Drake Software blog for tax pros, covering tax, IRS news, and more

Virtual Currency and Taxes [Infographic]

Virtual Currency and Taxes [Infographic]

It would be an understatement to suggest that interest in virtual currency grew during the early days of the pandemic. By 2021, virtual currency (or cryptocurrency) had seemingly arrived as a mainstream investment vehicle—with exchanges even purchasing Super Bowl ads featuring Hollywood celebrities.

To learn about emerging trends in tax preparation for those who report digital assets, Drake Software collaborated with LukkaTax on a survey of more than 1,600 tax professionals. Respondents addressed a range of topics:

  • How many clients hold virtual currency
  • Virtual-currency certifications
  • Fees for preparing returns with digital asset transactions
  • Software for reporting digital assets

The survey results are recorded in our free infographic: Virtual Currency and Taxes.

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Ryan Norton

Whether designing superheroes, penciling caricatures, or just doodling, I always knew I was going to earn some sort of art degree while in college. That was my goal before I decided to trade Edgar Degas for Edgar Allan Poe during a Freshman English class. The BA in English soon morphed into a double-major in English and Philosophy, eventually becoming an MA in English. It only makes sense that I learned of a writing opportunity for a local marketing firm while teaching a first-year college English course. Before I knew it, I was writing and editing tax-related articles for Taxing Subjects, and this has been my home since 2014.

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