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.
Who should Attend :
This course 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.
Program
Content:
- 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.
Learning objectives:
By the end of the course, the participant should 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.