Don Farmer's Crypto-Currency Taxation - Tracking, Reporting, and IRS Enforcement
Overview
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As IRS scrutiny of digital assets intensifies, CPAs must stay current on cryptocurrency taxation and reporting requirements. This focused 2-hour course provides a practical update on the federal income tax treatment of cryptocurrency transactions, emerging reporting rules, and current IRS enforcement initiatives.
Delivery Method: Group internet-based
CPE Credit: Taxes
Program Level: Intermediate
Virginia Society of CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Highlights
Federal Tax Treatment of Digital Assets
- IRS classification of cryptocurrency as property
- Tax consequences of sales and exchanges
- Mining and staking income
- Hard forks and airdrops
Reporting Requirements and Compliance
- Form 1040 digital asset disclosure
- Form 8949 and Schedule D reporting
- Schedule C considerations
- Overview of broker reporting rules and Form 1099-DA developments
IRS Enforcement Trends
- Exchange reporting and John Doe summonses
- IRS compliance campaigns
- Civil penalties and potential criminal exposure
- Audit risk indicators
Practitioner Considerations
- Documentation and substantiation best practices
- Client interview strategies
- Ethical responsibilities in digital asset reporting
Prerequisites
Designed For
Objectives
Upon completion of this program, participants will be able to:
- Identify the federal income tax treatment of common cryptocurrency transactions under current IRS guidance.
- Determine appropriate reporting requirements for individuals and businesses engaging in digital asset activities.
- Recognize key IRS enforcement trends and audit risk factors related to cryptocurrency transactions.
- Apply practical compliance and documentation strategies to mitigate reporting risks.
Preparation
None
Non-Member Price $99.00
Member Price $79.00