- Credits: 2
- Format: OnDemand® Webinar
- Field of Study: Federal Tax Law
- Author/Speaker: Allison M. McLeod, LL.M., CPA, A PLLC
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-T-01798-21-O | 6233-CE-0519||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2021||General Understanding of Accounting||eBook Self-Study | Video | Audio | Live Webinar|
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.
- 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.
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 trader’s tax liability.
- Become knowledgeable of current enforcement actions employed by the IRS.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)
- 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.