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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

    Monday, November 20, 2023

  • 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, accountants, and other advisers an in-depth analysis of the tax treatment of cryptocurrency staking rewards and reporting obligations for taxpayers and investors. The panel will discuss the recently issued Revenue Ruling 2023-14 and analyzing IRS monitoring to increase compliance, as well as define proper reporting and tax treatment for crypto staking rewards.

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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Evan J. Davis
Principal
Hochman Salkin Toscher Perez, PC

Mr. Davis joined the firm in 2016 after more than 20 years in the public sector as a trial lawyer with extensive civil and criminal trial and appellate experience in both federal and state courts. He and his cases have been profiled by the New York Times, Wall Street Journal, Los Angeles Times, People Magazine, as well as national legal publications such as Tax Notes and Law360.  Mr. Davis represents individuals and closely held entities in criminal tax investigations and prosecutions, civil tax controversy and litigation, sensitive-issue or complex civil tax examinations and administrative tax appeals, and federal and state white-collar criminal investigations. He represents numerous cryptocurrency clients worldwide on civil and criminal tax matters, speaks frequently on cryptocurrency, criminal tax, and Bank Secrecy Act issues, deals with civil and criminal cannabis-related tax issues, and handles civil and criminal unreported foreign account and foreign-entities investigations and disclosures.  In the appellate arena, Mr. Davis has argued cases before the Ninth Circuit Court of Appeals as both a prosecutor and defense counsel and was trial and appellate counsel on the attorney-client privilege case In re Grand Jury, which the U.S. Supreme Court heard in 2023. Mr. Davis frequently lectures on many topics throughout the country both in the private sector and as a federal prosecutor. 

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Description

Cryptocurrency has exploded over the last few years causing significant concerns regarding the taxation of these transactions for sellers, purchasers, and investors. Tax counsel and accountants for clients holding and selling cryptocurrency and those engaging in transactions involving crypto staking rewards must understand applicable tax rules, reporting requirements for these transactions, and the tax treatment of crypto staking rewards.

Crypto staking is when a person pledges their cryptocurrency to help validate transactions on the blockchain. This allows crypto holders an opportunity to put their digital assets to work and earn passive income without selling them. However, such transactions are now subject to certain tax treatment for those engaging in these transactions.

Recently, the IRS issued Revenue Ruling 2023-14, guidance directly addressing the tax treatment of crypto staking rewards. The new guidance generally provides that rewards received in exchange for cryptocurrency staking are included in a taxpayer's gross income in the taxable year in which the taxpayer first has the ability to dispose of the cryptocurrency received. In addition, this may require amending prior year tax returns for taxpayers who failed to report such staking rewards and those who previously reported such staked assets as income if the taxpayer did not have such dominion or control.

Tax counsel and advisers must recognize applicable tax rules for crypto staking rewards and define proper reporting and tax treatment for these transactions.

Listen as our panel discusses critical tax considerations for crypto staking rewards, Revenue Ruling 2023-14, analyzing IRS monitoring to increase compliance, and defining proper reporting and tax treatment for crypto staking rewards.

Outline

  1. Overview of cryptocurrency staking
  2. Applicable tax rules
  3. Characterization of crypto staking transactions
  4. Reporting and compliance
  5. State and local tax considerations

Benefits

The panel will review these and other key issues:

  • Application of U.S. tax rules to cryptocurrency and other digital asset transactions
  • How are U.S. tax rules applied to crypto staking rewards?
  • What are the reporting requirements and compliance pitfalls to avoid?
  • What are the state and local tax challenges of crypto transactions?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify tax rules applicable to cryptocurrency transactions
  • Ascertain a complete understanding of the characterization of crypto staking rewards under current tax law
  • Recognize key reporting requirements and tax compliance issues related to digital assets
  • Recognize items of interest in IRS examination of cryptocurrency transactions
  • Ascertain IRS' key areas of focus under Revenue Ruling 2023-14 regarding the tax treatment of crypto staking
  • Determine proper tax treatment of increases in cryptocurrency due to crypto staking

  • 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.

IRS Approved Provider

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