The IRS now requires the taxpayers to report their crypto transactions on their tax returns. Since cryptocurrency is now treated as capital assets, it is taxed when it is sold at a profit. As crypto serves as an investment to most people, the IRS taxes the appreciation on capital assets held as an investment.
How much tax you owe in cryptocurrency depends on how long you have held it and what your annual income concludes to be. Depending on whether you have owned the crypto coins for less than or more than a year before you spent or sold them, different tax rates may apply to it as per the capital gains. However, if you have earned them by mining or have received them as a payment or promotion, would they still be considered as regular taxable income?
Blockchain and cryptocurrencies such as Bitcoin have been getting headlines for years now, first because of their increasing value, and lately because of a crash in value. Yet, few business professionals can grasp the intricacies, opportunities, and challenges posed by this new technology. Millions of crypto traders are searching daily for tax professionals with expert knowledge of crypto taxation. Confusion and fraud rise on the surface as misinformation spreads.
Join us on Clatid to get answers to:
Do you owe tax on the entire value of the crypto? What is the tax rate to be applied to your earnings? Do you owe taxes if you bear loss in cryptocurrency? How much tax do you owe in case you earn profit instead?
This training will provide you with the latest insights on cryptocurrency taxation and is perfect for tax pros seeking to learn more about crypto, and for others seeking to understand how crypto works as it relates to taxes.
What will You Learn?
-How do you define cryptocurrency?
-What are the key terms?
-The IRS guidance on cryptocurrency
-Best practices to remain compliant
-How to deal with the ups and downs of the crypto market?
-What do the newer items such as NFTs mean?
-What are the taxations involved?
-How much tax do you owe on your crypto earnings?
-How to deal with various transactions, including charitable contributions made with crypto?
Why Should You Attend?
This training will prepare you to take on clients in blockchain businesses as well as ensure that you understand the full compliance measures relating to crypto. It will also be appropriate for people who are not tax professionals. You will have better knowledge of cryptocurrencies and crypto tax prep to practice.
Who will Benefit?
You may ask your Question directly to our expert during the Q&A session.
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