With recent Bitcoin appreciation and the IRS becoming more proactive with tracing transactions, you may have clients interested in learning more or wondering how their activities impact their taxes. In this episode of the PFP Section podcast, experts Ryan Firth, CPA/PFS, Shehan Chandrasekera, CPA, and John Strohmeyer, J.D., LL.M. respond to the following questions:
- When do you have a reportable tax event and how do you minimize tax?
- What happens when bitcoin is used to purchase personal property or a cup of coffee?
- What is the best way to track these transactions for tax reporting purposes?
- What strategies should you be aware of for your clients?
Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.
- Article: Six tax planning strategies for low-cost-basis cryptocurrency
- Courses covering blockchain, IRS guidance, and more
- Video: Blockchain and cryptocurrencies: what you need to know
This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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