New Cryptocurrency 1099 Rules (Update)

Cryptocurrency and taxes

You heard about the new cryptocurrency Form 1099-DA that the Treasury Department is proposing / planning to require for tax year 2025?

IRS Director of Digital Assets, Julie Foerster, has said that if the proposed rules pass into law, we could see up to 8 billion new 1099’s – per year!

The Treasury Department recently took in some “comments” on its proposed regulations, and as you might imagine, not all comments were positive.

Here’s a sample comment from The DeFi Education Fund:

“If finalized in their current form, the Proposed Regulations would stretch the definition of ‘broker’ beyond what section 6045(c)(1)(D) contemplates or the Constitution allows, require information collection and reporting by individuals and entities incapable of collecting that information, unnecessarily endanger the personal data of millions of Americans, confuse taxpayers, stress government resources, stifle innovation, and cripple American businesses and competitiveness.”

And that’s just the first paragraph of their letter, it goes on from there 🙂

We’ve got a rather extensive cryptocurrency tax training in both of our Pronto Tax School Membership Plans, FYI, in case you feel like the 8 billion new 1099’s (per year!) could present an opportunity for you at some point in time.

And we’ll have much more detail about all the new cryptocurrency tax updates, along with all the other new tax changes, in our tax update courses that are being updated now and will be released in “Version 1” form on July 1, 2024.

All Members will automatically receive the updated courses in your Pronto Tax School Account on July 1.

Important Reminders: 

First, if you’re already a Pronto Tax School Member, THANK YOU! And rest assured the upcoming price change will not effect your current membership price. In fact, while your price may not be changning, your Forever Edition benefits will be increasing. We will be adding the following features and content to all Forever Edition Members;

  1. 5 Step Tax Prep Training Program — teaches tax preparers how to order our interactions with clients for maximum efficiency, while still providing service with the “personal touch” that’s why clients choose us.
  2. How to Get Tax Clients Training Program — teaches tax pros how to acquire as many clients as you want at low or no cost.
  3. Schedule C Mastery Training Program — teaches tax pros how to dramatically increase the value we provide to our Schedule C clients. Includes extensive training on Single Member LLC’s and tax planning. This course is currently undergoing a thorough update.
  4. Schedule E Mastery Training Program — teaches tax pros how to dramatically increase the value we provide to our Schedule E clients. This is a new course that’s in development now and will be released this year. Will include extensive training on rental property LLC’s and tax planning.
  5. The “Andy’s Answers” Q & A and Open Discussion Webinar will happen once per month, rather than once per quarter — details to follow soon as far as schedule, how to submit your questions, etc…
  6. We’re starting a referral program for Existing Members — you’ll be paid $50 for each new Member you refer. Program starts July 1, 2024 and more details of how to participate will be released soon.

If you already have an active FE Membership, no need to buy another membership, these new features will be available in your existing account

Second, if you’re a Not Yet Pronto Tax School Member, and you see value in our efforts to help make your life as a tax professional easier, more profitable, and more fun, please consider grabbing a membership before the $97 per year rate goes away July 1st this year. The Forever Edition Price will be going up from $97 to $297 per year starting July at, 2024. So you have the opportunity to lock in your $97 annual membership forever if you keep your renewals in good standing. And you will get the new features as listed above.

Maybe you aren’t familiar with our crazy pricing structure. Forever Edition Members are NEVER subject to any annual price increase (as long as you keep your Membership active and don’t let it lapse). We call it “Forever” because your price will remain the same as long as you keep your membership active.

Features of a FE Membership Include ALL of the following:

  • Annual Tax Update / Refresher Course – We provide all the continuing education tax courses you need for your specific credential. If you’re CTEC, AFSP, EA or CPA – we have got your covered for your CE Hours.
  • Bite-Sized Crypto Tax Learning Center – This course provides you with DOZENS of “micro learning” opportunities as CPA Joshua Azran explains the dangers and opportunities associated with helping crypto-involved tax clients.
  • Last Call Business Tax Update – We go through all of the business (including C corporation, S corporation, partnership, and LLC) tax updates tax pros need to know heading into tax season, to help ensure your maximum tax season confidence and profitability.
  • Last Call 1040 Tax Update – We go through all of the 1040 tax updates tax pros need to know heading into tax season, to ensure that tax pros are maximally ready for less stress and more success this tax season.
  • Handling the IRS Course– Build and test your knowledge of IRS Practices and Procedures. With 87,000 new IRS employees on the way, you are going to need to know this stuff.
  • Course Hours Reported within 10 mins and email notification when they are reported.
  • Private Online Community with 600+ members to chat about our favorite topic…taxes and those tricky questions.
  • Discount! 15% discount on a ticket to our Annual Knowledge Share Extravaganza Conference (in person)
  • “Right Before Tax Season” newsletter to help you stay on top of things.
  • A Great Support Team to answer your questions about Pronto Tax School, courses, your accounts etc…
  • Don’t forget this membership also include the new 6 features listed above!! That’s alot!

So June 30, 2024 will be the last day ever to get a Pronto Tax School Membership for only $97 per year.

July 1 and moving forward, our Membership Plans will start at $297 per year. You can review Membership plans by clicking here.

If you’re not sure if you have an active Pronto Tax School Membership, please click here to contact the Pronto Tax School Support Team and we will check on your membership status for you!

    If you like what we’ve been doing to help our fellow tax pros for the past 13 years (since 2011), now’s the time to grab your Membership at the existing “too low” price.

    If you have questions or need help, please contact our support team here or 310-422-1283

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    Training for Your Needs!

    Please click the button below for your primary tax credential.

    Not sure which credential applies to your situation?  Click here to reach our support team and we'll help you decide.

    Let's Make Sure We Direct You to the Right
    Training for Your Needs!

    Please click the button below for your primary tax credential.

    Not sure which credential applies to your situation?  Click here to reach our support team and we'll help you decide.