Cryptocurrency and Taxes

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC
2 hours Federal Tax Related for EAs and OTRPs

Are you interested in how cryptocurrencies were developed and how they work? Does blockchain technology provide sufficient security for cryptocurrencies? What are the advantages and disadvantages of using cryptocurrencies? What are the tax consequences of investing in cryptocurrencies or using them for personal or business transactions?

This course is designed for individuals who would like to obtain a basic understanding of cryptocurrency. The course will cover the history of virtual currencies and explain how they work. We will review some of the legal issues involved with virtual currencies. The course will cover the advantages and disadvantages of using virtual currencies. We will review the IRS rules for tracking and reporting cryptocurrency transactions for tax purposes.

Publication Date: June 2021

Designed For
CPAs, CFEs, CMAs, CIAs, CFFs, CVAs, CGMAs, CIAs, CFFs, MAFFs, managers, business owners, investors, and anyone else interested in learning about virtual currencies.

Topics Covered

  • What is Virtual Currency?
  • Closed Virtual Currencies
  • Single Flow Virtual Currencies
  • Pros and cons of using virtual currencies
  • Blockchain
  • Security of a Blockchain
  • History of Bitcoin
  • Cryptocurrency Scammers
  • Initial Coin Offerings
  • Scams
  • Virtual Currency Frauds
  • Virtual Currency Wallets
  • Virtual Currencies & Taxes
  • Capital Gains and Losses Are Reported on Schedule D (1040)
  • Individual 2020 Long Term Capital Gains Tax Rates

Learning Objectives

  • Describe cryptocurrency
  • Identify the tax implications of using cryptocurrency
  • Recognize characteristics of blockchain technology
  • Recognize which federal agencies wants to regulate initial coin offerings (ICO)
  • Differentiate which type of virtual currency wallet is the safest from online hacking
  • Recognize where the IRS requires virtual currencies be reported at

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $59.00

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