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This session provides an overview of how federal tax law principles apply to cryptocurrency transactions. Notice 2014-21 and recently released guidance (Rev. Rul. 2019-24 and website FAQs) will be discussed as well as areas where the tax law is unclear, such as like-kind status for pre-2018 exchanges. Recent IRS enforcement activities related to cryptocurrency transactions and methods to correct cryptocurrency non-compliance will also be discussed.
Describe the tax treatment of cryptocurrency transactions per Notice 2014-21.
Describe the tax treatment of cryptocurrency transactions per Rev. Rul. 2019-24 and website FAQs.
Understand the areas of tax law with uncertain application to cryptocurrency transactions.
Understand recent IRS enforcement activities related to cryptocurrency.
Learn methods to correct cryptocurrency non-compliance.