Bitcoin and other cryptocurrencies have created a new generation of millionaires, with the benefit of anonymity. Whether the cryptocurrency is being used for criminal activity or held as a legitimate investment, the IRS is spending substantial resources in finding those who possess, purchase, and sell cryptocurrencies to ensure that the tax, banking, and money laundering laws are being followed.
DESIGNED FOR
Forensic Accountants, CPA, Return Preparers
BENEFITS
After attending this presentation you will be able to...
- Give an overview of how Bitcoin and cryptocurrencies operate
- Recognize the difference between proof of work vs proof of stake in verifying the blockchain
- Prepare a proper tax return with cryptocurrency transactions
- Identify common money laundering violations involving cryptocurrencies
- Identify the tools used by the IRS to identify cryptocurrency transactions for civil and criminal violations
- Recall the learning objectives in real life examples of cryptocurrency transactions
HIGHLIGHTS
The major topics covered in this class include:
- Overview of Bitcoin and cryptocurrencies
- Definition of proof of work and proof of stake
- Tax laws regarding cryptocurrency transactions
- Definition of common money launder
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None