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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

    Monday, July 25, 2022

  • 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 review the current state of taxation of blockchain assets for entrepreneurs, founders, and venture capital investors. Our panel will discuss the latest IRS guidance and offer advice on planning opportunities with respect to the taxation of cryptocurrencies, NFTs, and other digital assets, with a particular focus on tax planning strategies for entrepreneurs, founders, and venture capital investors within the blockchain ecosystem.

Faculty

Joshua M. R. Becker
Partner
Pillsbury Winthrop Shaw Pittman LLP

Mr. Becker is a Tax attorney with over 10 years of international law firm and accounting firm experience. He counsels clients in a diverse range of tax, business, and private wealth matters. Mr. Becker's experience includes the tax and non-tax aspects of investment fund formations, private equity mergers and acquisitions, hedge funds, family office operational and investment  structures, and real estate joint ventures and investments. Prior to joining Pillsbury, he was a founding member of a multi-family office and registered investment advisor dedicated to blockchain and digital asset investors, founders, and entrepreneurs.

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Christopher Saveri
Tax Director
Digital Currency Group

Mr. Saveri handles all things tax from an operational, compliance, and strategic perspective for DCG. In his role, he also supports DCG's subsidiaries on strategic tax initiatives. Prior to joining DCG, Mr. Saveri worked in EY’s Financial Services Office for 13 years, and served as a tax lead in EY’s Metro NY Fintech initiative. He advised fintech companies at all stages and served as a subject matter expert for digital currency, supporting varied teams on tax technology and complex tax issues.

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Description

Generally speaking, the IRS treats digital assets as property. Although the IRS has issued some guidance to date, such guidance does not directly address many tax issues within the blockchain ecosystem, resulting in significant uncertainty within the industry. At the same time, the current tax landscape may provide significant tax planning opportunities for many taxpayers with material blockchain business and investment interests. In light of the foregoing, tax advisers should be familiar with the latest IRS guidance and potential tax planning strategies to assist clients with their blockchain asset portfolios.

Listen as our panel of tax experts reviews the latest guidance and strategies concerning the taxation of blockchain assets and information reporting requirements with respect to the same.

Outline

  1. Foundational issues: money, currency, or commodity
    1. IRS guidance to date
    2. Different treatment for different blockchain assets
  2. Transactions involving Blockchain Assets
    1. Transfers and non-recognition treatment
    2. Lending transactions
    3. Constructive sales
    4. Wash sale rules
  3. Blockchain Operational Issues
    1. Revenue Ruling 2019-24: Chain spits, airdrops, and hardforks
    2. Taxation of DAOs
    3. Taxation of Mining Awards (proof of work)
    4. Taxation of Staking Awards (proof of stake)
  4. Blockchain Asset Reporting
    1. Form 8949
    2. FBAR compliance
    3. Form 8275 reporting on uncertain positions
  5. Other issues
    1. QSBS treatment and blockchain activities
    2. Blockchain assets within QOF structures
    3. Charitable gifts of appreciated crypto
    4. Blockchain assets in IRAs
    5. NFTs as collectibles

Benefits

The panel will review these and other critical issues:

  • Tax uncertainty in the blockchain ecosystem
  • Tax planning with blockchain assets
  • Blockchain assets and the tax treatment of the same within certain investment structures
  • Tax reporting with respect to blockchain assets

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine how hardforks are taxed
  • Decide whether specific digital assets are required to be reported on the FBAR
  • Ascertain when the purchase of an NFT creates a taxable event
  • Identify tax issues of holding digital assets in IRAs

  • 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).