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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, February 26, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This course will provide tax advisers and tax compliance professionals with a practical look at IRS guidance on calculating and reporting gain on cryptocurrency-related transactions as well as current trends in tax reporting and enforcement.

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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Brett R. Cotler
Partner
Seward & Kissel LLP

Mr. Cotler is a partner in the Taxation Group. He advises investment funds, private fund managers, and public and private companies on U.S. federal income tax matters, including partnership, corporate and international tax matters. Mr. Cotler advises on business transactions, securities offerings, structured finance and securitization vehicles, and joint ventures.

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Description

The IRS has issued minimal guidance on the tax consequences associated with transactions in cryptocurrency, including non-fungible tokens, smart contracts, and DeFi lending. Nevertheless, the IRS continues to press its concern over massive under-reporting of income from cryptocurrency-denominated transactions. In this regard, the IRS is using data analytics and artificial intelligence to make use of information gained from John Doe summonses issued to various virtual currency exchanges to increase civil and criminal tax enforcement regarding cryptocurrency-related transactions. It is against this background that tax advisers must understand the tax rules applicable to cryptocurrency transactions as well as best practices to protect against civil and criminal tax penalties where the tax laws are uncertain.

Listen as our expert panel provides practical guidance on the U.S. tax reporting and payment duties arising from cryptocurrency transactions as well as best tips for navigating the IRS' and U.S. Department of Justice's enforcement efforts.

Outline

  1. Inttroduction to types of cryptocurrency
  2. Survey of current tax authorities applicable to cryptocurrency transactions and navigating areas of uncertainty
    1. Challenges in determining valuation and calculating basis for virtual currency holdings
    2. Income recognition
    3. Deductions for worthless cryptocurrency
    4. Tax reporting requirements for cryptocurrency transactions
    5. Taxation of staking and mining
    6. Taxation of DeFi transactions
  3. Reporting payments in cryptocurrency to employees, contractors, and other parties
  4. International tax considerations for digital asset
  5. Current trends in civil and criminal tax enforcement
  6. Amending to correct errors/omissions in past years
  7. Proposed legislation and regulatory developments affecting cryptocurrency

Benefits

The panel will review these and other relevant issues:

  • Limitations on loss recognition on cryptocurrency transactions and exchanges
  • Income tax reporting requirements for cryptocurrency exchanges and valuations
  • The impact of recent tax legislation on the tax treatment and reporting of cryptocurrency-denominated transactions
  • Challenges in determining the basis of cryptocurrency

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize various types of cryptocurrency
  • Ascertain reporting requirements for taxpayers owning cryptocurrency
  • Distinguish between mining and trading cryptocurrency and the tax ramifications involved with both activities
  • Determine taxpayer responsibility for calculating and maintaining basis in virtual currency holdings
  • Ascertain important considerations for taxpayers holding, trading, or otherwise investing 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.

IRS Approved Provider

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