Cryptocurrency transactions, despite being widespread, are greatly misunderstood. In this meeting, gain an understanding of the tax aspects of cryptocurrency and learn practicial strategies to remedy historical noncompliance. Then, hear a global investment update on equity, bond, and currency markets.
Highlights
Tax Aspects of Cryptocurrency and Correcting Historical Noncompliance
Lawrence A. Sannicandro, Esq. - McCarter & English, LLP
Cryptocurrencies have gained significant attention in recent years due to the skyrocketing prices of some cryptocurrencies. In fact, cryptocurrency-related tax liabilities are estimated to be $25 billion as a result of $92 billion of taxable gains for U.S. cryptocurrency investors during 2017 alone. Despite the prevalence of cryptocurrency transactions, few tax practitioners understand the proper tax treatment of, and reporting standards for, cryptocurrency transactions. And, not surprisingly, widespread tax noncompliance has followed. This noncompliance has piqued the interest of the IRS, the U.S. Department of Justice, and numerous other federal agencies. For all these reasons, it is important for tax practitioners gain a proper understanding of the tax rules and tax reporting requirements related to cryptocurrencies.
Mr. Sannicandro was a principal draftsperson of the American Bar Association’s comments to the IRS on the tax consequences and tax reporting obligations of cryptocurrency as they relate to the IRS’s voluntary disclosure programs. He will discuss the key tax aspects of cryptocurrency with which all tax professional should be familiar when representing investors or miners of cryptocurrencies. He will also explain the domestic and international tax reporting requirements that apply in the context of investing in and mining cryptocurrencies. Finally, after surveying the new IRS enforcement efforts relating to cryptocurrency, he will offer practical strategies to remedy historical noncompliance and limit the likelihood of tax penalties.
Global Investment Update – Equity, Bond & Currency Markets
Simon Arrata, J.D. - Harvest Krane Investments, LLC
In this session, the speaker will discuss:
- Macroeconomic perspective with a focus on US markets
- Relevant data point for the EU, Japan, and China
- Short and intermediate trends for each country
Benefits
Earn 3 CPE credits 1.5 TX and 1.5 CS
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