Tax Implications of Cryptocurrency

Tax Implications of Cryptocurrency
$19.00 each

  • Credits: 2
  • Format: Interactive Self-Study Video
  • Field of Study: Federal Tax Law
  • Author: Allison McLeod
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Available Formats:
Advanced Preparation:None
Experience Level:Basic
Program Prerequisites:Basic Understanding of Accountancy
Course ID:EWTFM-T-02153-23-S | 6233-CE-0866 | AM-104.23-SV
Published Date:Aired Date: 4/2021 | Registered for 2023

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.

Topics 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

Learning Objectives:

After reading the course material, 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 traders tax liability.
  • Become knowledgeable of current enforcement actions employed by the IRS.
Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: