2023 Cryptocurrency and Taxes Update

Author: Robert K Minniti

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This course has been updated for 2023 for new developments including new laws, regulations, and tax forms. Are you interested in how cryptocurrencies were developed and how they work? Does blockchain technology provide sufficient security for cryptocurrencies? What are the advantages and disadvantages of using cryptocurrencies? What are the tax consequences of investing in cryptocurrencies or using them for personal or business transactions? This course is designed for individuals who would like to obtain a basic understanding of crypto currency. The course will cover the history of virtual currencies and explain how they work. We will review some of the legal issues involved with virtual currencies. The course will cover the advantages and disadvantages of using virtual currencies. We will review the IRS rules for tracking and reporting crypto currency transactions for tax purposes.

Publication Date: June 2023

Designed For
CPAs, CFEs, CMAs, CIAs, CFFs, CVAs, CGMAs, CIAs, CFFs, MAFFs, managers, business owners, investors, and anyone else interested in learning about virtual currencies.

Topics Covered

• Basic understanding of cryptocurrency
• History of virtual currencies and how they work
• The legal issues involved with virtual currencies
• Advantages and disadvantages of using virtual currencies
• The IRS rules for tracking and reporting cryptocurrency transactions for tax purposes

Learning Objectives

• Define crypto (virtual) currency
• Identify the tax implications of using crypto currency

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None