myCPE
myCPE

IRS Perspectives on Digital Assets 1 Credit

Dec 02, 2024, 04:00 PM ET

IRS Perspectives on Digital Assets 1 Credit

What We Know So Far

  • Rating

    4.7
  • Published on

    May, 2024
  • Subject Area

    Taxes

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Dec 02, 2024, 04:00 PM ET

Learning Objective

  • Discuss the IRS's definition of digital assets, including cryptocurrencies, NFTs, and blockchain; know the tax implications.
  • Identify taxable events: trades, payments, mining, and DeFi transactions; grasp tax consequences.
  • Comprehend IRS guidance: Notice 2014-21, Rev. Rul. 2019-24, Rev. Rul. 2023-14; key insights.
  • Navigate IRS reporting: master requirements, broker regulations, cash reporting; stay compliant.
  • Anticipate proposed legislation: Infrastructure Bill, Lummis-Gillibrand Bill; foresee regulatory impact on digital assets.

Course Overview

As the digital asset landscape continues evolving, the IRS will likely refine its perspectives and guidelines further. With advancements such as decentralized finance (DeFi) and the emergence of new types of digital assets, regulatory clarity and compliance will remain key focal points for both taxpayers and regulatory agencies.

This comprehensive course, tailored specifically for tax and accounting professionals, offers a deep dive into the IRS's current and evolving stance on digital assets. With the landscape of digital currency and blockchain technology rapidly changing, understanding the IRS's classification, taxable events, and reporting requirements is not just crucial for ensuring compliance, but also for your professional growth and ability to advise clients effectively.

Participants will not only gain insights into the key classifications of digital assets as property for tax purposes, but also learn how to apply this knowledge in real-world scenarios. They will explore the taxable and nontaxable events in the ecosystem of cryptocurrencies, NFTs, and other blockchain-based assets, equipping them with the tools to navigate this complex landscape. The webinar will cover critical IRS guidance documents and rulings, including Notice 2014-21, Rev. Rulings 2019-24 & 2023-14, and Notice 2023-27, as well as the implications of recent and proposed crypto-related legislation.

Major topics covered-

  • Digital Asset Classification
  • Taxable Events Overview
  • IRS Guidance Insights
  • Reporting Requirements Analysis
  • Recent Legislation Overview

Join this CE Course led by seasoned CPA Phil Gaudiano, offering expert insights on navigating the tax implications of digital assets for professional growth and client advisory excellence.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

Podcast Credits

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On Demand Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

CryptoCFOs
CryptoCFOs

, CryptoCFOs

  • 4.6
  • rating
  • rating
  • rating
  • rating
  • rating

CryptoCFOs is the premier community dedicated to professionals in the Web3 finance sector, including accountants, tax professionals, CFOs, CPAs, bookkeepers, auditors, attorneys, enrolled agents, business students, Web3 executives, and investors.

Our mission is clear: to demystify the complexities of crypto taxation and accounting. We offer expert guidance to simplify crypto tax and accounting, providing members with exclusive access to valuable resources, educational content, networking opportunities, and the latest insights into crypto, NFTs, Web3, and blockchain.

Through NASBA-approved CPE courses, on-demand video tutorials, live expert discussions, and a rich library of resources, we empower our community with the knowledge and tools needed to navigate the dynamic landscape of digital assets confidently.

We are proud to foster an environment that celebrates choice and collaboration. Embracing a diverse ecosystem of partners allows our community members to explore a variety of tools and resources, ensuring they find the best fit for their unique needs.

Our goal is to empower you with options, not limitations, enhancing your journey in the Web3 finance landscape. In this pivotal moment for Web3 finance, the opportunity for tax and accounting professionals is unparalleled.

With a rapidly expanding market, the increasing acceptance and adoption of cryptocurrencies, and the evolving regulatory landscape, the need for specialized knowledge in crypto tax preparation and accounting has never been greater.

At CryptoCFOs, we equip our members to capitalize on these trends, offering a platform that encourages learning, exploration, as well as the support and perspective of professionals on a global level.

Phil Gaudiano
Phil Gaudiano

Co-Founder & CFO, Chainwise Crypto Tax Academy

  • 0

Phil Gaudiano is a seasoned Certified Public Accountant (CPA) with over a decade of expertise in tax advisory and financial accounting. As a co-founder and the Chief Financial Officer of Polygon Advisory Group, Phil specializes in cryptocurrency and small business taxation. His firm is renowned for providing tailored and reliable tax solutions to both individuals and businesses engaged in the dynamic crypto space.

Phil’s dedication extends beyond traditional tax compliance; he is deeply involved in optimizing tax strategies, financial planning, and ensuring that his clients are well-informed about the latest tax regulations and best practices. He actively contributes to the body of knowledge surrounding crypto taxation by writing extensively on the subject. His articles help educate both clients and the broader public on critical tax issues, fostering financial literacy and promoting best practices across the industry.

Moreover, Phil is recognized as a trusted thought leader within the CryptoCFOs community. His passion for financial literacy, crypto innovation, and the empowerment of small businesses is evident in his proactive approach to client service and community engagement. Phil is committed to supporting the financial success of his clients and the broader community, making him a pivotal resource for anyone navigating the complexities of cryptocurrency taxation and small business finance.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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1,824 ratings

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EH

Evan Hargreaves, CPA (US)

Very topical material and I provided me with knowledge to directly help my clients. Please continue more crypto classes that stay on top of latest developments.

PH

Patsy Hasty, CPA (US)

I enjoyed the seminar & received valuable information regarding Digital Assets that I can use in my practice to advise clients.

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