Description

With over 40 percent of Americans owning digital assets and a single bitcoin now valued at over $100K, cryptocurrency is no longer a niche subject, yet few tax professionals understand how to help individuals and businesses who are 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.

Instructor: Shehan Chandrasekera, CPA

Target Audience

Accounting and finance professionals who want to get a high-level understanding of how cryptocurrency work and how to serve clients with cryptocurrency transactions

Course Objectives

Learn what cryptocurrencies are and their use cases

Understand how to safely interact with cryptocurrency and NFTs (buying, selling, and 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

Know how to handle 1099-DAs

Understand the implications of the IRS's latest guidance on digital assets

Apply tax planning opportunities

Serve clients with cryptocurrency transactions using a tool like CoinTracker.com

Subjects

Cryptocurrencies and their use cases

Safely interacting with cryptocurrency and NFTs (buying, selling, and storing)

Tax implications of investing in cryptocurrency, running a mining operation, using NFTs, and using cryptocurrency as a payment method

Challenges in dealing with cryptocurrency-related clients

How to handle 1099-DAs

Implications of the IRS's latest guidance on digital assets

Applying tax planning opportunities

Serving clients with cryptocurrency transactions using a tool like CoinTracker.com