Posted by: Taxlitigator | May 12, 2020

STEVEN TOSCHER, MICHEL STEIN and SANDRA BROWN to speak on Developments in Cryptocurrency – Reporting and Enforcement

We are pleased to announce that three of our principals Steven Toscher, Michel Stein and Sandra Brown will be speaking at the upcoming CPAacademy webinar on Developments in Cryptocurrency – Reporting and Enforcement, Wednesday, June 3, 2020, 3:00 pm PDT; 2:00 PST.

The Internal Revenue Service (IRS) launched a “soft letter” campaign advising taxpayers believed to have engaged in cryptocurrency transactions of their obligations to report those transactions and the ability to file amended tax returns to correct prior reporting and compliance issues.

The program will provide tax advisers and compliance professionals with a practical look at IRS guidance to calculating and reporting income and gain on cryptocurrency (e.g., Bitcoin) transactions.  We will also discuss the IRS’ position on cryptocurrency as property rather than cash, analyze IRS monitoring to increase compliance and define proper reporting and tax treatment for hard forks, “mining” and exchanging cryptocurrency.  Further, we will address recently released IRS Revenue Ruling 2019-24 and the updated FAQs regarding the taxation of cryptocurrency, with a particular focus on the recent IRS enforcement initiatives to identify and tax virtual currency activity and how this soft letter campaign fits into the IRS voluntary disclosure practice.

For full programming details Click Here.

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