myCPE
myCPE

IRS Form 1099-DA Draft 1 Credit

Dec 03, 2024, 10:00 AM ET

IRS Form 1099-DA Draft 1 Credit

Implications, Discussions, and Insights

  • Rating

    4.6
  • Published on

    May, 2024
  • Subject Area

    Taxes

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Dec 03, 2024, 10:00 AM ET

Learning Objective

  • Discover the rationale behind IRS Form 1099-DA and its role in simplifying digital asset tax compliance.
  • Examine the diverse digital asset transactions necessitating reporting, detailing cost basis and transaction specifics.
  • Determine digital asset broker classifications and their implications across the ecosystem.
  • Contrast Form 1099-DA's requirements with traditional instruments, highlighting unique broker challenges.
  • Develop reporting systems for digital asset brokers and taxpayers to meet upcoming compliance needs.
  • Recognize reporting pitfalls in digital asset transactions and adopt best practices for accuracy.

Course Overview

As the digital asset landscape continues to evolve, tax and accounting professionals face new challenges in ensuring compliance with IRS regulations. The introduction of Form 1099-DA marks a significant development in this regard, aiming to streamline the reporting of digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs). 

In this informative webinar, participants will delve into the intricacies of Form 1099-DA, gaining insight into its purpose, scope, and the impending reporting requirements scheduled to come into effect in January 2026. Understanding and complying with IRS Form 1099-DA is crucial for all stakeholders. By arming ourselves with the knowledge and strategies shared in this session, we can adeptly navigate the complexities of digital asset reporting, ensuring compliance and mitigating risks within an ever-evolving regulatory landscape.

Major topics covered-

  • Introduction to Form 1099-DA
  • Reasons for the Form
  • Who is Affected
  • Reporting Requirements
  • Challenges and Issues
  • Preparing for Compliance

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

CryptoCFOs
CryptoCFOs

, CryptoCFOs

  • 4.6
  • rating
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CryptoCFOs is the premier community dedicated to professionals in the Web3 finance sector, including accountants, tax professionals, CFOs, CPAs, bookkeepers, auditors, attorneys, enrolled agents, business students, Web3 executives, and investors.

Our mission is clear: to demystify the complexities of crypto taxation and accounting. We offer expert guidance to simplify crypto tax and accounting, providing members with exclusive access to valuable resources, educational content, networking opportunities, and the latest insights into crypto, NFTs, Web3, and blockchain.

Through NASBA-approved CPE courses, on-demand video tutorials, live expert discussions, and a rich library of resources, we empower our community with the knowledge and tools needed to navigate the dynamic landscape of digital assets confidently.

We are proud to foster an environment that celebrates choice and collaboration. Embracing a diverse ecosystem of partners allows our community members to explore a variety of tools and resources, ensuring they find the best fit for their unique needs.

Our goal is to empower you with options, not limitations, enhancing your journey in the Web3 finance landscape. In this pivotal moment for Web3 finance, the opportunity for tax and accounting professionals is unparalleled.

With a rapidly expanding market, the increasing acceptance and adoption of cryptocurrencies, and the evolving regulatory landscape, the need for specialized knowledge in crypto tax preparation and accounting has never been greater.

At CryptoCFOs, we equip our members to capitalize on these trends, offering a platform that encourages learning, exploration, as well as the support and perspective of professionals on a global level.

Nik Fahrer
Nik Fahrer

Senior Manager, FORVIS

  • 0

Nik Fahrer is a Senior Manager at FORVIS with over nine years of experience in public accounting and consulting, primarily focusing on the burgeoning field of digital assets. Currently leading FORVIS' Digital Asset practice, one of the top eight largest CPA firms in the U.S., Nik brings a well-rounded expertise that spans tax, audit, and consulting.

His significant contributions to the industry include being a published author on Bloomberg and an active member of the AICPA Digital Asset Tax Task Force as well as a respected Thought Leader in the CryptoCFOs Community. Nik's insights into the digital asset space are highly sought after, particularly for their practical implications on tax strategies and compliance frameworks. His work helps organizations navigate the complex landscape of cryptocurrencies and blockchain technology, ensuring they remain on the forefront of innovation and regulatory compliance.

Taylorzork
Taylor Zork

Co-Founder, CryptoCFOs

  • 4.4
  • rating
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Taylor Zork is a CPA with a specialized focus on the crypto industry. Since 2018, Taylor has been a pioneering figure in the crypto accounting space, addressing the unique accounting challenges presented by crypto and DeFi protocols.

His journey has seen him serve as the CFO for multiple crypto startups, including Trustswap. Under his leadership, Trustswap evolved from offering audited smart contracts for token and liquidity locks to becoming a launchpad, an NFT marketplace, and acquiring The Crypto App, a portfolio tracker with millions of downloads.

Taylor's passion lies in applying "Accounting Theory" to solve new challenges in the crypto industry. With his deep industry experience and commitment to education, Taylor is leading the way in shaping the future of crypto accounting. As the founder of CryptoCFOs, he is dedicated to driving the platform's success and making a significant impact in the crypto accounting field.

Additionally,

Taylor is the CEO and Co-Founder of the CryptoCFOs community which is the premiere education and networking platform for tax and accounting professionals working in or entering the digital assets space/ Join professionals from over 34 countries: https://cryptocfos.com/ 

He is the author of Accounting for Crypto Assets: Accountants, Tax Professionals and Investors Guide to Blockchain, DeFi, NFTs, & more. Available here: https://a.co/d/5U7pYRz 

He is the host of From Niche to Necessity: Tax & Accounting for Web3 and Digital Assets Available here: https://cryptocfos.transistor.fm/ 



On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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Patsy Hasty, CPA (US)

i DEFINITELY NEEDED THIS INFORMATION FOR 2025 YEAR END

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Well presented

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