Surgent's Nuts & Bolts of Cryptocurrency Taxation & 1099-DAs

Overview

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.

Highlights

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

Prerequisites

None

Designed For

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

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

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Surgent Professional Education.