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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

    Thursday, November 30, 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 and advisers with a detailed analysis of the taxation of digital asset transactions under current tax law. The panel will discuss the impact of recent regulations, applicable IRS tax rules, sourcing of income rules and challenges, issues presented by applicable international tax rules under the Internal Revenue Code, and other vital items impacting taxpayers engaging in digital asset transactions.

Faculty

Jonathan Kalinski
Principal
Hochman Salkin Toscher Perez, PC

Mr. Kalinski specializes in both civil and criminal tax controversies as well as sensitive tax matters including disclosures of previously undeclared interests in foreign financial accounts and assets and provides tax advice to taxpayers and their advisors throughout the world. He handles both federal and state tax matters involving individuals, corporations, partnerships, limited liability companies, and trusts and estates. Mr. Kalinski has considerable experience handling complex civil tax examinations, administrative appeals, and tax collection matters.  Prior to joining the firm, he served as a trial attorney with the IRS Office of Chief Counsel litigating Tax Court cases and advising revenue agents and revenue officers on a variety of complex tax matters. 

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Jordan Bass
Founder
Taxing Cryptocurrency

Mr. Bass is a both a Certified Public Accountant (CPA) and a tax lawyer, and is the founder of Taxing Cryptocurrency. He has an extensive background in financial accounting and taxation and is one of the leading crypto tax and accounting authorities for entrepreneurs and investors in the cryptocurrency and blockchain ecosystem. Mr. Bass leverages his in-depth knowledge of the crypto market with his tax expertise to help clients understand cryptocurrency tax and accounting implications while aiming to take the uncertainty out of planning and filing crypto taxes.





In addition to his work at Taxing Cryptocurrency, Mr. Bass is also the Accounting Manager for Horizen (formerly ZenCash), a privacy-oriented cryptocurrency that aims to enable an application-rich and inclusive ecosystem that provides people with complete control of their digital footprint.

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Description

The Infrastructure Investment and Jobs Act includes significant provisions impacting digital asset transactions and reporting requirements. Tax professionals must understand 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. Tax professionals must evaluate the transactions and practices of taxpayers engaged in digital assets and cryptocurrency.

In addition, current tax regulations and the existing IRS guidance 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.

Furthermore, taxpayers must also consider the impact of other federal tax provisions, such as the base erosion anti-abuse tax (BEAT) regime, the U.S. tax treatment under the controlled foreign corporation (CFC) regime, and the foreign-derived intangible income (FDII) regime.

Listen as our panel discusses key tax rules and challenges of digital asset transactions, IRS tax treatment reporting requirements, potential issues stemming from BEAT, GILTI, FDII rules, and other essential items impacting taxpayers engaging in digital asset transactions.

Outline

  1. IRS regulations and applicable tax rules
  2. Sourcing of income rules and challenges
  3. Tax implications of BEAT, GILTI, and FDII rules concerning digital asset transactions
  4. Best practices for tax counsel and advisers to ensure tax compliance

Benefits

The panel will discuss these and other key issues:

  • 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, FDII

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • 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, and FDII 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.

IRS Approved Provider

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