Description
On Oct. 9, 2019, the IRS issued further guidance on the tax treatment of cryptocurrency. Revenue Ruling 2019-24 provides explicit insights into the taxation of "hard forks" or "airdrops" for those owning and exchanging cryptocurrencies. The IRS also updated its FAQs, providing guidance on other cryptocurrency issues.
In the IRS' first guidance on cryptocurrency since 2014, Rev. Rul. 2019-24 addresses (1) the taxation of a hard fork of cryptocurrency if there is no receipt of new cryptocurrency, and (2) the taxation of an airdrop after a hard fork when the taxpayer receives new cryptocurrency. The revenue ruling explains that cryptocurrency from an airdrop is taxable when the taxpayer can exercise "dominion and control" over the currency, not necessarily when the transaction is recorded in the distributed ledger (i.e., blockchain).
Also, new IRS FAQs provide critical guidance on the taxation of certain cryptocurrency transactions, identifying units sold and the reporting obligations of taxpayers. Tax professionals and advisers must recognize and understand the nuances of the tax treatment of cryptocurrency and identify audit risks.
Listen as our expert panel discusses the new IRS guidance on cryptocurrency, the calculation of gains and losses, handling the taxation of hard forks and airdrops, and the questions that remain surrounding taxation of virtual currency.
Presented By
Mr. Jaramillo advises multinational corporations, financial institutions, and individual clients on a broad range of tax matters, including tax controversies, risk management and international compliance, and cross-border structuring. He also utilizes his Spanish fluency to advise Spanish-speaking clients.
Ms. Ziering offers guidance to individual and corporate clients who require sophisticated tax advice concerning their domestic tax issues, offshore assets, and U.S. reporting requirements. Clients rely on her deep knowledge of tax controversies and tax litigation, as well as her experience with related civil, criminal, and regulatory proceedings. She represents both individuals and corporations before the U.S. Tax Court, federal and state courts, and administrative agencies, including the Internal Revenue Service, the Department of Justice, and other federal and state government regulators.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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BARBRI is a NASBA CPE sponsor and this 90-minute webinar is accredited for 1.5 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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Date + Time
- event
Thursday, February 27, 2020
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Tax treatment of cryptocurrency
- Impact of new Rev. Rul. 2019-24; hard forks and airdrops
- Updated IRS FAQs on cryptocurrency transactions
- Gain/loss calculations
- Gifts of virtual currency
- Charitable donations
- Current IRS focus and remaining questions for taxpayers
- IRS cryptocurrency tax reporting and compliance "educational" letters
The panel will review these and other key issues:
- What is the state of the current IRS initiative to tax virtual currency transactions?
- What are hard forks and airdrops in the context of virtual currency transactions?
- When and how are hard forks and airdrops taxed?
- How should holders document virtual transaction activity?
- What are the best practices in minimizing and handling an IRS audit stemming from cryptocurrency activities?
Learning Objectives
After completing this course, you will be able to:
- Understand the state of current IRS initiatives to tax virtual currency transactions
- Identify hard forks and airdrops in the context of virtual currency transactions for tax purposes
- Determine when and how hard fork and airdrop cryptocurrency transactions are taxed
- Recognize key challenges in documenting and reporting cryptocurrency activities and methods to overcome them
- Ascertain best practices in handling an IRS audit stemming from cryptocurrency activities
- 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 pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.
BARBRI 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.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
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