FMN Finance

FMN - 2020/November, Seg. 1 - Tax Implications of Virtual Currency

In October 2019, the IRS finally released its promised guidance on tax issues related to cryptocurrencies in the form of Revenue Procedure 2019-24 and a set of FAQs on its website. The Rev Proc looks to answer a question many have had about how to treat the hard fork of a cryptocurrency. Bitcoin Cash is the best known hard fork created in August of 2017. There are multiple aspects of Blockchain transactions and the use of blockchain technology is helping many companies run their businesses more smoothly. But there is nothing smooth when it comes to taxes. Mitchell Kopelman, CPA, partner-in-charge, Technology & Blockchain Practice at Aprio, discusses the tax implications of virtual currency transactions.

Learning Objectives:

  • Identify ways to substantiate the fair market value of virtual currencies,
  • Recognize the appropriate treatment of donations and charitable contributions in virtual currency,
  • Determine the appropriate tax treatment of virtual currencies traded in foreign exchanges, and
  • Identify the tax implications of mining.

Prerequisites/Advanced Preparation:

Work experience in tax planning, tax preparation or review and knowledge of virtual currency tax treatment or information technology or cryptocurrency and taxes.

Speaker / Author:

Mitchell Kopelman, Aprio

Price (USD)

Standard: $69.90


Course Code : FMN1372-FM

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Information Technology

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