As the digital asset market continues to mature, more taxpayers may be contemplating blessing their favorite charitable organizations with gifts of cryptocurrency. Beneficiaries unfamiliar with digital assets may find it challenging to properly report any of these types of donations.
DESIGNED FOR
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals or businesses that use or invest in cryptocurrency. All in-house and public practice p
BENEFITS
After attending this presentation, you will be able to...
- Recognize what constitutes digital assets.
- Determine the differences between cryptocurrency and NFTs.
- Identify the IRS forms needed to report digital asset contributions.
- Calculate the value of the contribution.
- Compare differences in required substantiation based on the amount of the contribution.
- Recall the latest rulings by the Treasury Department and courts on these contributions.
HIGHLIGHTS
The major topics that will be covered in this course include:
- Intro to digital assets
- Differences between cryptocurrency and non-fungible tokens (NFTs)
- IRS Notice 2014-12
- Tax implications of contributing digital assets
- Gift tax rules for donating, gifting or bequeathing cryptocurrency and NFTs.
- Substantiating charitable contributions of digital assets
- Traps for the unwary.
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
This webinar is hosted by NJCPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information. If you do not receive this email you can contact CPA Crossings, LLC at (877) 370-2220.