The Taxation of Bitcoin and other Cryptocurrencies (On-Demand)

$119.00

This seminar presents an overview of how cryptocurrencies and blockchains work and are taxed.  Cryptocurrencies are hot topics in today’s business environment.  This seminar also includes a general analysis of cryptocurrencies income tax planning and compliance. 

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Event Details

Course Type

Original Date Of Course

Course Instructor

Eric C. Boughman, Esq., J. Brian Page, Esq.

General Credits

1

Course Description

This seminar presents an overview of how cryptocurrencies and blockchains work and are taxed.  Cryptocurrencies are hot topics in today’s business environment.  This seminar also includes a general analysis of cryptocurrencies income tax planning and compliance. 

Principles

  • How Cryptocurrencies and Blockchains Work 
  • Potential Risks 
  • Bitcoin and Business 
  • Overview of Cryptocurrency for Federal Income Tax Purposes 
  • Should You Accept Bitcoin as Payment? 
  • Cryptocurrency Compliance 
  • Cryptocurrencies and Trusts 

Syllabus

  1. Introduction
      • Cryptocurrencies 
      • Bitcoin 
      • Federal vs. State Interpretations 
  2. How Cryptocurrencies and Blockchains Work
      • Blockchain 
      • Bitcoin Features 
      • Using the Wallet / Key / Address 
      • Acquiring Cryptocurrencies
  3. Potential Risks
      • Cybersecurity 
      • Wallets – Lost Keys 
      • Limited market 
      • Volatility 
      • Uncertain Regulatory and Legal Environment 
      • Manipulation 
      • Forks 
      • Bitcoin Mixers 
      • Cyber-Ransom
  4. Bitcoin and Business
      • Accepting Payments
  5. Overview of Cryptocurrency for Federal Income Tax Purposes
      • Fin-2013-G001 
      • IRS Notice 2014-21 
      • Unanswered Questions 
      • Overview of Tax Basis 
      • The determination of the type of capital gain is based on the holding period for the cryptocurrency 
      • Exception to Step-up or Step-down Rule 
      • General Treatment for the Disposition of Cryptocurrency 
      • Basic Income Tax Rules for Cryptocurrency 
      • Examples of Dispositions 
      • No Like-Kind Exchange for Cryptocurrency 
      • Tax Compliance Issues 
      • Federal Income Tax Characterization of Cryptocurrency 
      • Tax Treatment of Cryptocurrency by Federal Courts 
      • Determination of Accounting Method 
      • Tax Basis of Forked Cryptocurrencies?
  6. Should You Accept Bitcoin as Payment?
      • Professional Advisors are Different 
      • The Ideal Environment
  7. Cryptocurrency Compliance
      • Federal Income Taxes – United States v. Coinbase Inc. 
      • Foreign Bank Account Reporting (FBAR) – FinCen 114 – U.S. v. Hom 
      • Foreign Asset Tax Compliance Act Reporting (FATCA) 
      • https://fincen.gov/resources/statutes-regulations/adminstrative-rules 
      • Other Cases of Interest
  8. Cryptocurrencies and Trusts
      • Form and Location 
      • Foreign vs. Domestic Trusts 
      • Selecting Trustees, Protectors 
      • Will Trustee Manage Investments?
      • Cases 
      • Trust Types 
      • DAPTS – Background 
      • Largely Untested 

Instructors

Eric Boughman

Brian Page

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