IRS Guidance on Taxation for Virtual Currency

*CAW Network USA member discounts applicable at checkout

The IRS has released new guidance on the taxation of virtual currency, expanding on guidance it released in 2014, to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and FAQs.

This CPE self-study course covers the new guidance, FAQs, and what you need to know as a tax practitioner or personal financial planner to answer your clients’ questions.

CPE Credit: 1.5

Topics Discussed

• Taxation of hard forks and air drops
• What cost basis methods are acceptable
• Fair market value of received virtual currency
• Check-the-box requirements for crypto disclosure
• Maintaining backup documentation and records
• The latest IRS guidance, FAQs, and AICPA comments

Learning Objectives

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

Who will benefit

• Tax practitioners and personal financial planners who want to understand the latest IRS guidance on taxation of virtual currency and how it will affect them