2024 July Solutions Room: Digital Assets
Course Description
Cryptocurrency is a decentralized digital currency otherwise known as Virtual Currency. The term “Cryptocurrency” generates countless amounts of uncertainty and anxiety among tax professionals. The language single-handedly strikes apprehension among us.A virtual currency is a digital representation of value only available electronically. It is stored and transacted through designated software, mobile, or computer applications. Transactions involving virtual currencies occur through secure, dedicated networks or the internet. They are issued by private parties or groups of developers and are mostly unregulated.
This course will provide you with the confidence to deal with virtual currency and will enlighten tax professionals on this crazy subject. Join us as we decipher the mystery of Virtual Currency.
Learning Objectives
- Survey recent Treasury and IRS guidance.
- Define virtual currency, aka Cryptocurrency.
- Examine and translate Crypto’s Vocabulary.
- Demonstrate types of transactions.
- Differentiate modes of “Wallets”.
- Review the ledger system and its methodology for virtual currency transactions.
- Discuss common virtual current / cryptocurrency tax events.
- Inspect the 18 tax principles.
- Analyze IRS Notices, Revenue Rulings, FAQs concerning “Virtual Currency”.
- Clarify the provisions of new Infrastructure Bill.
- Critique recent Chief Counsel Advices.
- Analyze new virtual currency tax situations using know tax principles.
- Assess any FinCEN regulations.
- Identify and discuss Form 8938 requirements.
- Formulate best practices concerning virtual currency.
- Establish appropriate “due diligence” policies and procedures for our tax practices.
Presenters
Michael Miranda, CPA, QKA, NQPC, AEP
Bringing 48 years of experience in tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD. His tax practice focuses on corporate, individual, estate and gift, and tax accounting. He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans. As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings for clients, in addition to numerous EPCRS submissions and audits. As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.
Read the full bio here!
Bringing 48 years of experience in tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD. His tax practice focuses on corporate, individual, estate and gift, and tax accounting. He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans. As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings for clients, in addition to numerous EPCRS submissions and audits. As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.
Read the full bio here!
Continuing Education
This course qualifies for IRS and CTEC Continuing Education Hours. NAEA reports IRS/CTEC CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at
education@naea.org. IRS Requirements for live webinars require at least 50 minutes per hour of attendance and answering 3 out of the 4 polling questions. For on-demand, you must watch the full video, answer the knowledge check, and pass the assessment with a score of 70% or above. No partial CE is offered.
Webinar Refund Policy
To request a refund, contact the NAEA education team via email at
education@naea.org. An NAEA education team member will review the request for a refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand will not be refunded.