Description
This particular topic has a lot of managers or folks who are executive directors to organizations asking the question “how to handle it and what to do with it” and even if you know, in many cases, the taxpayer is going to be responsible for making sure that they have proper documentation. Obviously, the charity is going to want to make sure that things go smoothly, so we will discuss some things you might want to think about if you’re gonna do cryptocurrency. Having appropriate letters, what documents will be needed in case you get audited by the IRS, those are new challenges I think for the traditional charities. There are some charities who have already seen it come through their doors so that’s what we’re gonna be talking about today, issues such as make sure that you have the appropriate documents filled out, especially if the donation goes beyond a certain amount, and the types of evaluation reports that you might be expected to present along with the tax return.
Learning Objectives
Discuss what constitutes digital assets.
2. Determine the differences between cryptocurrency and NFTs.
3. Be able to identify the IRS forms needed to report digital asset contributions.
4. Understand how to properly establish the value of the contribution.
5. Know the differences in required substantiation based on the amount of the contribution.
6. Understand the latest rulings by the Treasury Department and courts on these contributions.
To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.
A course evaluation form is provided for your feedback. Participants have 1 year from the date of purchase/enrollment to complete this course.
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