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Tax Reporting of Cryptocurrency and Current Enforcement Trends

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.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, February 26, 2025

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, January 31, 2025

or call 1-800-926-7926
Add to your calendar

This course will provide tax advisers and tax compliance professionals with a practical look at IRS guidance on calculating and reporting gain on cryptocurrency-related transactions as well as current trends in tax reporting and enforcement.

Description

The IRS has issued minimal guidance on the tax consequences associated with transactions in cryptocurrency, including non-fungible tokens, smart contracts, and DeFi lending. Nevertheless, the IRS continues to press its concern over massive under-reporting of income from cryptocurrency-denominated transactions. In this regard, the IRS is using data analytics and artificial intelligence to make use of information gained from John Doe summonses issued to various virtual currency exchanges to increase civil and criminal tax enforcement regarding cryptocurrency-related transactions. It is against this background that tax advisers must understand the tax rules applicable to cryptocurrency transactions as well as best practices to protect against civil and criminal tax penalties where the tax laws are uncertain.

Listen as our expert panel provides practical guidance on the U.S. tax reporting and payment duties arising from cryptocurrency transactions as well as best tips for navigating the IRS' and U.S. Department of Justice's enforcement efforts.

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Outline

  1. Inttroduction to types of cryptocurrency
  2. Survey of current tax authorities applicable to cryptocurrency transactions and navigating areas of uncertainty
    1. Challenges in determining valuation and calculating basis for virtual currency holdings
    2. Income recognition
    3. Deductions for worthless cryptocurrency
    4. Tax reporting requirements for cryptocurrency transactions
    5. Taxation of staking and mining
    6. Taxation of DeFi transactions
  3. Reporting payments in cryptocurrency to employees, contractors, and other parties
  4. International tax considerations for digital asset
  5. Current trends in civil and criminal tax enforcement
  6. Amending to correct errors/omissions in past years
  7. Proposed legislation and regulatory developments affecting cryptocurrency

Benefits

The panel will review these and other relevant issues:

  • Limitations on loss recognition on cryptocurrency transactions and exchanges
  • Income tax reporting requirements for cryptocurrency exchanges and valuations
  • The impact of recent tax legislation on the tax treatment and reporting of cryptocurrency-denominated transactions
  • Challenges in determining the basis of cryptocurrency

Faculty

Cotler, Brett
Brett R. Cotler
Partner
Seward & Kissel

Mr. Cotler is a partner in the Taxation Group. He advises investment funds, private fund managers, and public and...  |  Read More

DiMichael, Mark
Mark DiMichael
Partner, Digital Asset Practice Leader
Citrin Cooperman

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

Attend on February 26

Early Discount (through 01/31/25)

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 February 26?

Early Discount (through 01/31/25)

CPE credit is not available on downloads.

CPE On-Demand

See NASBA details.