In October 2019, the IRS finally released its promised guidance on tax issues related to cryptocurrencies in the form of Revenue Procedure 2019-24 and a set of FAQs on its website. The Rev Proc looks to answer a question many have had about how to treat the hard fork of a cryptocurrency. Bitcoin Cash is the best known hard fork created in August of 2017. There are multiple aspects of Blockchain transactions and the use of blockchain technology is helping many companies run their businesses more smoothly. But there is nothing smooth when it comes to taxes. Mitchell Kopelman, CPA, partner-in-charge, Technology & Blockchain Practice at Aprio, discusses the tax implications of virtual currency transactions.
Prerequisites/Advanced Preparation:
Work experience in tax planning, tax preparation or review and knowledge of virtual currency tax treatment or information technology or cryptocurrency and taxes.