Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits.
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN cardThis course explains cryptocurrencies and similar digital assets including ICOs and non-fungible tokens (NFTs), how and why used, and IRS guidance. The numerous tax issues not addressed by the IRS or state tax authorities are explained along with tips for dealing with them. Background to help understand the tax consequences includes definitions, the technical elements of cryptocurrencies and usage, and emerging trends. Compliance including dealing with the 1040 cryptocurrency question, recordkeeping and due diligence considerations are addressed.
Publication Date: February 2022
Designed For
Practitioners who advise individuals and businesses.
Topics Covered
- What's Cryptocurrency and What's it Good for
- Federal, State and Local Tax Guidance and Activities
- IRS Enforcement
- The Technology and Financial Capabilities are Significant with Continuing Innovation, Capabilities and Uses
- Open Tax Issues and Dealing with Them
- Due Diligence and Recordkeeping Considerations in Assisting Clients Holding and Using Cryptocurrencies
- Tips for Taking a Deeper Dive and Staying Current with the Tech, Finance and Tax Matters
Learning Objectives
- Explain cryptocurrencies and how they are obtained and used
- Recognize IRS guidance and open issues and how to deal with them
- Identify the year in which a purchase of 2 pizzas was made for 10,000 bitcoins
- Identify a type of cryptocurrency
- Recognize the six common features of all blockchains
- Identify the technique that generally refers to offering fractional investment in various assets or aid in its transfer
- Identify the number of different ways there are to treat hard forks based on the NYSBA Comments on Rev. Rul. 2019-24
- Recognize the type of platform that allows parties to post small tasks
- Identify a way to keep up with crypto tech and tax issues
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Annette Nellen
Annette Nellen, CPA, CGMA, Esq., is a professor in and director of San Jose State University's graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, advanced individual taxation, employment tax, ethics, leadership, and tax policy.
Annette chairs the AICPA Digital Assets Tax Task Force and serves on the AICPA Disaster Relief Tax Task Force. She formerly served on the AICPA Tax Executive Committee, including 2.5 years as chair. She was the lead author of the AICPA tax policy concept statement #1, Guiding Principles of Good Tax Policy: A Framework for Evaluating Tax Proposals (2001, updated 2017), still in use today. Annette is also active with the tax sections of the ABA, CalCPA and California Lawyers Association. Annette is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. In 2019, Annette was the recipient of the CLA’s Benjamin F. Miller Award for outstanding achievement and contribution in the field of state and local taxation law. Annette was included in Accounting Today's 2024 List of the Most Influential People in Accounting.
Annette is a regular contributor to Tax Notes State, authoring a column called Moving Forward? She is the author of Bloomberg BNA Tax Portfolio #533, Amortization of Intangibles. She is co-author and co-editor of four tax textbooks from Cengage. Annette has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. She maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com). Prior to joining SJSU in 1990, Annette was with Ernst & Young and the IRS.