It’s in the news, it’s on you mind, it will be a growing concern for your clients. According to a survey done by the Pew Research Center whose results were published in April 2023, 17% of Americans indicated they personally have invested in, traded or otherwise used virtual currency. You are more likely than ever to encounter clients who have engaged in one or more virtual currency transactions during the year and who may have taxable income as a result. We’ll look at the nature of virtual currency and the tax implications for your clients.
After completing this course, you should be able to:
- Recognize the methods of obtaining and storing virtual currency;
- Describe how transactions involving virtual currency work;
- Understand the basic nature of blockchains;
- Apply the existing U.S. tax laws to virtual currency transactions; and
- Identify when and where to report taxable virtual currency events and transactions.
