Tax Implications of Cryptocurrency (Currently Unavailable)

Author: Allison McLeod

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

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.

Publication Date: March 2021

Designed For
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

  • Background of Blockchain and Cryptocurrency
  • Other Definitions
  • Classifying Cryptocurrency
  • Taxable Transactions
  • Mining
  • Gifts
  • Traps for the Unwary
  • IRS Enforcement

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
  • Describe cryptocurrency and when it was created
  • Recognize how the IRS classifies cryptocurrency

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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