Tax Implications of Cryptocurrency (Completed)

This course presents an overview of blockchain and the tax implication of cryptocurrency transactions. The IRS has provided some recent guidance, but potentially conflicting pronouncements by other regulatory agencies have created uncertainty on reporting issues. This course will help the practitioner understand when a taxable transaction has occurred, what reports to file to satisfy IRS requirements, and identify tax traps for the unwary.

Who Should Attend
Corporate tax and finance executives, directors, managers and staff, CPAs, Cas, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in cryptocurrency. All in-house and public practice professionals involved with tax compliance and planning will benefit from this timely and insightful seminar.

Topics Covered

• Overview of blockchain and the tax implication of cryptocurrency transactions
• When a taxable transaction has occurred
• What reports to file to satisfy IRS requirements
• Identify tax traps for the unwary

Learning Objectives

• Describe what constitutes blockchain and the various types of cryptocurrency it supports
• Recognize how to determine whether a cryptocurrency transaction creates a taxable event
• Identify the IRS forms needed to report cryptocurrency transactions
• Recognize how to develop a working knowledge of possible reports due to other regulatory agencies
• Recognize the traps that cryptocurrency traders can encounter which could unexpectedly increase the trader's tax liability
• Identify current enforcement actions employed by the IRS

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None