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Regulation and Taxation of Digital Assets: U.S. Tax Law, Recent Regulations, State Law Issues, Reporting, Tax Planning

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Thursday, June 13, 2024

Recorded event now available

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This CLE/CPE webinar will provide tax professionals a detailed analysis of the taxation of digital assets under current tax law. The panel will discuss applicable IRS tax rules and recent regulations, state law issues, sourcing of income rules and challenges, issues presented by applicable international tax rules under the Internal Revenue Code, and other vital items impacting taxpayers as such relates to digital assets.

Description

Over the past few years, a number of federal regulations and related guidance provide significant provisions regarding digital asset transactions and reporting requirements. The digital asset ecosystem has expanded as well to include NFTs, decentralized finance transactions, tokenized assets, and more. Tax professionals must understand current tax rules for digital assets and critical issues regarding the tax treatment of digital asset transactions to properly advise and implement planning techniques to minimize tax liability to taxpayers.

The Infrastructure Investment and Jobs Act broadened the definition of "digital asset" as such relates to blockchain and redefined "broker" to include persons providing services to transfer digital assets, in addition to other vital provisions. Tax professionals must evaluate the transactions and practices of taxpayers engaged in digital assets and cryptocurrency.

In addition, current tax regulations have significant implications on cross-border transactions, providing that the source of income from digital transactions is the place where the transaction occurred, potentially subjecting taxpayers to multijurisdictional tax obligations.

Listen as our panel discusses key provisions and challenges under current tax law for digital assets, IRS tax treatment and reporting requirements, and other essential items impacting taxpayers engaging in digital assets and related transactions.

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Outline

  1. Tax treatment of digital assets and related transactions
  2. Clear explanations of the technology, and drawing parallels to current IRS regulations and applicable tax rules
  3. Sourcing of income rules and challenges created by having an asset class that does not have an exact fit for existing IRS and cross-border regulations with respect to sourcing
  4. Tax implications of BEAT, GILTI, FDII, Subpart F, and PFIC rules concerning digital asset transactions
  5. Best practices for tax counsel and advisers to ensure tax compliance

Benefits

The panel will discuss these and other key issues:

  • Current U.S. tax laws impacting digital assets and related transactions
  • IRS regulations covering the tax treatment of digital asset transactions and cryptocurrency
  • Sourcing rules and pitfalls to avoid unnecessary tax liability
  • Additional federal income tax implications: BEAT, treatment of CFCs and PFICs, FDII

Faculty

DiMichael, Mark
Mark DiMichael
Partner
Citrin Cooperman

Mr. DiMichael is a partner in the forensic, litigation, and valuation services department. He is also the co-founder...  |  Read More

Miller, Brandon
Brandon Miller, CPA
Director
Cohen & Company

Mr. Miller primarily works with hedge funds, cryptocurrency funds, commodity pools and other private vehicles. An...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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