Cryptocurrency Tax Compliance | CLE/CPE Course

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Law

Date & Time

event Date
Tuesday, February 25, 2025
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00

CLE

CPE

ALL

This CLE/CPE course will provide tax counsel, accountants, and other advisers with a critical look at IRS enforcement actions on taxpayer compliance and reporting obligations for cryptocurrency transactions. The panel will discuss the IRS' position on the tax treatment of cryptocurrency, analyze IRS monitoring to increase compliance, consider criminal investigations and prosecutions for failing to report cryptocurrency transactions accurately, and define proper reporting and tax treatment for "mining" and exchanging cryptocurrency. The panel will also discuss tactics in managing IRS examinations and audits.

Faculty

Michel R. Stein

Principal

Hochman Salkin Toscher Perez, PC

Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. For more than 25 years, he has represented individuals with sensitive issue civil tax examinations where substantial penalty issues may arise, and extensively advised individuals on foreign and domestic voluntary disclosures regarding foreign account and asset compliance matters. Mr. Stein is well respected for his expertise and judgment in handling matters arising from the U.S. government’s ongoing enforcement efforts regarding undeclared interests in foreign financial accounts and assets, including various methods of participating in a timely voluntary disclosure to minimize potential exposure to civil tax penalties and avoiding a criminal tax prosecution referral. Mr. Stein is a frequent lecturer at national and regional conferences on topics including tax compliance sensitive issues, IRS examinations, State and Federal worker classification issues, etc.

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Philipp Behrendt

Attorney

Hochman Salkin Toscher Perez, PC

Mr. Behrendt is an Associate at Hochman Salkin Toscher Perez P.C., licensed in California as well as in Germany and assists in advising clients in civil and criminal tax controversies as well as international money laundering investigations stemming from tax avoidance structures. He also focuses on the technical aspects involved in advising voluntary disclosures in connection with DeFis, NFTs, and other crypto assets.

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Description

The IRS continues to press its concern over "massive under-reporting" of income from cryptocurrency transactions. Tax advisers for clients with cryptocurrency holdings must understand the reporting requirements for exchange transactions and the IRS scrutiny cryptocurrency investors are likely to face in the future.

Cryptocurrency is a digital currency using encryption techniques--rather than a central bank--to generate, exchange, and transfer currency units. Uniquely, no bank or government authority verifies the transfer of funds.

The value of Bitcoin has prompted a massive compliance initiative aimed at taxpayers holding and trading cryptocurrency. The IRS treats all virtual currency as property rather than currency for U.S. tax purposes. The IRS requires reporting any transaction involving cryptocurrency as a sale or exchange of property, with the taxpayer bearing responsibility for calculating and maintaining basis in their virtual currency holdings.

Listen as our expert panel discusses IRS enforcement actions focused on cryptocurrency and provides practical guidance on the U.S. tax reporting and payment duties arising from cryptocurrency transactions.

Outline

Recent IRS enforcement actions
Valuation issues
Tax reporting requirements for cryptocurrency exchanges
Disclosure requirements for cryptocurrency ownership
Criminal investigations and prosecutions for failing to properly report cryptocurrency transactions

Benefits

The panel will review these and other key issues:

What recent actions has the IRS taken regarding cryptocurrency tax compliance?
What are the income tax reporting requirements for cryptocurrency exchanges and valuations?
What are the limitations on loss recognition on cryptocurrency transactions and exchanges?
IRS position on whether cryptocurrency exchanges qualify for 1031 treatment and the impact of the enacted tax reform
What are best practices in managing an IRS examination?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Recognize items of interest in IRS examination of cryptocurrency transactions
Recognize valuation challenges in determining gain or loss on cryptocurrency holdings
Determine proper tax treatment of increases in cryptocurrency due to "mining"
Discern the character of gain or loss for cryptocurrency transactions
Verify international and domestic information reporting requirements on investments in cryptocurrency

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience preparing income tax forms and schedules at mid-level within the organization, supervising other preparers/accountants. Specific knowledge and understanding of sale and exchange transactions; familiarity with virtual currency structures, foreign information reporting requirements.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.