Form 8949 cryptocurrency compliance for your 1040 clients
Solutions in Focus: TaxCaddy, 1040SCAN, SPbinder, Change Management
Is your firm ready to ensure accurate Form 8949 cryptocurrency reporting for your 1040 clients? If not, will you be ready by tax season? One of the defining market trends of 2020-21 was the mainstream surge in cryptocurrency. In the first half of 2021 alone, the total number of cryptocurrency users shot up from 106 million to 221 million, according to a July 2021 research report released by Crypto.com. Even if none of your 1040 clients reported cryptocurrency gains or losses on Form 8949 in the past, data trends indicate this will change as soon as next tax season.
Cryptocurrency is no longer a niche hobby for tech-savvy demographics. In a short span of time, it’s grown into a multi-trillion-dollar industry and shows no signs of slowing down. 1040 clients who report cryptocurrency assets will soon be a regular occurrence for firms of all sizes. Now is the time to prepare your firm with the right solutions.