Regulation and Taxation of Digital Assets | 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
Thursday, June 13, 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 professionals a detailed analysis of the taxation of digital assets under current tax law. The panel will discuss applicable IRS tax rules and recent regulations, state law issues, sourcing of income rules and challenges, issues presented by applicable international tax rules under the Internal Revenue Code, and other vital items impacting taxpayers as such relates to digital assets.

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.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Brandon Miller

Director

Cohen & Company

Mr. Miller primarily works with hedge funds, cryptocurrency funds, commodity pools and other private vehicles. An integral part of the team overseeing tax engagements, he reviews funds’ income tax returns, coordinates federal and state tax compliance, and evaluates other tax needs to help proactively address client needs.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

Over the past few years, a number of federal regulations and related guidance provide significant provisions regarding digital asset transactions and reporting requirements. The digital asset ecosystem has expanded as well to include NFTs, decentralized finance transactions, tokenized assets, and more. Tax professionals must understand current tax rules for digital assets and critical issues regarding the tax treatment of digital asset transactions to properly advise and implement planning techniques to minimize tax liability to taxpayers.

The Infrastructure Investment and Jobs Act broadened the definition of "digital asset" as such relates to blockchain and redefined "broker" to include persons providing services to transfer digital assets, in addition to other vital provisions. Tax professionals must evaluate the transactions and practices of taxpayers engaged in digital assets and cryptocurrency.

In addition, current tax regulations have significant implications on cross-border transactions, providing that the source of income from digital transactions is the place where the transaction occurred, potentially subjecting taxpayers to multijurisdictional tax obligations.

Listen as our panel discusses key provisions and challenges under current tax law for digital assets, IRS tax treatment and reporting requirements, and other essential items impacting taxpayers engaging in digital assets and related transactions.

Outline

Tax treatment of digital assets and related transactions
Clear explanations of the technology, and drawing parallels to current IRS regulations and applicable tax rules
Sourcing of income rules and challenges created by having an asset class that does not have an exact fit for existing IRS and cross-border regulations with respect to sourcing
Tax implications of BEAT, GILTI, FDII, Subpart F, and PFIC rules concerning digital asset transactions
Best practices for tax counsel and advisers to ensure tax compliance

Benefits

The panel will discuss these and other key issues:

Current U.S. tax laws impacting digital assets and related transactions
IRS regulations covering the tax treatment of digital asset transactions and cryptocurrency
Sourcing rules and pitfalls to avoid unnecessary tax liability
Additional federal income tax implications: BEAT, treatment of CFCs and PFICs, FDII

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 BEAT, GILTI, FDII, Subpart F, and PFIC rules concerning digital asset transactions and 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 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.