Preparing for the 2020 Crypto Tax Reporting & Compliance Season
In August when the IRS released the draft form 1040 for the 2020 tax season, they took an unprecedent step by moving the virtual currency question “At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency?” from the schedule 1 to the form 1040. With this move, the IRS has given a clear message to crypto asset holders that they can’t ignore the tax implications that come with trading and selling crypto assets. For the accounting profession, this means you need to be well prepared to help guide, consult and advise clients on how to address this question, as clients are turning to their accountants as their trusted advisors, helping them navigate these complex tax rules. Are you prepared for an uptick in crypto conversations?
In this webinar, we will discuss three key strategies to prepare your firm for the 2020 crypto tax prep season, including how to develop your knowledge on the IRS guidelines on the taxation of crypto assets, how to leverage crypto tax technology to reconcile and calculate crypto asset income, and how to proactively service clients with crypto tax compliance needs.
- Understand the current IRS guidelines on crypto tax reporting and implications for CPAs and clients
- Analyze the challenges of crypto tax reporting
- Recognize the benefits of crypto tax technology to support your crypto tax prep services
- Apply best practices for automating and setting up a successful crypto tax prep process
Note: This on-demand webinar does not offer CPE credit.
- Marianne Fisher, Product Marketing Manager, CPA.com
- Robert Materazzi, CEO, Lukka
- Jamison Sites, J.D., LL.M., RSM US LLP
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