You may have seen that the U.S. Treasury recently released 200+ pages worth of “proposed guidelines” on cryptocurrency tax reporting (and related matters)?

These proposed guidelines include, most notably:

The creation of a new Form 1099-DA that will be used to report cryptocurrency transactions.

While these guidelines are not finalized yet, all roads at IRS lead to the creation and massive issuance of cryptocurrency 1099’s sometime soon.

• Guess how many new cryptocurrency 1099’s the IRS anticipates receiving, once these new rules go into effect?
• 8 billion new cryptocurrency 1099’s — yes you read that right, 8 billion (with a “b”) new cryptocurrency 1099’s.
• That’s more than double the number of all existing 1099’s that get sent out as of today!

When combined with the new 1099-K reporting rules, I guess we should expect that every client should have at least 27 1099’s then, each and every year?

Utter, unadulterated insanity!

Yet highly profitable for tax pros who are “up to speed,” so do we really have any right to complain??? 🙂

Source (Tax Notes) here in case you don’t believe this shocking number that IRS digital assets director Julie Foerster announced October 25 at a conference.

If you’re looking to get ahead of the cryptocurrency tax curve before the billions of new 1099’s descend on our world like a swarm of killer bees, now’s a good time.

• “Crypto-involved” clients are well aware of the extensive efforts that IRS is making to better track and tax cryptocurrency transactions.
• In the coming years, knowledge of how to handle cryptocurrency tax considerations will become a major reason why clients switch tax preparers.

In case this topic is of interest to you for the purposes of retaining your existing clients and/or acquiring new clients, please be advised that both Pronto Tax School Memberships include cutting-edge cryptocurrency tax training from CPA Joshua Azran, one of the foremost minds in the nation when it comes to crypto tax & accounting issues.

• Our Forever Edition Membership includes the “Bite-Sized Crypto Tax Learning Center,” which gives tax pros an easy, fast way to get up to speed by watching super short videos of Joshua teaching on various topics.
• And then our Dream Team Membership includes the full Crypto Tax Verified Training Program, going into greater detail on all aspects of serving crypto-involved tax clients.

All Pronto Tax School tax update courses have been updated for tax year 2023 and include plentiful cryptocurrency tax training.

• Existing Members can log in here and access your course materials anytime.
• Not Yet Members can click here to join the tax changes & updates festivities for less than $100 per year, or “go big” with a Dream Team Membership if you want even more hands-on help to achieve your tax career dreams.

If you have any questions about Pronto Tax School Memberships, or if you’re an existing Member wondering how to best utilize your Membership Benefits (or maybe you’re ready to upgrade your Membership), please feel free to contact our support team directly at support@prontotaxschool.com or call us 310-422-1283.