{"id":13574,"date":"2018-09-20T08:00:29","date_gmt":"2018-09-20T13:00:29","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=13574"},"modified":"2018-09-10T15:31:28","modified_gmt":"2018-09-10T20:31:28","slug":"blockchain-101-implications-for-your-practice-and-clients","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/client-relationships\/blockchain-101-implications-for-your-practice-and-clients\/","title":{"rendered":"Blockchain 101: Implications for Your Practice and Clients"},"content":{"rendered":"

Blockchain. We\u2019ve heard the term repeatedly, especially since the rise and fall in the price of bitcoin that began in mid-2017. While blockchain technology has not yet had a significant effect on most tax practices, there is one area that we tax practitioners cannot choose to neglect. We must be ahead of the information curve and be able to educate our clients on how their tax situation might change in an uncertain world.<\/p>\n

So, what is blockchain? Blockchain technology links transactions using digital data and cryptography to create permanent, unchangeable transactions, which increases the integrity of record-keeping dramatically. Cryptocurrencies such as bitcoin, ethereum and ripple are just one group of assets that can be accumulated and exchanged using blockchain technology. Companies large and small are currently racing to build blockchain platforms for traditional assets such as homes, automobiles and intellectual property.<\/p>\n

Let\u2019s look at two examples that outline the advantages of blockchain. If someone pays $100 in cash to another person in satisfaction of a debt, there may not be physical proof that the debt was paid; it\u2019s one person\u2019s word against the other. When using cryptocurrency, the transaction is digitized and recorded on both sides, and it\u2019s very difficult for those records to be altered or destroyed.<\/p>\n

A second example of how blockchain could transform the business of physical assets is with the sale of cars. When a car is purchased today, there\u2019s a long list of physical documents that needs to be signed to prove the transfer in ownership of that specific vehicle. In a future with blockchain, every detail of the vehicle may be recorded digitally, and the transfer of the car could be made with the click of a button \u2013 perhaps even through the exchange of \u201ccarcoins\u201d used specifically for purchasing vehicles.<\/p>\n

As you can imagine, this type of recordkeeping would have an immediate effect on the world of auditing. Large volumes of transactions would be easily searchable and digitized for quick confirmation. But what does all this have to do with tax? For the purposes of this article, we\u2019ll focus on cryptocurrencies since that is the principal asset currently traded using blockchain.<\/p>\n

From a tax practitioner\u2019s perspective, we rely on the information provided to us by our clients. Therefore, it\u2019s imperative for us to remind our clients that they should keep detailed records<\/a> of all their cryptocurrency or other digitized transactions. Because the word \u201ccurrency\u201d appears in cryptocurrency, many people believe that, for tax purposes, their exchange is treated the same as if dollars were used to purchase foreign currencies, and that there is no tax consequence regarding those transactions \u2013 assuming they are not part of an investment strategy.<\/p>\n

However, in 2014, the IRS issued guidance on virtual currency<\/a>, which suggests that cryptocurrencies are capital assets<\/a>, and that any buying and selling of such items results in capital gains and losses, which should be reported. Most cryptocurrencies are held in electronic \u201cwallets,\u201d and there are hundreds of e-wallet options available. However, the companies that operate these wallets are not obligated to report transactions either to customers or government agencies in the same way that investment banks report on securities.<\/p>\n

What is the risk to our clients if they don\u2019t report their cryptocurrency transactions on their taxes? We know that for traditional income sources, the IRS matches tax forms prepared by the payor with those reported by the payee on their annual returns. As of now, there is no similar reporting structure for cryptocurrencies. In fact, the IRS has sued the popular cryptocurrency wallet Coinbase to get its customer transactions records in order to prevent tax evasion. In a mixed outcome for the IRS, a court ruled that Coinbase only had to provide information about anyone with more than $20,000 of transactions. This represented only 14,335 of Coinbase\u2019s accounts \u2014 just a small fraction of the total.<\/p>\n

As important as it is to educate our clients on the tax ramifications of their blockchain activity, it\u2019s just as important for us to learn the lingo of this new economy. I\u2019ve come to realize that many of my younger clients have been active in this market for years, before blockchain and bitcoin became household words. Just as you wouldn\u2019t talk to you clients about their traditional investments without knowing about stocks and bonds, you want to be prepared to talk about altcoins, hard forks and mining. Once you\u2019ve done your basic research, you\u2019ll have no trouble interpreting my concluding sentence \u2013 and no, there are no typos. As trusted advisors to our clients, whether they\u2019re long-term hodlers or noobs, it\u2019s important to guide them well so that they avoid getting rekt.<\/p>\n

Editor\u2019s note<\/strong>: Read \u201cDealing With Cryptocurrency During Tax Season<\/a>\u201d by Mike D\u2019Avolio, CPA, JD, for more information about the general principles established by IRS regarding cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Find out how blockchain and related cryptocurrencies may impact your tax and accounting practice as well as your clients.<\/p>\n","protected":false},"author":143000653,"featured_media":10671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[561584],"tags":[582953262],"intuit_collection":[],"intuit_series":[],"coauthors":[],"class_list":["post-13574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-client-relationships","tag-sophisticated-technology"],"header_image":"","yoast_head":"\nBlockchain 101: Implications for Your Practice and Clients - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/client-relationships\/blockchain-101-implications-for-your-practice-and-clients\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain 101: Implications for Your Practice and Clients - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Find out how blockchain and related cryptocurrencies may impact your tax and accounting practice as well as your clients.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/taxprocenter.proconnect.intuit.com\/client-relationships\/blockchain-101-implications-for-your-practice-and-clients\/\" \/>\n<meta property=\"og:site_name\" content=\"Tax Pro Center | Intuit\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IntuitAccountants\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-20T13:00:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/01\/bitcoin1-e1535552579226.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"655\" \/>\n\t<meta property=\"og:image:height\" content=\"354\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard M. 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