As Cryptocurrencies & Blockchain Gain Greater Exposure, BKD Is Here to Help.
Cryptocurrency (crypto) and blockchain technology have changed the core of transactions and data exchange. BKD’s tax resources can help with questions and exposures related to crypto. BKD’s Blockchain Taskforce provides hype-free education and insight to navigate the emerging regulatory and accounting landscapes. As trusted advisors, we know our clients expect us to stay abreast of emerging technologies, and we are ready to help.
Tax Considerations
- Cryptocurrencies & Taxes
- Latest tax developments & IRS guidance
- Reporting virtual currency on your tax return
- Responding to IRS letters on unreported crypto transactions
- IRS Notice 2014-21 – Guidance regarding applicability of existing general tax principles to virtual currency
- Revenue Ruling 2019-24 – IRS guidance regarding hard forks and airdrops
- AICPA Letter to the IRS – AICPA requests guidance regarding the tax treatment of virtual currency transactions
- Frequently Asked Questions on Virtual Currency Transactions – IRS FAQs on virtual currency transactions
GAAP Developments
- View the AICPA’s noninclusive list of recent relevant public statements and publications on digital assets.
- See IASB®’s “Holdings of Cryptocurrencies” project, including status, published documents, news and more.
- Read recent CPA Journal articles on cryptocurrencies:
Cryptocurrency & Blockchain FAQs
Want a better understanding of cryptocurrency? We’ve got you covered. Visit our FAQs page for a breakdown of crypto, blockchain, digital assets and more.
Read MoreExternal Resources
- OCC Interpretive Letter #1170: Authority of a National Bank to Provide Cryptocurrency Custody Services for Customers
- Understanding the Basics of Virtual Currency (presented by the IRS)
- Bitcoin & Cryptocurrency Mining Explained
- Blockchain Technology Overview – Consensus Models
- Blockchain Limitations & Misconceptions
- Cryptographic Hash Functions
