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Mastering IRS Taxation of Cryptocurrency and Digital Assets
Manage episode 446949413 series 3113382
This course comprehensively covers cryptocurrency and digital asset taxation and is designed for accounting professionals handling crypto transactions. Learn the IRS treatment of digital assets, including taxable events, reporting requirements, and common pitfalls. Understand how to properly calculate and report crypto gains, losses, and income while exploring practical strategies for compliance using specialized software tools. The course addresses recent IRS notices, documentation requirements, and best practices for managing cryptocurrency tax obligations.
After completing this course, participants will be able to:
- Identify tax implications of IRS property classification for cryptocurrency transactions
- Demonstrate proper response procedures for IRS CP2000 notices regarding cryptocurrency transactions
- Discover the current tax advantage of cryptocurrency losses compared to stock losses
- Evaluate tax reporting requirements for business expenses paid in cryptocurrency
- Document cryptocurrency self-transfers to demonstrate non-taxable status for IRS reporting
84 Episoden
Mastering IRS Taxation of Cryptocurrency and Digital Assets
Mac Tax® CPA (Accounting, Tax, Business, Stocks, Crypto, NFTs and more)
Manage episode 446949413 series 3113382
This course comprehensively covers cryptocurrency and digital asset taxation and is designed for accounting professionals handling crypto transactions. Learn the IRS treatment of digital assets, including taxable events, reporting requirements, and common pitfalls. Understand how to properly calculate and report crypto gains, losses, and income while exploring practical strategies for compliance using specialized software tools. The course addresses recent IRS notices, documentation requirements, and best practices for managing cryptocurrency tax obligations.
After completing this course, participants will be able to:
- Identify tax implications of IRS property classification for cryptocurrency transactions
- Demonstrate proper response procedures for IRS CP2000 notices regarding cryptocurrency transactions
- Discover the current tax advantage of cryptocurrency losses compared to stock losses
- Evaluate tax reporting requirements for business expenses paid in cryptocurrency
- Document cryptocurrency self-transfers to demonstrate non-taxable status for IRS reporting
84 Episoden
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