New IRS Scrutiny on Cryptocurrency Reporting: Filing Requirements and Exchange Treatment
An encore presentation featuring live Q&A
A 90-minute CLE/CPE webinar with interactive Q&A
This CLE/CPE webinar will provide tax counsel, accountants and other advisers with a critical first look at new IRS initiatives on taxpayer compliance and reporting obligations for crypto currency (e.g. Bitcoin, Coinbase) transactions. The panel will discuss the IRS position on crypto currency as property rather than cash, analyze IRS monitoring to increase compliance, consider criminal investigations and prosecutions for failing to properly report crypto-currency transactions and define proper reporting and tax treatment for “mining” and exchanging crypto currency.
- Types of crypto currency
- Means of obtaining crypto currency
- Initial tax guidance issued in IR 2014-36
- Valuation Issues
- Tax reporting requirements for crypto currency exchanges
- Disclosure requirements for crypto-currency ownership
- Criminal investigations and prosecutions for failing to properly report crypto-currency transactions
- The use of the IRS Voluntary Disclosure policy to get into compliance and the availability of “qualified amended returns” to avoid penalties.
The panel will review these and other key issues:
- What are the limitations on loss recognition on crypto currency transactions and exchanges?
- What are the income tax-reporting requirements for crypto currency exchanges and valuations?
- What position does IRS appear to be taking on whether crypto currency exchanges qualify for 1031 treatment, and the impact of the newly enacted Tax Cut and Jobs Act of 2017?
- What is the likely impact of the recent enforcement of the IRS “John Doe” summons to Coinbase?
- What are the disclosure requirements for crypto-currency ownership?
- How to use the IRS Voluntary Disclosure policy to get into compliance and the availability of “qualified amended returns” to avoid penalties?
This is an encore presentation with live Q&A.
Michel R. Stein
Hochman Salkin Rettig 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 almost 20 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. He handles matters arising from the U.S. Government’s ongoing enforcement efforts regarding undeclared interests in foreign financial accounts and assets. He has assisted hundreds of individuals who have come into compliance with their foreign reporting requirements through the OVDP, Streamline or otherwise.Close
Steven Toscher, Esq.
Hochman Salkin Rettig Toscher & Perez
Mr. Toscher has been representing clients for more than 35 years before the IRS, the Tax Divisions of the U.S.... | Read More
Mr. Toscher has been representing clients for more than 35 years before the IRS, the Tax Divisions of the U.S. Department of Justice and the Office of the United States Attorney (C.D. Cal.), numerous state taxing authorities and in federal and state court litigation and appeals. His tax practice includes a wide array of substantive areas including income taxes, estate taxes, employment taxes, excise taxes, sales taxes and property taxes. He is routinely involved in sensitive issues or complex civil tax examinations and administrative appeals on behalf of individuals and their closely held entities and large corporations involving both domestic and foreign tax related issues.Close
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