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This session will educate professionals, specifically accountants and CPAs (but also financial advisors and attorneys), about the nuances and challenges with cryptocurrency accounting for business entities (and standard individuals).
Using and securing cryptocurrency is one thing, but being accountable for it is another. The unique aspects of cryptocurrency create simultaneous parallel transaction paths, one for taxable events and one for business operations for each individual transaction. Meanwhile, the limitations of key data points and other information (normally considered fundamental accounting information) with block explorers, exchanges and wallets, coupled with poor customer crypto process flows, create a challenging landscape for professionals to navigate.
Kirk Phillips (@thebitcoincpa) is author of The Ultimate Bitcoin Business Guide. He wrote and produced the AICPA's Blockchain Fundamentals Course in 2018 and is completing the 2019 Blockchain for Insurance Course. 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 to and educates CPAs and lawyers 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 the founder of CryptoProResource.com, a resource for accounting, auditing and finance professionals, a director of Blockchain Catalytics, LLC, a consultant to AuditChain and numerous other projects.
Follow the CryptoCurrency Certification Consortium (C4) at:
https://cryptoconsortium.org/
https://twitter.com/LearnMoreWithC4
Follow the Blockchain Training Conference on:
https://blockchaintraining.org
Kirk's slides can be found here:
https://btc2019.sched.com/event/RxyU/accounting-for-cryptocurrencies-transactions-tracking-tax
Prerequisite: A basic understanding of blockchains and/or Bitcoin will be helpful.
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