Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits
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: May 2022
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
- Identify characteristics of cryptocurrency
- Recognize a string of numbers and letters that are used to access your wallet
- Identify an app that allows cryptocurrency users to store and retrieve their digital assets
- Describe a nontaxable cryptocurrency event
- Recognize which types of transactions with cryptocurrency requires a "yes" answer on Form 1040
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Allison McLeod
Professor McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas, where she has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxes, Individual Taxes, Tax Research, Ethics and Financial Accounting. She has taught as an adjunct professor at the University of North Texas College of Law.
Prior to Professor McLeod going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. Professor McLeod has enjoyed teaching live ethics course to CPAs since 2011 and is the owner of
www.cpaethicsonline.com, which offers on-line self-study courses to CPAs. She currently serves on the Professional Ethics Committee of the Texas Society of CPAs.which offers on-line self-study courses to CPAs. She served on the Professional Ethics Committee of the Texas Society of CPAs and the AICPA CPA Exam Committee (REG).