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With the inclusion of a virtual currency question on the front and center of 2020 Form 1040, cryptocurrencies are heading mainstream. It is important that practitioners know how to help clients who check "yes" for this question. This session will give you a high-level, non-technological understanding of the history of cryptocurrencies and the taxation of common cryptocurrency related transactions. This session also covers current developments surrounding this topic, such as the inclusion of the virtual currency question on the front of Form 1040, how to successfully navigate through tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A) and tax planning opportunities.
Learning Objectives:
Understand the tax implications of investing in cryptocurrency, running a mining operation, and using cryptocurrency as a payment method
Learn about challenges in dealing with cryptocurrency related clients
