Kirk Phillips, aka the The Bitcoin CPA™, is author of The Ultimate Bitcoin Business Guide™ and articles in yBitcoin Magazine, Bitcoin Magazine and CoinDesk. Kirk wrote and produced the AICPA’s Blockchain Fundamentals Course in 2018 and he is completing the Blockchain for Insurance Course 2019. He is also a member of the AICPA Virtual Currency Task Force which issued a revised IRS comment letter on virtual currencies in May 2018. Kirk regularly speaks and educates CPAs and attorneys on blockchain and cryptocurrencies and also has a boutique consulting practice in the space. He is one of the first Certified Bitcoin Professionals (CBP) and the first CPA to accept bitcoin in 2014. Kirk is founder of CryptoProResource.com, a resource for accounting, audit and finance professionals, a principal in Blockchain Catalytics, LLC, an advisor to AuditChain and numerous other projects.
Accounting for Cryptocurrencies: Learn the 3 “T’s” Transactions, Tracking & Tax All the Way to the Balance Sheet
This session will educate professionals, particularly accountants and CPAs (but also financial advisors and lawyers), about the nuances and challenges with cryptocurrency accounting for business entities (and by default individuals).
Using and securing cryptocurrency is one thing but accounting for it is another. The unique aspects of cryptocurrency create simultaneous parallel transactional paths one for taxable events and one for business operations for every single transaction. Meanwhile, limitations of key data points and other information (normally considered basic accounting information) with block explorers, exchanges and wallets coupled with client’s poor crypto process flows creates a challenging landscape for professionals to navigate.
You will learn best practices for designing and managing cryptocurrencies for maximum accounting, audit and tax value for your practice and for advising your clients while eliminating as many headaches as possible. Newbies can also benefit from this course by understanding how importance of strategic process for using cryptocurrency.