The program will provide tax advisers and compliance professionals with a practical look at IRS guidance to calculating and reporting income and gain on cryptocurrency (e.g., Bitcoin) transactions. We will discuss the IRS position on cryptocurrency as property rather than cash, analyze IRS efforts to increase compliance, and define proper reporting and the tax treatment for hard forks, “mining,” and exchanging cryptocurrency. We will address recently released IRS Revenue Ruling 2019-24 and the updated FAQs regarding the taxation of cryptocurrency, with a particular focus on the recent IRS enforcement initiatives to identify virtual currency activity, how the IRS soft letter campaign fits into the voluntary disclosure practice, and the risks of criminal prosecution related to unreported and improperly reported cryptocurrency transactions.
• What recent actions have 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 on cryptocurrency transactions and exchanges?
• IRS position on whether cryptocurrency exchanges qualify for 1031 treatment and the impact of the enacted tax reform
• What are the best practices in managing an IRS examination?
• Recent IRS enforcement actions
• Valuation issues
• Tax reporting requirements for cryptocurrency exchanges
• Disclosure requirements for crypto-currency ownership
• Criminal investigations and prosecutions for failing to report cryptocurrency transactions properly
Accountant/CPA, Lawyers and Financial Advisors
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