The cryptocurrency market is rapidly growing, while the IRS invests its efforts in taxpayers' crypto reports examination and compliance. Tax professionals can provide clients with IRS-compliant tax reports without basic knowledge in cryptocurrencies. This webinar will cover everything tax professionals need to know for crypto tax filing in this upcoming tax season.

Learning Objectives:

• Identify main IRS guidelines for cryptocurrency as assets and taxable events 


• Recall how to treat trades, property, goods, services, gifts, and charity


• Recall IRS forms requirements and the IRS's approach for discrepancies in the report


• Recall examination, audit trail, records, and materials


• Identify how to determine the client's best calculation method


• Determine the cost basis for crypto-tax calculation and the client's calculation process


• Recall FIFO vs. specific identification


• List of information items required before starting the filing process


• Identify how clients can easily create a Form 8949 using automatic tax calculation software and how to deal with a client's missing information


• Recall SurePrep 1040SCAN automation for Bittax's 8949 reports