CPA - medium firm
CPA - large firm
Enrolled Agent
Other
Forty-six million Americans now own bitcoin. Yet, few tax professionals understand how to help individuals and businesses dealing with digital assets like cryptocurrency and NFTs. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients dealing in digital assets.
We will also cover current developments surrounding this topic, such as the updated version of the digital assets question on Form 1040; funds locked in insolvent exchanges; the tax treatment for digital assets which are substantially impaired in value (Luna); tax notices (CP2000, Letter 6173, Letter 6174, and Letter 6174-A); and tax planning opportunities.
Learning Objectives:
- Recognize what cryptocurrencies are and their use cases
- Identify how to safely interact with cryptocurrency and NFTs (buying, selling, and storing)
- Determine the tax implications of investing in cryptocurrency, running a mining operation, using NFTs, and using cryptocurrency as a payment method
- Recall challenges in dealing with cryptocurrency-related clients
- Perform tax planning opportunities
- Practice serving clients with cryptocurrency transactions using a tool like CoinTracker.com
Shehan Chandrasekera, CPA
CoinTracker
Head of Tax Strategy
[email protected]
Shehan is one of the handful of CPAs in the country who is recognized as a real-world operator and a conceptual subject matter expert on cryptocurrency taxation. He is the Head of Tax Strategy at CoinTracker, a Forbes Tax Contributor, and a CPE instructor who has won multiple awards: 2020 & 2019 CPA Practice Advisor 40 under 40 accounting professionals, Outstanding Young CPA of the year, Rising Star of Texas & Among 21 accountants mentioned on Accounting Today who will be helping shape (and reshape) accounting in 2020 and beyond by Accounting Today. Shehan is a renowned speaker who has performed speaking engagements with many organizations, including Google, Coinbase, Lyft, AICPA, American Bar Association, and State CPA Societies.
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