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

$109.00

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

Instructors

Eric Boughman

Brian Page

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