Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates

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.

Highlights

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

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

Designed For

Firm leaders, owners, managing partners, IT managers