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CANCELLED: IRS Guidance on Taxation of Virtual Currency (2020)

Description

The US Internal Revenue Service has released guidance on the taxation of virtual currency. Expanding on guidance from 2014, the IRS is issuing additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs). Please join AICPA and our tax experts as we discuss this guidance, frequently asked questions and what you need to know as a tax practitioner or personal financial planner and answer your questions. Key Topics: • Taxation of hard forks and air drops • Cost basis methods are acceptable • Fair market value of virtual currency received • Understand check the box requirements for crypto disclosure • Maintain backup documentation and records • Understand the latest IRS guidance

Learning Objectives

Understand the taxation of hard forks and air drops -Distinguish what cost basis methods are acceptable -Determine the fair market value of virtual currency received – Understand check the box requirements for crypto disclosure – Maintain backup documentation and records – Understand what guidance is most important to taxpayers, tax practitioners or both and what AICPA comments were addressed by the guidance.

Major Topics

Key Topics:

• Taxation of hard forks and air drops

• Cost basis methods are acceptable

• Fair market value of virtual currency received

• Understand check the box requirements for crypto disclosure

• Maintain backup documentation and records

• Understand the latest IRS guidance

Provider
AICPA
Course Level
Basic
Professional Area of Focus
Practitioners
Tax
CPE Field of Study
Taxes
1
Instructor(s)
Roger Burcham
Prerequisites

None

Advanced Preparation

None

Location
Online
Event Information
When
Sep 21, 2020
1:00 pm - 2:00 pm EST
Location
Online
Total CPE Credits
1
Format
Webcast Replay

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CANCELLED: IRS Guidance on Taxation of Virtual Currency (2020)


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