Overview:
Virtual Currencies, such as Bitcoin, have more recently achieved a level of mainstream appeal with companies all around the world. As Virtual Currency usage increases, more entities will need to report these transactions on their income tax returns. This course will introduce the types of virtual currency transactions companies enter into, the current tax issues, taxation “gray areas”, and IRS enforcement efforts.
Course Objective:
- Learn the basics of digital asset technology and economic transactions
- Learn how existing tax rules apply to various digital asset transaction types
- Understand the different ways digital assets may be valued
- Understand the basics of the new digital asset reporting regime for 1099-DA forms
Target Audience:
- Lawyers working with clients in the digital asset industry.
Basic Knowledge:
no prior knowledge required
Curriculum
Total Duration: 2 Hours
Digital Asset Technology basics
General accounting and tax rules
Special considerations for mining, staking, forks, airdrops, and liquidity pools
Non-fungible tokens
Valuation
Losses
Informational reporting