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Nuts and Bolts of Cryptocurrency Taxation
Length: 51 minutes
The IRS is interested in cryptocurrency and they've recently sent out 10,000 tax notices in letters 6173, 6174, and 6174-A. What should you know about these letters and what are the best practices to handling them for your clients? The presenter for this course, Shehan Chandrasekera, is a Texas CPA and currently the Head of Tax Strategy for cointracker.io. Shehan will take you through what you need to know and the options available to you and your clients. Not only does this course cover what to do when you receive one of these letters, but it also provides best practices in areas of cryptocurrency taxation that might not be so obvious. This course starts with the timeline of cryptocurrency, and takes you through everything you need to know to handle tax letters, report appropriately, as well as key highlights, latest developments, and tax planning opportunities.
LEARNING OBJECTIVES
- The general rules of the IRS tax guidance
- Understand the difference between crypto-investors and crypto-miners
- The impact of cryptocurrency to charitable contributions
- Best practices in foreign reporting
- Key takeaway items and recent developments
- Identifying common tax planning opportunities
PROGRAM LEVEL: Basic
PREREQUISITES: No prerequisites exist.
PREPARATION: No special preparation is needed.
Shehan Chandrasekera, CPA, Head of Tax Strategy, Cointracker
Shehan is the Head of Tax Strategy at CoinTracker. He is a published author, CPE instructor and a frequent technical contributor to various social media platforms. His article on “Virtual Currency & Tax Ramifications” was featured in “The Tax Adviser” magazine sponsored by the AICPA. He was one of the first CPAs to have a published article on Cryptocurrency taxation. Further, he serves as a partner at JAGArgueta CPAs and enjoys working as the Associate Director of Houston Blockchain Alliance.
