Basics and Beyond of Crypto Taxation: What Preparers Need to Know

Cryptocurrency, or virtual currency, is a digital representation of value currently used both as a medium of exchange and as an investment. The IRS considers virtual currency to be property; in many cases, basic property tax law works well for virtual currency. Unfortunately, there are also many crypto activities for which property tax law just doesn’t apply and there is no IRS guidance to support a tax position. Understanding the concepts underlying cryptocurrency helps the tax preparer determine how to handle those activities on the tax return.  

Tax season is coming soon, and with the growth of cryptocurrencies, TaxAct Professional wants to make sure our pros are well prepared for any Bitcoin or Ethereum questions that might arise. 

On December 12th, we hosted a webinar, presented by author Amy M. Wall, that covered the underlying concepts of decentralized finance, common Cryptoverse jargon, reviewing the IRS guidance that’s been released to date, how to respond to the 2022 “Crypto Question,” real-world activities and case studies, best practices, and much more. Plus, each attendee left the webinar with takeaway PDFs to begin implementing at their practice immediately.

Because we know this information is so valuable to tax professionals, we have taken the recording from this virtual event and made it available for you to download here, for no charge. To do so, simply complete the form below and click submit. From there, you will be redirected to a page that contains the webinar recording, all PowerPoints, and takeaway materials, for you to use and enjoy at your leisure.