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Cryptocurrency Taxation

  • AFSP
  • CIA
  • CMA
  • CPA (US)
  • EA
  • IAP
  • Tax Preparer
  • CRTP

Published: December, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • What is virtual currency?
    3 mins
  • Investor taxation
    11 mins
  • Miner taxation
    27 mins
  • Form 1040 virtual currency question
    38 mins
  • Foreign reporting
    46 mins

Course Description

What is the cryptocurrency tax rate?

What factors affect the tax rate?

How does it differ for mining vs. trading crypto?

Anytime a taxable event affects your cryptocurrency investments, you are obligated to report these on your taxes.

What constitutes a taxable event?

As the virtual currency becomes more and more popular, practitioners need to have a firm grasp on how to properly report these transactions.

The IRS is also increasing its criminal investigations in the realm of cryptocurrency. This puts a lot of pressure on practitioners to get these transactions right.

Cryptocurrency is considered "property" for federal income tax purposes, meaning the IRS treats it as a capital asset. This means the crypto taxes you pay are the same as the taxes you might owe when realizing a gain or loss on the sale or exchange of a capital asset.

This CPE webinar will look at the ins and outs of cryptocurrency taxation.

In this CPE course, the speaker will walk through the most common forms of virtual and cryptocurrency transactions and how the IRS currently treats those transactions.

Learning Objectives

  • To discuss virtual currency taxation for investors.
  • To analyze virtual currency taxation for miners.
  • To review foreign reporting issues with virtual currency.
  • To discuss forking and other misc. transactions.
  • To analyze criminal issues that could arise.

Recommended For

  • This CPE/CE webinar will be insightful for CPAs, CMAs, CIAs, CIAs, EAs, AFSPs, QIALs, CTECs, Tax Professionals, Managers, Business owners, Investors, and anyone else interested in learning about the tax implications of cryptocurrency.

Who Should Attend?

  • Annual Filing Season Program
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00776-21-S)
  • 1 CPE Credit for Internal Audit Practitioner (IAP)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00776-21-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0719)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA) Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

About Company

Nicholas Preusch

yhbcpa.com/

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).


Faq

FAQs content

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Ratings and Review

4.8

52 Ratings

Excellent

35

Very Good

17

Average

0

Poor

0

Terrible

0

LCTT

Linda C Troxel Troxel, ACCT/BK

Dec 29th, 2021

All I knew about crypto currency was that it existed. I am now aware of the taxable consequences of trading or selling crypto currency.

DL

Dawn Lezon, CPA (US)

Dec 29th, 2021

Good deeper dive into aspects of crypto tax

LR

Lisa Reavis, CPA (US)

Dec 21st, 2021

kept the course on track and relevant. kept it simple and easy to follow

AP

Alan Potrus, CPA (US)

Dec 16th, 2021

Great lesson

JB

Jacquelyn Brennan, EA

Dec 12th, 2021

Excellent!