Event Description

Participants must use their expertise to assist a new client who just received Letter 6173 from the IRS. The client didn’t share any crypto-related transactions or events with the tax accountant who filed the original return. It’s up to the participants to meet with the client and uncover details of the activities so an accurate, amended tax return can be completed. They must carefully ask questions to get all the relevant information, determine the proper changes to taxable income, and submit the documentation correctly to avoid an IRS response and losing the new client.

Designed For

Accounting professionals needing foundational information related to cryptocurrency

Objectives

Understand the basics of cryptocurrency   Identify cryptocurrency-related issues that clients may face 

Major Subjects

Introduction to cryptocurrency and key terms   Chronology of cryptocurrency   Virtual currency taxation   Information on any updated guidance

Prerequisites

None

Instructions

None