Tax Treatment of Cryptocurrency Losses Suffered by Individual Taxpayers
Key Tax Considerations After Crypto Exchange Shutdown, Bankruptcy, and Scams
Recording of a 90-minute premium CLE/CPE webinar with Q&A
This CLE/CPE course will guide tax counsel and advisers on the tax treatment of cryptocurrency losses for individual taxpayers. The panel will discuss critical tax rules and considerations for investors and holders of cryptocurrency, available taxpayer options in cases of crypto exchange shutdown, bankruptcy and scams, and offer methods for the reporting cryptocurrency and potential deduction of losses for taxpayers.
Outline
- Taxation of bitcoin and other cryptocurrencies
- Tax issues after crypto exchange shutdown, bankruptcy, and scams
- Tax deductions and other options
- Personal casualty loss deduction
- Bankrupt financial institution deduction
- Capital loss deduction
- Best practices and planning techniques for cryptocurrency investors
Benefits
The panel will review these and other essential issues:
- What are the principal tax rules impacting investors and holders of bitcoin and other cryptocurrencies?
- What are the reporting and compliance obligations for U.S. individual taxpayers?
- What issues arise after a crypto exchange shutdown, bankruptcy, or scam?
- What tax reporting options and deductions are available to taxpayers?
- What are the best practices and planning techniques available to cryptocurrency investors?
Faculty
Richard A. Nessler
Of Counsel
Winston & Strawn
Mr. Nessler is an experienced litigator in representing clients in tax litigation and IRS controversy matters. He... | Read More
Mr. Nessler is an experienced litigator in representing clients in tax litigation and IRS controversy matters. He also has extensive experience representing clients in tax controversy matters, as well as in government and internal investigations and related tax and appellate matters. He has represented multinational corporations and individuals on a broad range of complex tax issues including tax shelters, option trading transactions, financial structures and products, privilege issues, summons enforcement actions, tax fraud, subpoena requests, valuation and residency disputes.
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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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