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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, January 28, 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 webinar will provide attorneys and tax advisers with a detailed analysis of the current developments, legal framework, accounting, and taxation of digital assets under current tax law. The panel will discuss the recent developments and rules applicable to digital assets, entity structures and key considerations for companies involved with digital assets, applicable IRS tax rules and recent regulations, valuation issues, and other vital items impacting those engaged in digital assets and related transactions.

Faculty

Mark DiMichael
Partner, Digital Asset Practice Leader
Citrin Cooperman & Co.

Mr. DiMichael is a partner in the forensic, litigation, and valuation services department. He is also the co-founder and co-leader of the firm's Digital Asset Committee, focusing on addressing the unique needs of Citrin Cooperman clients in the digital asset space.

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Kyle M. Lawrence
Partner
Falcon Rappaport & Berkman LLP

Mr. Lawrence is a Partner with FRB’s Corporate & Securities Practice Group, and with the Digital Assets Practice Group. His practice is focused on corporate and private securities matters, serving clients as lead counsel on all types of corporate transactions including private placements, mergers, acquisitions, joint ventures, corporate finance, planning and strategies, licensing, manufacturing, supply, and distribution arrangements. Mr. Lawrence provides dedicated hands-on personal support to clients from negotiation to closing and beyond. He regularly represents clients in a wide range of industries including telecommunications, food and nutraceutical manufacturing and distribution, restaurants, emerging technologies, retail, light manufacturing, commercial and private lending, architecture and software development. Mr. Lawrence also regularly advises private issuers and principals with respect to operations and compliance matters in his active private equity practice.

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Description

The IRS has recently issued new reporting regulations (TD 10000) for gains and losses from digital assets and 1099-DA reporting. As federal and state regulations for digital assets continue to evolve, counsel and advisers must have a firm grasp of the complex laws, accounting, and tax issues stemming from digital assets and related transactions.

The issuance of federal regulations and guidance covering digital assets over the past years expresses the tax effects of these assets. For example, Revenue Ruling 2023-14 clarifies when staking rewards are deemed earned and included in income, while TD 10000 includes rules for determining gains and losses, backup withholding, and basis determination. Beginning in 2025, brokers will report gross proceeds from digital asset transactions, and in 2026, basis will also be included on the new form 1099-DA.

Furthermore, understanding these assets is essential to ensure compliance and minimize adverse tax consequences. There are financial reporting and disclosures, gains and losses on disposition, and the significant price fluctuations of these assets that must be considered, recorded, and reported. Understanding how to best classify and report these assets is critical for businesses, attorneys, and accounting professionals.

Listen as our panel discusses recent developments and rules applicable to digital assets, key considerations for companies involved with digital assets, applicable IRS tax rules and recent regulations, sourcing of income rules, valuation issues, and other vital items impacting those engaged in digital assets and related transactions.

Outline

  1. Digital assets: legal framework and key developments
  2. Tax treatment of digital assets and related transactions
  3. IRS regulations and applicable tax rules
  4. Sourcing of income rules and challenges
  5. Additional tax implications of digital asset transactions
  6. Best practices for tax counsel and advisers to ensure tax compliance

Benefits

The panel will discuss these and other key issues:

  • Legal framework, recent developments, and challenges for digital assets
  • IRS regulations covering the tax treatment of digital asset transactions
  • Final regulations (TD 10000) for reporting gains and losses from digital assets
  • Navigating accounting challenges and key items that must be considered
  • Additional federal income tax implications

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize critical tax provisions regarding the tax treatment of digital asset transactions
  • Understand IRS treatment of digital assets and cryptocurrency
  • Recognize factors in the application of sourcing rules and pitfalls to avoid unnecessary tax liability
  • Identify the tax implications of digital asset transactions under current tax law

  • 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 professional experience at mid-level within the organization, preparing complex tax forms and schedules. Specific knowledge and understanding of corporate and partnerships taxation, international taxation, deferred foreign-source income, earnings and profits, sales and use taxation; tax implications in the purchase and sale of assets.

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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).