Nuts & Bolts of Cryptocurrency Taxation & 1099-DAs

Overview

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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.

Highlights

Prerequisites

None

Designed For

Managers, business owners, investors, and anyone else interested in learning more about virtual currencies.

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

Preparation

None

Notice