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Navigating the World of Crypto Tax Reporting

Crypto assets have swiftly emerged as a new presence in many clients’ portfolios. For both clients and accounting firms alike, this growing ecosystem is uncharted territory, with its own languages, practices, and standards.

If you haven’t already encountered crypto tax reporting needs from your clients, you probably will soon. In fact, the IRS recently moved the question about virtual currency holdings from Schedule 1 to the beginning of the standard 1040 tax form. A signal from the IRS that crypto assets are a rising priority, and for clients, an unavoidable issue. They’ll need CPAs to serve as their trusted guides

Fortunately, CPA.com has just published a comprehensive guide – Navigating the World of Crypto Asset Tax Reporting – designed to educate and inform the profession on the emerging role they play in ensuring client compliance on crypto tax, including:

  • The current crypto asset landscape
  • Key challenges in crypto tax reporting
  • The CPA’s role as strategic advisor
  • Critical attributes of crypto-focused technology solution