This course presents an overview of blockchain and the tax implication of cryptocurrency transactions. The IRS has provided some recent guidance, but potentially conflicting pronouncements by other regulatory agencies have created uncertainty on reporting issues.
DESIGNED FOR
All in-house and public practice professionals involved with tax compliance and planning
BENEFITS
After attending this presentation you will be able to...
- Discuss what constitutes blockchain and the various types of cryptocurrency it supports
- Determine whether a cryptocurrency transaction creates a taxable event
- Be able to identify the IRS forms needed to report cryptocurrency transactions
- Develop a working knowledge of possible reports due to other regulatory agencies
- Discuss the traps that cryptocurrency traders can encounter which could unexpectedly increase the trader's tax liability
- Become knowledgeable of current enforcement actions employed by the IRS
HIGHLIGHTS
The major topics that will be covered in this class include:
- Blockchain basics
- Classification of cryptocurrency
- IRS Notice 2014-12
- Tax implications of airdrops, mining, hard forks, margin trading, purchas
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None