What Enrolled Agents Need to Know About Form 8300 and Digital Assets
Businesses who accept cryptocurrency (crypto) as payment and many tax practitioners who provide compliance services for those businesses were relieved to hear that the Internal Revenue Service (IRS) has delayed the require... Amber Gray-Fenner, EA, USTCP
The Best (and Worst) Countries for Crypto Taxes in 2023
Cryptocurrency (crypto) has taken the world by storm, revolutionizing the way we perceive and use money. With this digital and financial revolution, the issue of crypto taxes has become a major concern for... Zac McClure and Tynisa (Ty) Gaines, EA (She/Her)
Non-practice Ownership Enrolled Agent Career Paths
Introduction The reality of our modern corporate world is that moonlighting is growing at a rate three times faster than the traditional workforce with no signs of slowing down.i Moonli... Dannie Lynn Fountain, EA
Are Non-fungible Tokens Collectibles?
Non-fungible tokens (NFTs) became incredibly popular during the recent cryptocurrency boom and remain actively traded as a new asset class. Non-fungible tokens are unique digital assets that can represent ownership of v... Zac McClure
Year-End Crypto Tips for Practitioners
The cryptoasset space continues to evolve and change rapidly, and there several major changes that tax practitioners need to be aware of as 2022 enters the home stretch. The question about whether clients will be coming to practitioners with que... Dr. Sean Stein Smith, CPA
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?
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
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
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
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
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
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.
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?
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?
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
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