Tax Implications of Cryptocurrency

Overview

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. The practitioner will be helped to understand when a taxable transaction has occurred and what reports to file to satisfy IRS requirements. We will also identify tax traps for the unwary. This information is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, 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. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• Blockchain basics
  
• Classification of cryptocurrency
  
• IRS Notice 2014-12
  
• Tax implications of airdrops, mining, hard forks, margin trading, purchasing of goods or services with cryptocurrency.
  
• Gift tax rules for donating, gifting or bequeathing cryptocurrency.
  
• Traps for the unwary.

Prerequisites

None

Designed For

All in-house and public practice professionals involved with tax compliance and planning

Objectives

After attending this presentation you will be able to...

• Discuss what constitutes blockchain and the various types of cryptocurrency it supports
• Determine whether a cryptocurrency transaction creates a taxable event
• Be able to identify the IRS forms needed to report cryptocurrency transactions
• Develop a working knowledge of possible reports due to other regulatory agencies
• Discuss the traps that cryptocurrency traders can encounter which could unexpectedly increase the trader's tax liability
• Become knowledgeable of current enforcement actions employed by the IRS

Preparation

None