Virtual Currency: A Simple Approach and Overview

Author: A.J. Reynolds

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 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

Cryptocurrency is a decentralized digital currency otherwise known as Virtual Currency. The term “Cryptocurrency” generates countless amounts of uncertainty and anxiety among tax professionals. The language, single-handedly strikes apprehension among us. This course will provide you with the confidence to deal with Cryptocurrency and will enlighten tax pros on this crazy language. So, join us in deciphering the mystery of Virtual Currency.

Publication Date: July 2024

Designed For
All Tax professionals needing a great overview of the complex topic of virtual currency.

Topics Covered

• What's Virtual Currency?
• Form 1040 Digital Assets Question
• Vocabulary
• The Blockchain
• Mining aka Staking aka Validating
• Blockchain Explorers
• IRS Guidance & Compliance Efforts
• Guidance
• 18 Tax Principles
• Common Crypto Transactions
• Recommended Conversion Platforms
• Cryptocurrency Earned Income
• FinCEN & Form 8938
• Virtual Currency Best Practices for Your Tax Office

Learning Objectives

• Identify virtual currency
• Identify and translate crypto's vocabulary
• Identify IRS notices, revenue rulings, FAQs concerning crypto, Infrastructure Bill, and provide updates
• Identify the 18 tax principles
• Identify common cryptocurrency tax events
• Identify any FinCEN regulations
• Identify Form 8938 requirements
• Recognize how to formulate best practices concerning virtual currency
• Recognize how to establish an engagement letter for our tax practices

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None