Guide to Cryptocurrency and Tax Planning
Cryptocurrency is more than just a buzzword. It is an emerging technology that has some real tax implications for your clients. In this self-paced bundle, you will get a better understanding of how blockchain and cryptocurrency work, reporting transactions, regulatory concerns and more.
This course will cover a discussion of certain U.S. federal income tax issues related to blockchain and crypto (digital asset) transactions. This course will cover fundamentals and basics of income tax on certain property transactions, i.e., for digital asset transactions, and select international tax issues with respect to blockchain and crypto companies/funds.
This course explains cryptocurrencies and similar digital assets including ICOs and non-fungible tokens (NFTs), how and why used, and IRS guidance. The numerous tax issues not addressed by the IRS or state tax authorities are explained along with tips for dealing with them. Background to help understand the tax consequences includes definitions, the technical elements of cryptocurrencies and usage, and emerging trends. Compliance including dealing with the 1040 cryptocurrency question, recordkeeping and due diligence considerations are addressed.
This course presents an overview of blockchain and the tax implication of cryptocurrency transactions. The IRS has provided some recent guidance, but potentially conflicting pronouncements by other regulatory agencies have created uncertainty on reporting issues. This course will help the practitioner understand when a taxable transaction has occurred, what reports to file to satisfy IRS requirements, and identify tax traps for the unwary.
"Unlike mainstream technologies in use in businesses every day, there are upcoming technologies which have the potential to drastically change how we work, live, and play in the years ahead. New and upcoming technologies such as blockchain, cryptocurrency, big data, artificial intelligence, and machine learning all offer great potential, just as the advent of the personal computer did some four decades ago. This session will cover an assortment of technologies which are nearing mainstream adoption and help you understand what they do, how they work, as well as some of the potential risks and rewards they offer potential users, particularly in business environments.
This course has been updated for 2023 for new developments including new laws, regulations, and tax forms.
Total: 5 courses (10 CPE hours)
