Cryptocurrency and Taxes: What Preparers Need To Know - 0.2 CPE

Cryptocurrency is treated as property for federal tax purposes. That means sales, exchanges, mining, staking, airdrops, wages, and other digital asset transactions may create taxable income or capital gain reporting obligations.

Learning Objective

Identify the federal tax treatment of common cryptocurrency transactions and the reporting requirements that apply to digital assets.

Course Description

This nano-learning course reviews the federal tax rules governing cryptocurrency transactions, including taxable events, income recognition, basis, and reporting requirements.

Recommended Audience

Tax and accounting professionals advising clients with cryptocurrency, digital asset transactions, mining, staking, NFTs, or Form 1099-DA reporting issues.

Why This Topic Matters

Cryptocurrency transactions can create taxable events even when no cash is received. Understanding property classification, basis tracking, ordinary income recognition, capital gains, and digital asset reporting helps practitioners identify compliance risks and properly report client activity.

Author / Instructor

Lee T. Reams, Sr., BSME EA
Lee T. Reams, Sr. is an Enrolled Agent with extensive experience in tax preparation, representation, and advanced tax planning. He is known for helping practitioners apply complex tax rules in real-world client situations.

Course Details

This course qualifies for NASBA continuing professional education credit. CountingWorks, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. 

Strengthen Digital Asset Tax Compliance

Start Federal Taxation of Cryptocurrency and learn how common cryptocurrency transactions are classified, taxed, and reported for federal tax purposes.