Surgent's Nuts & Bolts of Cryptocurrency Taxation

Course Details

Date

Monday, October 25, 2021

8:00am – 10:00am

Field of Study

Taxation

Course Number

SU0262

CPE Credit

2.0 hours CPE credit

Level of Knowledge

Basic

Vendor

Surgent McCoy CPE, LLC

Prerequisites

None

Description

Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the US, and institutions have also shown increased interest in this space. The rising popularity of cryptocurrency and the inclusion of the virtual currency question on the front and center of Form 1040 have made cryptocurrency a subject that tax practitioners cannot afford to ignore anymore. This course is designed to walk you through tax implications of common cryptocurrency-related transactions (trading, mining, spending, staking, etc.) and how to successfully service clients affiliated with cryptocurrency by using a tool like CoinTracker. This session also covers current developments surrounding this topic and some of the unique tax planning opportunities in the crypto space such as tax loss harvesting without being subject to wash sale rules, tax lot ID optimization (FIFO, LIFO, and HIFO), self-directed IRAs, etc.

Highlights

What is blockchain technology?
How do you buy crypto?
How do you store crypto?
Use cases of cryptocurrency
Blockchain technology
Use cases of cryptocurrency
Tax overview
How taxes work for cryptocurrency investors
How taxes work for cryptocurrency mining
Taxation of other transactions
Foreign reporting requirements and crypto
How to use a tool like CoinTracker to calculate capital gains and losses
New developments in the space
Tax planning opportunities
Why do accountants need to care?

Objectives

Recognize the latest in blockchain technology and how it is impacting our world
Understand how to interact with cryptocurrency
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
Apply tax planning opportunities
Serve clients with cryptocurrency transactions using a tool like CoinTracker.io

Designed For

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

Registration for this course has passed.

Course Pricing

Member Fee Applicable if you are a HSCPA member in good standing.	$89.00
Non-Member Fee Applicable if you are not a HSCPA member.	$139.00
Your Price	$139.00