Taxation of Bitcoin and Cryptocurrency

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Course Description

This program was recorded on December 27th, 2017

This course will provide the basics of an important, emerging, issue in United States income taxation, namely, the taxation of cryptocurrency. The recent rapid appreciation of bitcoin and other cryptocurrencies has sent many investors to their attorneys and accountants in search of answers regarding how these assets are taxed. In this course, we will analyze the current guidance that the Internal Revenue Service has issued for cryptocurrency, look at the impact of the recent decision in U.S. v. Coinbase on cryptocurrency reporting, discuss cryptocurrency reporting requirements, and review potential mitigation strategies.



  • Alex Golubitsky
    Alex Golubitsky has ten years of experience in tax controversy and tax planning. Alex focuses on international tax, and specifically, territorial tax incentives in the Virgin Islands and Puerto Rico. Alex also works on a broad array of international tax issues, including offshore planning and disclosure. His work for clients frequently involves:

    • Advice regarding tax residency, income sourcing, and transfer pricing for offshore transactions
    • Foreign asset and account reporting disclosure programs
    • IRS administrative representation and representation in United States Tax Court for tax residency, income sourcing and transfer pricing controversies
    • Competent Authority proceedings involving taxpayers caught between the United States government, territorial governments, and foreign governments
    • Advice regarding excise taxes and customs duties
    • IRS Offer-in-Compromise proceedings and collection due process proceedings
    • Crypto-currency reporting and planning issues
    Contact Alex Golubitsky

     

      • 2 General Credits
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      Each On-Demand course is available to you for 1 year from date of purchase. Additionally, CLE credit is only available within that year.
    1. IRS Notice 2014-21 - Taxation of cryptocurrency as property
    2. "Dispositions" of cryptocurrency
    3. Taxation of exchanges of cryptocurrency for goods and services
    4. Accounting for basis in cryptocurrency dispositions
    5. Long term and short term capital gains
    6. Cryptocurrency valuation
    7. Reporting requirements in cryptocurrency transactions: income tax returns, 1099s, foreign bank account reporting, and foreign asset reporting
    8. Differentiating between an investor and a trader of cryptocurrency
    9. Cryptocurrency and territorial tax incentives

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