Description
2024 July Solutions Room: Digital Assets
IRS Program #: coming soon!
CTEC #: coming soon!
CE: 1 IRS and 1 CTEC credit
Speaker: Michael Miranda
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.
- 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.