New IRS Cryptocurrency Guidance on Hard Forks and Airdrops: Rev. Rul. 2019-24, Audit Risks for U.S. Taxpayers
Recent IRS Audit Initiatives, Reporting, and Compliance Issues
Recording of a 90-minute premium CLE/CPE webinar with Q&A
This CLE/CPE course will provide an in-depth analysis of recently released IRS Revenue Ruling 2019-24 and the updated frequently asked questions (FAQs) regarding taxation of cryptocurrency. The panel will discuss the key provisions of Rev. Rul. 2019-24, recent IRS initiatives to identify and tax virtual currency, and new information on gain/loss calculations and gifts of cryptocurrency. The panel will also offer best practices in documenting and reporting cryptocurrency transactions in light of new IRS guidance.
Outline
- Tax treatment of cryptocurrency
- Impact of new Rev. Rul. 2019-24; hard forks and airdrops
- Updated IRS FAQs on cryptocurrency transactions
- Gain/loss calculations
- Gifts of virtual currency
- Charitable donations
- Current IRS focus and remaining questions for taxpayers
- IRS cryptocurrency tax reporting and compliance "educational" letters
Benefits
The panel will review these and other key issues:
- What is the state of the current IRS initiative to tax virtual currency transactions?
- What are hard forks and airdrops in the context of virtual currency transactions?
- When and how are hard forks and airdrops taxed?
- How should holders document virtual transaction activity?
- What are the best practices in minimizing and handling an IRS audit stemming from cryptocurrency activities?
Faculty
Victor A. Jaramillo
Member
Caplin & Drysdale
Mr. Jaramillo advises multinational corporations, financial institutions, and individual clients on a broad range of... | Read More
Mr. Jaramillo advises multinational corporations, financial institutions, and individual clients on a broad range of tax matters, including tax controversies, risk management and international compliance, and cross-border structuring. He also utilizes his Spanish fluency to advise Spanish-speaking clients.
Close
Zhanna A. Ziering
Member
Caplin & Drysdale
Ms. Ziering offers guidance to individual and corporate clients who require sophisticated tax advice concerning their... | Read More
Ms. Ziering offers guidance to individual and corporate clients who require sophisticated tax advice concerning their domestic tax issues, offshore assets, and U.S. reporting requirements. Clients rely on her deep knowledge of tax controversies and tax litigation, as well as her experience with related civil, criminal, and regulatory proceedings. She represents both individuals and corporations before the U.S. Tax Court, federal and state courts, and administrative agencies, including the Internal Revenue Service, the Department of Justice, and other federal and state government regulators.
Close