Tax Reporting of Cryptocurrency and Current Enforcement Trends
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and tax compliance professionals with a practical look at IRS guidance on calculating and reporting gain on cryptocurrency-related transactions as well as current trends in tax reporting and enforcement.
Outline
- Introduction to types of cryptocurrency
- A Survey of the Current Tax Authorities Applicable to Cryptocurrency Transactions and Navigating Areas of Uncertainty
- Challenges in determining valuation and calculating basis for virtual currency holdings
- Income recognition
- Deductions for Worthless Cryptocurrency
- Tax reporting requirements for cryptocurrency transactions
- Taxation of staking and mining
- Proposed legislation and regulatory developments affecting cryptocurrency
- Reporting payments in cryptocurrency to employees, contractors, and other parties
- Current Trends in Civil and Criminal Tax Enforcement
- Remedies to voluntarily correct noncompliance
Benefits
The panel will review these and other relevant issues:
- Limitations on loss recognition on cryptocurrency transactions and exchanges
- Income tax reporting requirements for cryptocurrency exchanges and valuations
- The impact of recent tax legislation on the tax treatment and reporting of cryptocurrency-denominated transactions
- Challenges in determining the basis of cryptocurrency
Faculty
Brad Polizzano, J.D., LL.M.
Senior Manager
Baker Tilly US
Mr. Polizzano provides tax consulting and compliance services to private equity and other privately held companies,... | Read More
Mr. Polizzano provides tax consulting and compliance services to private equity and other privately held companies, with an emphasis in foreign-owned companies. Industries served include technology, gaming, manufacturing, distribution, and food and beverage. Previously, he practiced tax controversy as an attorney with a law firm for over five years.
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Matthew (Matt) Rager, CPA
Director, Tax
Cohen & Company
Mr. Rager helps both individuals and companies in the investment industry navigate complex tax issues daily. Clients... | Read More
Mr. Rager helps both individuals and companies in the investment industry navigate complex tax issues daily. Clients enjoy his straightforward approach and to-the-point communication style. They also appreciate that he encourages them to be just as open and honest with him, so everyone is on the same page throughout the relationship.
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Lawrence A. Sannicandro
Partner
McCarter & English
Mr. Sannicandro focuses his practice on federal and state tax controversies, including representation in audits,... | Read More
Mr. Sannicandro focuses his practice on federal and state tax controversies, including representation in audits, administrative appeals, collection matters, summons proceedings, criminal tax investigations and prosecutions, and litigation in the United States Tax Court, federal district and appellate courts, and state tax tribunals. He has extensive experience providing tax-related advice with respect to original tax return reporting positions on a broad range of substantive tax issues, amending tax returns, filing and litigating claims for refund, challenging civil tax penalties, reporting foreign assets and income, and making voluntary disclosures.
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