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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

    Friday, September 6, 2024

  • 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 webinar will examine the latest IRS rules and positions on the taxation of cryptocurrency and other digital assets. Our panel of cryptocurrency taxation professionals will review recent regulations, Revenue Rulings, and guidance issued by the IRS and provide insights into tracking basis, abandoning worthless cryptocurrency investments, and calculating gains and losses on these investments.

Faculty

Ryan Babiak
Partner
Anchin Accountants and Advisors

Mr. Babiak, CPA, MST, is a Tax Partner and member of the firm’s Professional Services and Technology Groups. He brings more than 15 years of experience in public accounting to the firm. Mr. Babiak specializes in strategic tax planning, tax compliance, and state and local tax matters for entrepreneurial, venture capital and private equity-backed businesses ranging from start-ups to growing and established technology companies. He works closely with founders, advising them on tax strategies and complex equity and debt considerations. In addition, Mr. Babiak specializes in working with blockchain and digital assets, SaaS, e-commerce, and consumer product companies.

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Description

The new reporting regulations (TD 10000) for cryptocurrency, finalized in 2024, underscore the importance of reporting gains and losses from digital assets. The regulations include rules for determining gains and losses, backup withholding, and basis determination. Beginning in 2025, brokers will report gross proceeds from cryptocurrency transactions, and in 2026, basis will also be included on the new form 1099-DA.

The IRS has recently issued guidance covering other complexities of reporting the tax effects of digital assets. Revenue Ruling 2023-14, for example, clarifies when staking rewards are deemed earned and included in income. In contrast, some taxpayers hold digital assets that have significantly decreased in value. Certain taxpayers could benefit from a worthless deduction under IRC Section 165. Understanding the IRS' position on abandoning digital assets is key.

Listen as our panel of tax technology experts explains the most recent guidance for calculating, tracking, and reporting income and losses from digital assets.

Outline

  1. Taxation of digital assets: introduction
  2. Current guidelines
  3. Reporting gains and losses
  4. Tracking basis
  5. Staking rewards
  6. New Form 1099-DA
  7. Abandoning worthless digital assets
  8. Other considerations

Benefits

The panel will cover these and other critical issues:

  • New Form 1099-DA and reporting requirements
  • Final regulations (TD 10000) for reporting gains and losses from digital assets
  • The IRS' position on abandoning worthless cryptocurrency investments
  • Recommendations for tracking basis in digital assets

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify recent IRS guidance covering reporting income and losses from digital assets
  • Determine the new broker reporting responsibilities for 2025
  • Decide how and when staking rewards are reported as income
  • Ascertain which taxpayers could benefit from a worthless deduction for cryptocurrency investments

  • 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 complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

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).