Surgent's Nuts & Bolts of Cryptocurrency Taxation

Available Anytime

Location: Online

2Credits

Technical Business

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FICPA Members

~~$89.00 Regular Price~~

Nonmembers

$119.00 Regular Price

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Product Code: SU24-NBCT-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Taxes

Overview:

Cryptocurrency is heading mainstream. According to a recent study conducted by New York Digital Investment Group, there are 46 million bitcoin holders in the US, and institutions have also shown increased interest in this space. The rising popularity of cryptocurrency and the inclusion of the virtual currency question on the front and center of Form 1040 have made cryptocurrency a subject that tax practitioners cannot afford to ignore anymore. This course is designed to walk you through tax implications of common cryptocurrency-related transactions (trading, mining, spending, staking, etc.) and how to successfully service clients affiliated with cryptocurrency by using a tool like CoinTracker. This session also covers current developments surrounding this topic and some of the unique tax planning opportunities in the crypto space such as tax loss harvesting without being subject to wash sale rules, tax lot ID optimization (FIFO, LIFO, and HIFO), self-directed IRAs, etc.

Objectives:

Recognize the latest in blockchain technology and how it is impacting our world
Understand how to interact with cryptocurrency
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
Apply tax planning opportunities
Serve clients with cryptocurrency transactions using a tool like CoinTracker.io

Major Topics:

What is blockchain technology?
How do you buy crypto?
How do you store crypto?
Use cases of cryptocurrency
Blockchain technology
Use cases of cryptocurrency
Tax overview
How taxes work for cryptocurrency investors
How taxes work for cryptocurrency mining
Taxation of other transactions
Foreign reporting requirements and crypto
How to use a tool like CoinTracker to calculate capital gains and losses
New developments in the space
Tax planning opportunities
Why do accountants need to care?

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

Prerequisite:

None

Additional Info:

You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.