Cryptocurrency
RegisterNina Tross MBA, EA
- 10:00 am - 2:15 pm Pacific Time Zone
- 11:00 am - 3:15 pm Mountain Time Zone
- 12:00 pm - 4:15 pm Central Time Zone
- 1:00 pm - 5:15 pm Eastern Time Zone
IRS CPE: Tax Update 1/Tax Topics 3
CTEC CPE: Tax Update 1/Tax Topics 3
NASBA CPE: Taxes 4
This course will provide an understanding of the terminology and various actions available in the cryptocurrency environment such as blockchain, soft and hard fork, mining, non-fungible token (NFT), etc. and their application in tax law. The second session will look at the various IRS guidance such as Notice 2014-21 and Rev. Rul. 2019-24 as well as subsequent actions. We will also look at the tax implications as the result of the failure of a cryptocurrency firm. In our final session we will address new issues raised by the Infrastructure Investment and Jobs Act dealing with the reporting by brokers under Sec. 6045, Returns of brokers, and Sec. 6045A, Information required in connection with transfers of covered securities to brokers starting in 2023.
At the completion of the course, the participants will have a better understanding of:
-
The terminology used in the cryptocurrency environment
-
The various actions to be found in the cryptocurrency environment and their impact on the individuals’ or business’ tax planning
-
The tax implications of cryptocurrency transactions and the reporting requirements
-
The IRS interpretation of cryptocurrency actions and their applicability to tax law
-
The requirements by the reporting agents under current tax law
-
The best practices to be considered in the reporting of a client’s cryptocurrency activities
