IRS Final Digital Asset Tax Reporting Regulations | CLE/CPE Course

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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, October 29, 2024
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 webinar will provide tax counsel and advisers with a detailed analysis of the taxation of digital asset transactions in light of new IRS final regulations and pitfalls to avoid. The panel will discuss the impact of the IRS final regulations, the scope of the digital asset reporting requirements, transactions covered by the regulations and related tax rules, sourcing of income rules, issues presented by applicable international tax rules under the Internal Revenue Code, and other vital items impacting taxpayers engaging in digital asset transactions.

Faculty

Colby T. Cross

CPA

Colby Cross, CPA

Mr. Cross is a licensed Certified Public Accountant and has been working in the financial services industry since 2014 and has been preparing cryptocurrency tax returns since 2015. He brings a wealth of knowledge from his career working with individuals and start-ups. Prior to opening his own private practice, Mr. Cross began his career in public accounting as an auditor. He then worked for the Cross Law Group as a tax accountant, where he specialized in crypto taxes. Mr. Cross went on to hold Controller roles at several different start-ups, where he developed a passion for the small business world. He graduated from the University of Nevada, Reno with a degree in accounting.

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Alexander Kugelman

Founder and Attorney

Kugelman Law

Mr. Kugelman is an attorney concentrating on tax controversies, domestic and international tax compliance, crypto accounting and audits, and tax collection defense. He counsels and represents individuals, small businesses, and estates. Mr. Kugelman's background includes years of federal government court experience at the U.S. Tax Court and a U.S. District Court.

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Description

The IRS continues to press its concern over "massive under-reporting" of income from cryptocurrency and other digital asset transactions. On July 9, 2024, final IRS regulations for digital asset reporting and compliance were published to the Federal Register. Tax advisers for clients with cryptocurrency and other digital asset holdings must understand the reporting requirements for digital asset transactions and the IRS scrutiny they're likely to face in light of the final regulations.

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

The final regulations provide some clarity as to (1) the transactions that are subject to information reporting, (2) those who are required to submit information regarding digital asset transactions, (3) the assets subject to reporting, and (4) those who are exempt from reporting. However, questions still remain regarding tokenized securities, basis reporting requirements for cryptocurrency acquisitions, and other remaining issues requiring additional guidance.

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

Outline

IRS final cryptocurrency tax reporting regulations
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 are the key provisions of the IRS' final cryptocurrency tax reporting regulations?
What are the remaining tax reporting and compliance issues requiring additional guidance?
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 in cryptocurrency transactions and exchanges?
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.