CPAR Taxes  |  Format: Flash

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.

    Catalog Number: CPAR1425-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: CPA Report
    Advanced Preparation:
    Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Course Level: Update
    Field of Study: Taxes
    Content Partner: CPA Reports Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Dec 27, 2019 / Feb 06, 2021