[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-305047-105":53,"doc-detail-305047-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","digital-assets-what-tax-pros-should-know","Digital Assets: What Tax Pros Should Know","","Digital Assets: What Tax Pros Should Know explains how the IRS Office of Digital Asset Initiative (ODAI) approaches compliance, enforcement innovation, partnerships, and data/technology. It outlines taxable transactions for digital assets, referencing Notice 2014-21 as modified by Notice 2023-34, and shows how selling, exchanging, and using digital assets for services can affect income, gains, and losses. It also details reporting forms and when taxpayers must check “Yes” or “No,” including key Q&A 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taxable events involving digital assets should tax professionals identify?","Question",{"text":108,"@type":109},"The materials focus on more complex taxable events, including selling, exchanging, and using digital assets for services, which can create income, gains, or losses.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How does the IRS classify digital assets for federal tax purposes?",{"text":113,"@type":109},"Notice 2014-21, as modified by Notice 2023-34, states that digital assets should be treated as property for federal tax purposes.",{"name":115,"@type":106,"acceptedAnswer":116},"When must taxpayers generally check “Yes” for digital asset activity?",{"text":117,"@type":109},"Taxpayers must generally check “Yes” if they transacted in digital assets during the year.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},305047,1790141847,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},962075114101,"https://ap-avatar.wpscdn.com/avatar/e000253a75eb197efd?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780044092746381165","Digital Assets: What Tax Pros Should Know  \nIRS – Office of Digital Asset Initiative  \nDigital Assets: What Tax Pros Should Know  \n\n| \u003Cbr>… | Topics\u003Cbr>• Digital Assets (DA) at the IRS\u003Cbr>• Fundamentals ofDA Taxation\u003Cbr>• Review Examples of Complex DA Transactions |\n| --- | --- |\n\nLearning Objectives  \n• Identify more complex taxable events involving digital assets .  \n• Apply tax law to less common DA transactions .  \n• Calculate income, gains, and losses associated with complex DA transactions .  \nDigital Assets at the IRS  \nMeet the Directors  \nSulolit “Raj” Mukherjee  \nExecutive Director, Compliance & Implementation  \nSeth Wilks  \nExecutive Director, Strategy & Development 4  \nDigital Assets at the IRS  \nThe Office of Digital Asset Initiative (ODAI) advises and drives success towards the agency's Strategic Plan by focusing on the following areas:  \nCreate an engaging Enhance Compliance Embrace  \ntaxpayer experience & Enforcement Innovation  \nDevelop Partnerships with Internal & External Stakeholders  \nManage Data & Technology  \nFundamentals of  \nDigital Asset Taxation  \nTaxable Transactions  \nNotice 2014-21 , as modified by Notice 2023-34 , states that digital assets should be treated as property for federal tax purposes.  \nDA Transactions Impacting Taxable Income  \nSelling digital assets Exchanging different for US dollars types of digital assets  \nSending or receiving Mining or staking digital assets for services digital assets  \nReporting Requirements  \nThe IRS expects individual taxpayers to report on the following forms, regarding digital assets:  \nForm 1040 Schedule D  \n& Form  \nForm 1040 Schedule C  \nForm 1040 Schedule 1  \nForm 1040 DA Question  \nLEARN MORE  \nCheck “Yes”  \nTaxpayers must generally check the \"Yes\"box if they transacted in digital assets during the year.  \nCheck “No”  \nTaxpayers may check “No” when their DA activity consists only of the following:  \n• Held in a wallet or account.  \n• Transferred between accounts or addresses controlled by taxpayer.  \n• Purchased using fiat currency, including through electronic platforms (i.e., PayPal, Venmo) .  \nCommon  \n?  \nQ: Do I have to check ‘yes’ if I only transfer DAs between wallets but incur a transaction fee?  \nA: Yes, if the transaction fee is paid in digital assets  \n? Q: Do I have to check ‘yes’ if I  \nam gifting a digital asset?  \nA: Yes, because you are disposing a financial interest in a digital asset.  \nQuestions  \nQ: Do I have to check ‘yes’ if I dispose of my interests in an Exchange Traded Fund (ETP)?  \nA: No, because the digital asset would still be classified as a security at that time.  \nQ: Are Venmo/Zelle transactions reportable?  \nA: No, not unless it is an actual digital asset being transacted.  \n?  \n?","cbCais4ARAJY3fva","https://ap.wps.com/l/cbCais4ARAJY3fva","pdf",1767063,28,"English","# Topics\n## Digital Assets (DA) at the IRS\n## Fundamentals of Digital Asset Taxation\n## Review Examples of Complex DA Transactions\n# Learning Objectives\n# Digital Assets at the IRS\n## Meet the Directors\n## ODAI Focus Areas\n# Fundamentals of Digital Asset Taxation\n## Taxable Transactions and Notices\n# Reporting Requirements\n## Forms and “Yes/No” Box Guidance\n## Common Questions","[{\"question\":\"What taxable events involving digital assets should tax professionals identify?\",\"answer\":\"The materials focus on more complex taxable events, including selling, exchanging, and using digital assets for services, which can create income, gains, or losses.\"},{\"question\":\"How does the IRS classify digital assets for federal tax purposes?\",\"answer\":\"Notice 2014-21, as modified by Notice 2023-34, states that digital assets should be treated as property for federal tax purposes.\"},{\"question\":\"When must taxpayers generally check “Yes” for digital asset activity?\",\"answer\":\"Taxpayers must generally check “Yes” if they transacted in digital assets during the year.\"}]","Digital Assets: What Tax Pros Should Know | PDF",1789821434,10]