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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

    Tuesday, March 19, 2024

  • 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).


  • Live Online


    On Demand

$347.00

This course is $0 with these passes:

CLE
CPE
ALL

This CLE/CPE webinar will provide tax counsel, accountants, and other advisers with a critical analysis of IRS tax treatment of cryptocurrency mining and reporting obligations. The panel will discuss the IRS' position on the tax treatment of cryptocurrency, analyze IRS monitoring to increase compliance, and outline proper reporting for mining cryptocurrency and transactions.

Faculty

Andrew B. Gordon
President; Tax Attorney
Gordon Law Group

Mr. Gordon concentrates on tax controversy and compliance, cryptocurrency law, FTC defense, internet law, and corporate litigation. He’s also popular among tech startups and affiliate marketers looking to stay on the right side of the legal fence while enhancing their bottom lines and minimizing liability.

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Erik Weinapple
Senior Manager, CPA
Moss Adams Wealth Advisors LLC

Mr. Weinapple specializes in financial services, blockchain, cryptocurrency, fintech, and real estate. He works with venture capital funds, hedge funds, private equity, miners, token sales, alternative investment funds, and provides tax compliance and consulting services. Mr. Weinapple's focus is mainly on funds, businesses, partnerships, and some high net worth. He helps clients with onshore and offshore U.S. filing requirements and issuance of K-1s. He also supports clients through IRS examinations, and has dealt with some of the first crypto-related audits.

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Description

Entrepreneurs and investors continue to dive into the virtual currency market by structuring or investing in cryptocurrency mining businesses. However, the IRS continues to press concerns over the under-reporting of income from cryptocurrency transactions. Tax advisers for clients involved in cryptocurrency mining must understand the reporting and compliance requirements for those transactions.

Cryptocurrency is a digital currency using encryption techniques--rather than a central bank--to generate, exchange, and transfer currency units. The mining of cryptocurrency is how new virtual currencies are placed into circulation and the verification and addition of transactions to the blockchain public ledger. Typically, cryptocurrency miners are compensated via virtual tokens and currencies for providing this service.

The IRS treats all virtual currency as property rather than currency for U.S. tax purposes. The IRS requires reporting any transaction involving cryptocurrency as a sale or exchange of property, with the taxpayer bearing responsibility for calculating and maintaining basis in their virtual currency holdings.

Listen as our expert panel discusses the tax treatment of cryptocurrency and the proper reporting for mining cryptocurrency and transactions.

Outline

  1. Overview of cryptocurrency mining
  2. IRS treatment of cryptocurrency mining transactions
  3. Valuation issues
  4. Tax reporting requirements
  5. Liability for failing to properly report cryptocurrency transactions

Benefits

The panel will review these and other key issues:

  • What are the income tax reporting requirements for cryptocurrency mining, exchanges, and valuations?
  • What are the major tax pitfalls to avoid and other challenges for cryptocurrency mining and investments?
  • What are the best practices in managing an IRS examination?
  • Latest digital asset guidance (rev. rulings/notices) from the IRS and other developments

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize items of interest in IRS examination of cryptocurrency transactions
  • Determine proper tax treatment of increases in cryptocurrency due to "mining"
  • Discern the character of gain or loss for cryptocurrency transactions
  • Verify international and domestic information reporting requirements on investments in cryptocurrency mining

  • 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).