Cryptocurrency Transactions: Navigating Federal Tax Rules

Overview

As cryptocurrencies like Bitcoin, Ethereum, and others become more popular, tax authorities around the world are working to create regulations for their use and transactions. This session will address cryptocurrency tax issues and their complexities and challenges that individuals and businesses face when dealing with the taxation of digital currencies.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Highlights

• Review existing reporting rules
• Broker reporting requirements and Form 1099-DA
• Reporting crypto transactions
• Basis Safe Harbor
• Illustrative example

Prerequisites

Basic working knowledge of individual and business taxation

Designed For

CPAs and members in industry seeking an in-depth review of reporting cryptocurrency transaction rules

Objectives

• Identify the proper reporting requirements of cryptocurrency holdings
• Apply the IRS tax rules and regulations
• Identify practical planning strategies and potential pitfalls

Preparation

None