IRS Final Digital Asset Tax Reporting Regulations: Key Issues and Pitfalls to Avoid for Taxpayers and Tax Counsel
Scope of Reporting Requirements, Covered Transactions and Assets, Derivatives, De Minimis Exception, Exemptions, and More
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide tax counsel and advisers with a detailed analysis of the taxation of digital asset transactions in light of new IRS final regulations and pitfalls to avoid. The panel will discuss the impact of the IRS final regulations, the scope of the digital asset reporting requirements, transactions covered by the regulations and related tax rules, sourcing of income rules, issues presented by applicable international tax rules under the Internal Revenue Code, and other vital items impacting taxpayers engaging in digital asset transactions.
Outline
- IRS final cryptocurrency tax reporting regulations
- 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 are the key provisions of the IRS' final cryptocurrency tax reporting regulations?
- What are the remaining tax reporting and compliance issues requiring additional guidance?
- 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 in cryptocurrency transactions and exchanges?
- What are best practices in managing an IRS examination?
Faculty
Colby T. Cross, CPA
CPA
Colby Cross, CPA
Mr. Cross is a licensed Certified Public Accountant and has been working in the financial services industry since 2014... | Read More
Mr. Cross is a licensed Certified Public Accountant and has been working in the financial services industry since 2014 and has been preparing cryptocurrency tax returns since 2015. He brings a wealth of knowledge from his career working with individuals and start-ups. Prior to opening his own private practice, Mr. Cross began his career in public accounting as an auditor. He then worked for the Cross Law Group as a tax accountant, where he specialized in crypto taxes. Mr. Cross went on to hold Controller roles at several different start-ups, where he developed a passion for the small business world. He graduated from the University of Nevada, Reno with a degree in accounting.
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Alexander Kugelman
Founder and Attorney
Kugelman Law
Mr. Kugelman is an attorney concentrating on tax controversies, domestic and international tax compliance, crypto... | Read More
Mr. Kugelman is an attorney concentrating on tax controversies, domestic and international tax compliance, crypto accounting and audits, and tax collection defense. He counsels and represents individuals, small businesses, and estates. Mr. Kugelman's background includes years of federal government court experience at the U.S. Tax Court and a U.S. District Court.
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