Ethical Considerations with Cryptocurrency Tax Preparation
Tax Tech

Ethical Considerations with Cryptocurrency Tax Preparation

Cryptocurrency taxation is an area that is here to stay, even though many tax professionals may wish otherwise. A March 2022 NBC News survey shows that more than 20 percent of American adults have interacted with cryptocurrency.i Some professionals... Matt Metras, EA

Should Congress Permanently Extend the Filing Deadline?
Feature Article

Should Congress Permanently Extend the Filing Deadline?

PRO Cryptocurrency Did Not Exist in 1955. It Is Time to Update National Tax Day. National Tax Day (April 15) has not been modified since 1955. In 1955, the federal tax code was 929 pages....

You Cannot Escape Cryptocurrency or International Tax Issues
Editor's Message

You Cannot Escape Cryptocurrency or International Tax Issues

You may wonder why this edition is not an ethics edition as is the EA Journal custom. Rumor has it that the Treasury Department plans to propose changes to Circular 230 this year. We have made an editorial decision this year to postpo... Thomas Gorczynski, EA, USTCP

Factors to Consider When Estate Planning with Cryptocurrency
Feature Article

Factors to Consider When Estate Planning with Cryptocurrency

The storm is here. The world is now fully entrenched in the cryptocurrency phenomenon and there is likely no turning back. Instead, tax and estate planning professionals must make sense of the cryptocurrency mania. Taxing authorities are g... Simon Mayali and Travis Thompson

The Challenges of Non-fungible Token Taxation
Feature Article

The Challenges of Non-fungible Token Taxation

By now, you have probably heard of nonfungible tokens (NFTs), but what are they? And how are they taxed? Non-fungible tokens have made big news lately: selling for astronomical sums at auction, becoming major status symbols, and attracting plenty of ire along the way.... Zac McClure and Tynisa (Ty) Gaines, EA

Questions for Clients During the 2021 Tax Season
Feature Article

Questions for Clients During the 2021 Tax Season

Every year, most tax professionals take a Form 1040 update class to understand the tax law changes that affect tax preparation. Then many take the cookie cutter organizer and send it to clients without review. Instead, take the... Beth Logan, EA

Three Untapped Niches of Opportunity for Your Firm in 2021
Practice Builder

Three Untapped Niches of Opportunity for Your Firm in 2021

Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitab... Gaynor Meilke

The IRS Is Moving the Crypto Disclosure Question to the Front of Form 1040: Here Is What You Need to Know.
Feature Article

The IRS Is Moving the Crypto Disclosure Question to the Front of Form 1040: Here Is What You Need to Know.

Cryptocurrency Question Moved to the First Page of Form 1040 New for the 2020 tax year, the Internal Revenue Service (IRS) asks taxpayers on the very first page of Form 1040 the following disclosure question:... Zac McClure and Barrett Strickland

Is Cryptocurrency a Major Opportunity for Enrolled Agents?
Feature Article

Is Cryptocurrency a Major Opportunity for Enrolled Agents?

The short answer is yes. Cryptocurrency is a major opportunity for enrolled agents. However, seeing the opportunity and capitalizing on it are two different things. Blockchain > Cryptocurrency > Bitcoin You might already know this, but stil... Andy Frye, EA, Joshua Azran, CPA

Crypto Tax Tech Tools To the Rescue?
Feature Article

Crypto Tax Tech Tools To the Rescue?

What is a crypto tax tool? For the purpose of this article, a cryptocurrency tax tool is defined as a software program designed to assist taxpayers and tax professionals with the often onerous job of calculating gains, losses, and other tax implications associated... Andy Frye, EA; Joshua Azran, CPA

Cryptocurrency Taxation Trends: Spring Always Follows Winter
Feature Article

Cryptocurrency Taxation Trends: Spring Always Follows Winter

Writers who cover the cryptocurrency space are nothing if not prolific. Well into 2018, legions of them trumpeted the glow of the crypto messiah. Those same writers now have the grimmer task of writing about what is commonly called the “crypto winter.” ... Michael Minihan