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International Cryptocurrency Tax Compliance Challenges: Information and Income Tax Reporting Obligations

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
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Tuesday, April 29, 2025

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, April 4, 2025

or call 1-800-926-7926
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This webinar will discuss the information and income tax reporting obligations for individuals and businesses owning cryptocurrency. Our panel of foreign tax veterans will discuss the diverse treatment of digital assets in the U.S. and abroad, provide insights and advice on meeting tax and disclosure obligations, and offer steps to remedy prior noncompliance.

Description

Businesses and individuals want the opportunities and advantages of owning and exchanging cryptocurrency; however, the tax compliance burdens are problematic, primarily because specific guidance is lacking. What is clear are the numerous and substantial penalties charged in the U.S. for reporting and income tax noncompliance.

Adding to the confusion is the varying treatment and definitions of crypto outside the U.S. Some countries treat these assets like property, while others treat them as currency or a financial investment. In Taxing Virtual Currencies: An Overview Of Tax Treatments And Emerging Tax Policy Issues, the OECD divides crypto assets into three tiers: payment tokens (virtual currencies), security tokens (asset or financial), and utility (consumer) tokens and recognizes that "these categories may be interpreted differently across jurisdictions, which may result in a different classification of assets and different tax implications."

Selling, exchanging, or using crypto assets for purchases can generate tax filing and reporting obligations. If an individual or entity, resident or nonresident, has cryptocurrency income from a U.S. source, this income will be taxed by the U.S. If they have income from cryptocurrency outside the U.S., they may have tax obligations in the other country. International tax practitioners, individuals, and multinational entities need to understand their filing and tax obligations in the U.S. and abroad.

Listen as our panel of international cryptocurrency experts explains the U.S. and other countries' filing and reporting requirements for holding and utilizing crypto assets to avoid penalties and sanctions.

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Outline

  1. What is cryptocurrency?
  2. FBAR and Form 8938 reporting requirements
  3. Individual income tax reporting
    1. Form 1040
    2. Form 1040 NR
    3. Gifts of cryptocurrency
  4. Noncompliance
    1. Penalties and sanctions
    2. Remedies
  5. Crypto reporting requirements outside the U.S.
    1. OECD and DAC 8
    2. Specific countries
  6. 2025 Treasury Green Book
  7. Best practices

Benefits

The panel will review these and other critical issues:

  • What actions generate taxable cryptocurrency income in the U.S.?
  • How are crypto assets taxed in specific countries outside the U.S.?
  • Are individuals and entities required to disclose cryptocurrency on Form 8938 or the FBAR?
  • What options are available to correct prior period noncompliance?

Faculty

Galstad-Lee, Jennifer
Jennifer Galstad-Lee, CPA, JD
Attorney
Avara Law

Ms. Galstad-Lee is a dual-licensed CPA-Attorney, specialized in U.S. international taxation, tax controversies,...  |  Read More

McCormick, Patrick
Patrick J. McCormick, J.D., LL.M.
Partner
Rimon Law

Mr. McCormick specializes in the areas of international taxation and multinational trusts and estates. He has...  |  Read More

Attend on April 29

Early Discount (through 04/04/25)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

Cannot Attend April 29?

Early Discount (through 04/04/25)

CPE credit is not available on downloads.

CPE On-Demand

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