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2021 AICPA & CIMA National Tax & Sophisticated Tax Conferences with Private Foundation Summit


NTSP21203 - Nuts & Bolts of Cryptocurrency Taxation


Nov 16, 2021 8:00am ‐ Nov 16, 2021 8:50am

Description

46 million Americans now own bitcoin. Yet, only a few tax professionals understand how to help individuals and businesses dealing with cryptocurrency. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients affiliated with cryptocurrency. We will also cover 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, using NFTs, and using cryptocurrency as a payment method
  • Learn about challenges in dealing with cryptocurrency related clients
  • Apply tax planning opportunities
  • How to service clients with cryptocurrency transactions using a tool like CoinTracker.io

Speaker(s):

Category: Concurrent Session (Onsite and Online)

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