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Tax Implications of Cryptocurrency (Z2-391)

100 Minutes
On demand - Video

On Demand - Video

2 CPE Credits in TX

OVERVIEW

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. The practitioner will be helped to understand when a taxable transaction has occurred and what reports to file to satisfy IRS requirements. We will also identify tax traps for the unwary.

DESIGNED FOR

This information 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 professionals involved with tax compliance and planning will benefit from this timely and insightful seminar.

BENEFITS

  • 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

  • Blockchain basics
  • Classification of cryptocurrency
  • IRS Notice 2014-12
  • Tax implications of airdrops, mining, hard forks, margin trading, purchasing of goods or services with cryptocurrency.
  • Gift tax rules for donating, gifting or bequeathing cryptocurrency.
  • Traps for the unwary.

COURSE LEVEL

Basic

PREREQUISITES

None

INSTRUCTOR

Allison McLeod

Allison M. McLeod, CPA, LL.M., J.D.

Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a Senior Lecturer at the University of North Texas in Denton, Texas. She received Bachelor of Business Administration and Juris Doctor degrees from Baylor University, and a Master of Legal Letters (LL.M.) degree specializing in Taxation from the Southern Methodist University School of Law. Professor McLeod has also studied British and Art History at the University of Sussex, England.

Prior to joining the UNT faculty in 2010, Professor McLeod held the position of Director of Tax Planning and IRS Audits for Lehigh Hanson North America, a major manufacturer of cement, aggregates and other building materials. Her practice included both federal and international tax planning. Professor McLeod also spent thirteen years specializing in Tax Planning with the JCPenney Corporation, Inc., and two years with Deloitte & Touche in Dallas.

Professor McLeod teaches at the university level graduate classes on Ethics, Tax Research and Corporate Income Tax. She also lectures in Financial Accounting and Individual Taxation on an undergraduate level. She has taught at the UNT College of Law as adjunct faculty and works part-time at the law firm of Grable Martin Fulton, PLLC. Since 2011, Professor McLeod has been honored to present live and on-line ethics CPE classes to CPAs across the nation. She also serves as an expert witness in accounting malpractice cases and maintains a small private practice serving individuals and small businesses. Professor McLeod has also taught at the University of North Texas College of Law as adjunct faculty. She is currently serving on the Professional Ethics Committee of the Texas Society of CPAs.

Professor McLeod is licensed to practice law by the State Bar of Texas since 1992 and has been a Certified Public Accountant since 1993.

PRICING

$58.00 - Member

$78.00 - Nonmember

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This event has been cancelled.

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COURSE DEVELOPER

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