Cryptocurrency – defined as “any digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology.” Cryptocurrency and NFTs are the most common digital assets with an estimated $2 Billion having been donated as of January 2024. Additionally, the majority of the top US charities accept cryptocurrency donations (56% of the top 100) as of January 2024 with two-thirds of these top crypto enabled nonprofits aren’t just accepting crypto, but are actively fundraising it. This course will discuss traps and pitfalls the unwary often fall victim of.

Topics include:
Cryptocurrency background
Classifying Cryptocurrency
Non-fungible tokens
Planning ideas
Gifts to individuals
Limitations on gifts to charities
Contribution of assets with built-in gain
Testamentary gifts
Sec. 170(f)(11): Qualified appraisal and other documentation for certain contributions
Other issues
Reporting  cryptocurrency
Reporting of digital assets

Learning Objectives
By the end of the course, the participant should be able to:
1. 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.

Upon course completion a course evaluation form is provided for your feedback.

Participants have 1 year from the date of purchase/enrollment to complete this course

CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.org