Digital Assets - What to Ask Clients and What To Do with the Answers
Author: Annette Nellen
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course provides a review of IRS guidance on the taxation of digital assets, where issues remain, and how to deal with uncertainty and client reporting problems.
Publication Date: January 2024
Topics Covered
- What are digital assets?
- Why do people own digital assets?
- What guidance had the IRS issued on the taxation of digital assets?
- How can I get the necessary information from clients to help them properly determine the tax treatment of their digital asset transactions?
Learning Objectives
- Identify IRS guidance on digital assets as well as open issues and how to deal with them
- Describe questions to ask clients who invest in digital assets to best ensure they are following proper tax compliance
- Identify the year the first Bitcoin transaction was effected by Satoshi
- Identify a characteristic of Bitcoin as compared to cash and credit cards
- Identify a collaborative, tamper-resistant ledger that maintains transactional records
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Understanding of basic guidance on virtual currency, such as Notice 2014-21 and familiarity with the basics of how virtual currency functions and transferred.
Advance Preparation
None
