taxation & 1099-DAs
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
Webinar
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 Form 1099-DAs, the updated version of the digital assets question on Form 1040, and a series of chief counsel memorandums related to digital assets 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
- How to handle 1099-DAs
- 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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