International Cryptocurrency Tax Compliance Challenges: Information and Income Tax Reporting Obligations
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will discuss the information and income tax reporting obligations for individuals and businesses owning cryptocurrency. Our panel of foreign tax veterans will discuss the diverse treatment of digital assets in the U.S. and abroad, provide insights and advice on meeting tax and disclosure obligations, and offer steps to remedy prior noncompliance.
Outline
- What is cryptocurrency?
- FBAR and Form 8938 reporting requirements
- Individual income tax reporting
- Form 1040
- Form 1040 NR
- Gifts of cryptocurrency
- Noncompliance
- Penalties and sanctions
- Remedies
- Crypto reporting requirements outside the U.S.
- OECD and DAC 8
- Specific countries
- 2023 Treasury Green Book
- Best practices
Benefits
The panel will review these and other critical issues:
- What actions generate taxable cryptocurrency income in the U.S.?
- How are crypto assets taxed in specific countries outside the U.S.?
- Are individuals and entities required to disclose cryptocurrency on Form 8938 or the FBAR?
- What options are available to correct prior period noncompliance?
Faculty
Jennifer Galstad-Lee, CPA, JD
Senior Manager, Tax
GRF CPAs & Advisors
Ms. Galstad-Lee has extensive experience in a variety of practice areas: tax consulting, accounting and reporting,... | Read More
Ms. Galstad-Lee has extensive experience in a variety of practice areas: tax consulting, accounting and reporting, financial audit and review (including employee benefit plans), and business transactions advisory services. Her clients include not-for-profit entities and government offices in the Greater DC metro area.
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Patrick J. McCormick, J.D., LL.M.
Founder/Managing Partner
McCormick Tax
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.
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Mishkin Santa, JD, LLM, TEP
Principal, Director of International Tax
The Wolf Group
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &... | Read More
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons, and trustees of trusts with U.S. grantors or U.S. beneficiaries.
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CPE On-Demand
