Welcome to the 21st century where virtual currency serves as a means to transfer assets over the Internet. Bitcoin, a form of virtual currency, enables individuals to send and receive money over a decentralized network that relies on a public ledger to authenticate and verify transactions. Using bitcoin is akin to utilizing a digital wallet; however, complexity lurks beneath the surface of these user-friendly wallet interfaces.
This course will cover what every tax preparer needs to know about bitcoin and how it works. Discover what it means to mine for bitcoins and how the currency is valued. Learn about the IRS's position, including what it wants to know and what taxpayers need to report, as well as its enforcement attempts to discover and curtail tax evaders. Understand what to do when your client has failed to report gains or losses from bitcoin transactions on their tax returns. You'll come away with a greater understanding of how to navigate the murky tax and reporting requirements to better help your clients (and you) avoid possible criminal tax prosecution.
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