CPAR Taxes

CPAR - 2019/December, Seg.03 - Long-Awaited Cryptocurrency Guidance Released

Course Overview
Is it fair to say that technology is ahead of IRS guidance? The answer is yes! Bitcoin and other virtual currencies have been around for a decade and until now we’ve only had one piece of guidance, back in 2014, from the IRS on how to treat cryptocurrency transactions. The purpose of Notice 2014-21 was to describe how existing general tax principles apply to transactions using virtual currency. In early October, the IRS finally released its promised guidance on tax issues related to cryptocurrencies, in the form of Revenue Procedure 2019-24. Barbara Weltman, president of Big Ideas for Small Business, discusses the new guidance and how specific it is to certain virtual currency transactions.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Identify the difference between a hard fork, an airdrop and a soft fork, when taxable income can be recognized and when a sale of cryptocurrency may trigger a gain or a loss;
  • Determine the classification of an employee versus an independent contractor;
  • Recognize the circumstances under which FICA and FUTA apply; and
  • Identify the purpose of the 529A ABLE accounts and how they can help pay for qualified disability expenses.

Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speaker / Author:

SmartPros Ltd. is a leader in online and offline continuing education for accounting, finance and engineering professionals. With over 2,000 hours of content, SmartPros has been providing mandatory continuing education products since 1981. SmartPros provides services and content to its professional and corporate clients, in a variety of media including Web, CD-ROM, and video. In the accounting market, SmartPros also has a predominant news and information portal which receives 200,000+ visits per month and provides services to over 100,000 subscribers. SmartPros' customers include 50% of the Fortune 500, as well as the major firms and associations in each of its professional markets.


Price (USD)

Standard: $69.90


Course Code : CPAR1425-FM

Release Date : 12/27/2019
Expire Date : 02/06/2021
Credits :
CPE 2.00
QAS 2.00

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

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