Tax Reporting of Bitcoin and Other Cryptocurrency: Calculating Basis, Income and Gain
Determining Character of Gain and Basis in Mined Currency, Recognizing Filing Obligations and Prior Noncompliance
An encore presentation featuring live Q&A
A 110-minute CPE webinar with interactive Q&A
This webinar 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, Coinbase) transactions. The panel will discuss the IRS’ position on cryptocurrency as property rather than cash, analyze IRS monitoring to increase compliance, and define proper reporting and tax treatment for “mining” and exchanging cryptocurrency.
- Types of cryptocurrency
- Means of obtaining cryptocurrency
- Initial tax guidance issued in IR 2014-36 treating cryptocurrency as property
- Challenges in determining valuation and maintaining basis schedules of virtual currency holdings
- Tax reporting requirements for cryptocurrency exchanges
- Disclosure requirements for cryptocurrency ownership
- Open questions on tax treatment of virtual currency holdings and transactions
- Foreign information reporting requirements uncertain
- Eligibility for §1031 exchange treatment as business property
- Reporting payments to employees and contractors
- Voluntary remedies to noncompliance
The panel will review these and other key issues:
- Limitations on loss recognition on cryptocurrency transactions and exchanges
- Income tax reporting requirements for cryptocurrency exchanges and valuations
- IRS’ position on whether cryptocurrency exchanges qualify for §1031 treatment, and the impact of the newly enacted tax reform
- Challenges in determining basis on “mined” cryptocurrency
- 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
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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