Cryptocurrency Tax Compliance: Tax Filing Requirements, Managing IRS Examinations
Tax Treatment of Digital Currency, Exchange Transactions, Investments, Drop-Ins, Hard Forks, Soft Forks, and More
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE course will provide tax counsel, accountants, and other advisers with a critical look at IRS enforcement actions on taxpayer compliance and reporting obligations for cryptocurrency transactions. The panel will discuss the IRS' position on the tax treatment of cryptocurrency, analyze IRS monitoring to increase compliance, consider criminal investigations and prosecutions for failing to report cryptocurrency transactions accurately, and define proper reporting and tax treatment for "mining" and exchanging cryptocurrency. The panel will also discuss tactics in managing IRS examinations and audits.
Outline
- Recent IRS enforcement actions
- Valuation issues
- Tax reporting requirements for cryptocurrency exchanges
- Disclosure requirements for cryptocurrency ownership
- Criminal investigations and prosecutions for failing to properly report cryptocurrency transactions
Benefits
The panel will review these and other key issues:
- What recent actions has the IRS taken regarding cryptocurrency tax compliance?
- What are the income tax reporting requirements for cryptocurrency exchanges and valuations?
- What are the limitations on loss recognition on cryptocurrency transactions and exchanges?
- IRS position on whether cryptocurrency exchanges qualify for 1031 treatment and the impact of the enacted tax reform
- What are best practices in managing an IRS examination?
Faculty
Philipp Behrendt
Attorney
Hochman Salkin Toscher Perez
Mr. Behrendt is an Associate at Hochman Salkin Toscher Perez P.C., licensed in California as well as in Germany... | Read More
Mr. Behrendt is an Associate at Hochman Salkin Toscher Perez P.C., licensed in California as well as in Germany and assists in advising clients in civil and criminal tax controversies as well as international money laundering investigations stemming from tax avoidance structures. He also focuses on the technical aspects involved in advising voluntary disclosures in connection with DeFis, NFTs, and other crypto assets.
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Michel R. Stein
Principal
Hochman Salkin Toscher Perez
Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. For... | Read More
Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. For more than 25 years, he has represented individuals with sensitive issue civil tax examinations where substantial penalty issues may arise, and extensively advised individuals on foreign and domestic voluntary disclosures regarding foreign account and asset compliance matters. Mr. Stein is well respected for his expertise and judgment in handling matters arising from the U.S. government’s ongoing enforcement efforts regarding undeclared interests in foreign financial accounts and assets, including various methods of participating in a timely voluntary disclosure to minimize potential exposure to civil tax penalties and avoiding a criminal tax prosecution referral. Mr. Stein is a frequent lecturer at national and regional conferences on topics including tax compliance sensitive issues, IRS examinations, State and Federal worker classification issues, etc.
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