TAX2409. Why Crypto Tax Compliance Isn’t Getting Any Easier Despite New Guidance

Cryptocurrency was listed as the number one asset in an Investopedia survey asking respondents where they expect the greatest return on investments over the next 10 years. Meanwhile, regulators continue to discuss the nature in which this asset class should be regulated for both tax and non-tax laws. Join us for a review and analysis of IRS releases on crypto taxation, avoiding traps for the unwary, planning considerations, and how to deal with the continual evolution of new transactions and tax uncertainty. Examples, due diligence, and planning tips provided throughout along with an introduction to helpful resources from the AICPA Virtual Currency and Digital Asset Tax Task Force.

Learning Objectives:

• Recognize the nature of digital assets and the basic tax structure for them.
• Identify the foundational binding and non-binding guidance the IRS has provided, issues that exist, and how to deal with them.
• Recognize the limitations of broker reporting of digital assets on Form 1099-DA, expected to start in 2025, and what clients should do now to get ready.